Reported Earnings • May 07
First quarter 2026 earnings released: EPS: ر.س0.51 (vs ر.س0.47 in 1Q 2025) First quarter 2026 results: EPS: ر.س0.51 (up from ر.س0.47 in 1Q 2025). Revenue: ر.س1.81b (up 6.5% from 1Q 2025). Net income: ر.س127.6m (up 8.2% from 1Q 2025). Profit margin: 7.0% (up from 6.9% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Integrated Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. New Risk • May 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Earnings have declined by 23% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (100% payout ratio). Share price has been volatile over the past 3 months (6.4% average weekly change). Announcement • Apr 10
Power and Water Utility Company for Jubail and Yanbu, Annual General Meeting, May 13, 2026 Power and Water Utility Company for Jubail and Yanbu, Annual General Meeting, May 13, 2026, at 19:00 Arab Standard Time. Location: jubail industrial city Saudi Arabia Upcoming Dividend • Mar 04
Upcoming dividend of ر.س1.80 per share Eligible shareholders must have bought the stock before 11 March 2026. Payment date: 31 March 2026. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Saudi dividend payers (6.2%). Lower than average of industry peers (2.6%). Reported Earnings • Mar 03
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: ر.س1.80 (up from ر.س0.069 in FY 2024). Revenue: ر.س6.95b (flat on FY 2024). Net income: ر.س449.4m (up ر.س432.3m from FY 2024). Profit margin: 6.5% (up from 0.2% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.0%. Revenue is forecast to grow 8.9% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Integrated Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. New Risk • Jan 25
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.1% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.9x net interest cover). Earnings have declined by 26% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: ر.س0.68 (vs ر.س0.74 in 3Q 2024) Third quarter 2025 results: EPS: ر.س0.68 (down from ر.س0.74 in 3Q 2024). Revenue: ر.س2.00b (up 7.8% from 3Q 2024). Net income: ر.س170.7m (down 8.2% from 3Q 2024). Profit margin: 8.5% (down from 10.0% in 3Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 3.6% growth forecast for the Integrated Utilities industry in Asia. Reported Earnings • Aug 12
Second quarter 2025 earnings released: EPS: ر.س0.44 (vs ر.س0.26 in 2Q 2024) Second quarter 2025 results: EPS: ر.س0.44 (up from ر.س0.26 in 2Q 2024). Revenue: ر.س1.40b (down 19% from 2Q 2024). Net income: ر.س109.6m (up 68% from 2Q 2024). Profit margin: 7.8% (up from 3.8% in 2Q 2024). Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Integrated Utilities industry in Asia. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: ر.س0.47 (vs ر.س0.17 in 1Q 2024) First quarter 2025 results: EPS: ر.س0.47 (up from ر.س0.17 in 1Q 2024). Revenue: ر.س1.70b (up 6.5% from 1Q 2024). Net income: ر.س117.9m (up 176% from 1Q 2024). Profit margin: 6.9% (up from 2.7% in 1Q 2024). Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Integrated Utilities industry in Asia. New Risk • Apr 07
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 99% Dividend yield: 1.7% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.9x net interest cover). Earnings have declined by 1.8% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (99% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Announcement • Mar 25
The Power and Water Utility Company for Jubail and Yanbu, Annual General Meeting, Apr 17, 2025 The Power and Water Utility Company for Jubail and Yanbu, Annual General Meeting, Apr 17, 2025, at 19:00 Arab Standard Time. Location: jubail Saudi Arabia Price Target Changed • Mar 19
Price target decreased by 14% to ر.س69.25 Down from ر.س80.75, the current price target is an average from 2 analysts. New target price is 59% above last closing price of ر.س43.55. Stock is down 40% over the past year. The company is forecast to post earnings per share of ر.س1.45 for next year compared to ر.س0.069 last year. Reported Earnings • Mar 12
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: ر.س0.07 (down from ر.س2.10 in FY 2023). Revenue: ر.س6.88b (up 7.7% from FY 2023). Net income: ر.س17.2m (down 97% from FY 2023). Profit margin: 0.2% (down from 8.2% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.4%. Earnings per share (EPS) missed analyst estimates by 95%. Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Integrated Utilities industry in Asia. Buy Or Sell Opportunity • Dec 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.9% to ر.س54.40. The fair value is estimated to be ر.س69.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 22%. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: ر.س0.74 (vs ر.س0.75 in 3Q 2023) Third quarter 2024 results: EPS: ر.س0.74 (down from ر.س0.75 in 3Q 2023). Revenue: ر.س1.86b (up 9.2% from 3Q 2023). Net income: ر.س186.0m (down 1.1% from 3Q 2023). Profit margin: 10.0% (down from 11% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Integrated Utilities industry in Asia. Major Estimate Revision • Aug 16
Consensus EPS estimates fall by 29% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ر.س2.83 to ر.س2.00 per share. Revenue forecast steady at ر.س6.83b. Net income forecast to grow 128% next year vs 2.4% decline forecast for Integrated Utilities industry in Saudi Arabia. Consensus price target down from ر.س80.75 to ر.س78.25. Share price fell 2.0% to ر.س57.80 over the past week. Reported Earnings • Aug 03
Second quarter 2024 earnings released: EPS: ر.س0.26 (vs ر.س0.64 in 2Q 2023) Second quarter 2024 results: EPS: ر.س0.26 (down from ر.س0.64 in 2Q 2023). Revenue: ر.س1.72b (up 8.1% from 2Q 2023). Net income: ر.س65.3m (down 59% from 2Q 2023). Profit margin: 3.8% (down from 10.0% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Integrated Utilities industry in Asia. Reported Earnings • May 04
