Latest news with #Marafiq
Zawya
08-05-2025
- Business
- Zawya
Saudi: Marafiq's net profits leap 72.5% in Q1-25
Riyadh – Power and Water Utility Company for Jubail and Yanbu (Marafiq) recorded net profits of SAR 117.94 million in the first quarter (Q1) of 2025, an annual hike of 72.57% from SAR 68.34 million. Revenues increased by 6.54% year-on-year (YoY) to SAR 1.703 billion in Q1-25 from SAR 1.599 billion, according to the financial results. The earnings per share (EPS) jumped to SAR 0.47 as of 31 March 2025 from SAR 0.27 in the year-ago period. Quarterly, the Q1-25 revenues edged down by 0.18% from SAR 1.707 billion in October-December 2024. The company turned profitable in the three-month period that ended on 31 March 2025, against losses of SAR 370.73 in Q4-24. At the end of December 2024, Marafiq posted 97.08% YoY lower net profits at SAR 17.15 million, compared to SAR 587 million. Source: Mubasher All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. ( Mubasher
Korea Herald
29-04-2025
- Business
- Korea Herald
Doosan Enerbility wins W130b deal to convert Saudi oil plant to gas
Korean energy solutions provider Doosan Enerbility announced Tuesday that it has signed a 130 billion won ($90.4 million) contract to convert an oil-fueled power plant in Saudi Arabia to run on natural gas. Under the agreement with Saudi Arabia's state-run Power and Water Utility Co. for Jubail and Yanbu — known as Marafiq — Doosan Enerbility will supply key components for gas power generation at Yanbu 2 Power Plant, on the west coast of the country. Doosan will also support test operations after the conversion. The project is scheduled for completion by 2028. Yanbu 2 Power Plant is a major power source for Yanbu Industrial City, Saudi Arabia's second-largest industrial complex, which also includes King Fahd Industrial Port — the largest petrochemical export outlet in the country. The project is expected to reduce carbon emissions by approximately 25 percent without compromising the plant's 825-megawatt output, while also contributing to a reduction in the overall carbon intensity of industrial activities in Yanbu. 'Fuel conversion is gaining attention as a cost-effective and lower-carbon power solution, as it reuses a significant portion of existing infrastructure and minimizes plant downtime,' said Sohn Seung-woo, CEO of Doosan Enerbility's power service business group. 'We are committed to delivering high-quality solutions on schedule, ensuring a stable electricity supply to the Yanbu industrial complex.' According to Doosan Enerbility, Saudi Arabia is expected to order approximately 1.4 gigawatts of fuel conversion projects annually by 2027. Building on its experience in leading fuel transition projects in countries such as Chile and Vietnam, Doosan Enerbility is positioning itself to win more fuel conversion contracts in Saudi Arabia. Additionally, the company has been expanding its presence in Saudi Arabia's rapidly growing power generation industry, with up to 6 gigawatts of new power generation capacity expected to be added to the country's power grid annually through 2028. Over the past five years, Doosan Enerbility has secured projects in Saudi Arabia worth more than 6.7 trillion won, including an 890 billion won contract signed in March for a 1,800-megawatt combined-cycle gas plant located 150 kilometers northeast of Riyadh, the country's capital.
Zawya
03-03-2025
- Business
- Zawya
Mideast Stocks: Most Gulf markets gain in early trade; Qatar falls
Most stock markets in the Gulf rose in choppy trade early on Monday, as investors waited to see if imminent U.S. tariffs would be implemented, although the Qatari bourse traded lower. U.S. Commerce Secretary Howard Lutnick said on Sunday that tariffs on Canada and Mexico will go into effect on Tuesday, but that President Donald Trump will determine whether to stick with the planned 25% level. Lutnick's comments were the first indication from Trump's administration that it may not impose the full threatened 25% tariffs on all goods from Mexico and non-energy imports from Canada. Saudi Arabia's benchmark index gained 0.4%, on course to snap a five-