First quarter 2024 earnings released: EPS: ر.س0.17 (vs ر.س0.43 in 1Q 2023) First quarter 2024 results: EPS: ر.س0.17 (down from ر.س0.43 in 1Q 2023). Revenue: ر.س1.60b (up 8.6% from 1Q 2023). Net income: ر.س42.8m (down 60% from 1Q 2023). Profit margin: 2.7% (down from 7.2% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Integrated Utilities industry in Asia. Announcement • Apr 02
The Power and Water Utility Company for Jubail and Yanbu, Annual General Meeting, Apr 24, 2024 The Power and Water Utility Company for Jubail and Yanbu, Annual General Meeting, Apr 24, 2024, at 15:30 Coordinated Universal Time. Location: Company's main headquarters in Jubail Industrial City Jubail Industrial City Saudi Arabia Agenda: To Review and discuss on the Financial Statements for the fiscal year ended on 31 December 2023; to Review and discuss on the Board of Directors Report for the fiscal year ended on 31 December 2023; to consider Voting on the discharge of the Board of Directors members for the fiscal year ended 31 December 2023; to consider Voting on authorizing the Board of Directors to distribute interim dividends on a semi-annual basis for the fiscal year 2024; and to consider other business matters. Reported Earnings • Mar 16
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: ر.س2.10 (down from ر.س3.38 in FY 2022). Revenue: ر.س6.39b (down 1.8% from FY 2022). Net income: ر.س525.8m (down 38% from FY 2022). Profit margin: 8.2% (down from 13% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Integrated Utilities industry in Asia. Upcoming Dividend • Mar 11
Upcoming dividend of ر.س1.10 per share Eligible shareholders must have bought the stock before 18 March 2024. Payment date: 27 March 2024. Payout ratio is on the higher end at 94%, however this is supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Saudi dividend payers (4.5%). Higher than average of industry peers (2.4%). Declared Dividend • Mar 09
Dividend of ر.س1.10 announced Dividend of ر.س1.10 is the same as last year. Ex-date: 18th March 2024 Payment date: 27th March 2024 Dividend yield will be 3.0%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is not adequately covered by earnings (94% earnings payout ratio). However, it is covered by cash flows (69% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. The company's earnings per share (EPS) would need to grow by 4.3% to bring the payout ratio under control. EPS is expected to grow by 47% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Mar 08
Power and Water Utility Company (Marafiq) for Jubail and Yanbu Announces Cash Dividends for Second Half of 2023 Power and Water Utility Company for Jubail and Yanbu (Marafiq) announced Board decision to distribute cash dividends of SAR 1.1 to Shareholders for the second half of 2023. The eligibility of Cash dividend will be to Shareholders who own the company shares on the Eligibility date and enrolled in the Company's register at Securities Depository Center Company (Edaa) by the end of the second trading day following the eligibility date, which will be on 7 Ramadan 1445H (According to the Umm Al-Qura Calendar) Corresponding to 17 March 2024. Price Target Changed • Dec 13
Price target decreased by 9.0% to ر.س81.00 Down from ر.س89.00, the current price target is provided by 1 analyst. New target price is 33% above last closing price of ر.س61.10. Stock is up 28% over the past year. The company is forecast to post earnings per share of ر.س2.42 for next year compared to ر.س3.38 last year. Reported Earnings • Nov 07
Third quarter 2023 earnings released: EPS: ر.س0.75 (vs ر.س1.24 in 3Q 2022) Third quarter 2023 results: EPS: ر.س0.75 (down from ر.س1.24 in 3Q 2022). Revenue: ر.س1.70b (down 3.8% from 3Q 2022). Net income: ر.س188.1m (down 39% from 3Q 2022). Profit margin: 11% (down from 18% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Integrated Utilities industry in Asia. New Risk • Aug 11
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 79% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (79% net debt to equity). Short dividend paying track record (less than a year of continuous dividend payments). Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: ر.س0.64 (vs ر.س1.05 in 2Q 2022) Second quarter 2023 results: EPS: ر.س0.64 (down from ر.س1.05 in 2Q 2022). Revenue: ر.س1.59b (down 3.8% from 2Q 2022). Net income: ر.س159.4m (down 39% from 2Q 2022). Profit margin: 10.0% (down from 16% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 1.1% decline forecast for the Integrated Utilities industry in Asia. Upcoming Dividend • Aug 07
Upcoming dividend of ر.س1.10 per share at 1.5% yield Eligible shareholders must have bought the stock before 14 August 2023. Payment date: 30 August 2023. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Saudi dividend payers (4.4%). Lower than average of industry peers (2.4%). Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ر.س81.20, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 14x in the Integrated Utilities industry in Asia. Buying Opportunity • May 03
Now 22% undervalued Over the last 90 days, the stock is up 28%. The fair value is estimated to be ر.س77.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 39%. Reported Earnings • Nov 30
Third quarter 2022 earnings released Third quarter 2022 results: EPS: ر.س1.24. Net income: ر.س309.7m (up ر.س309.7m from 3Q 2021). Board Change • Nov 23
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (9 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.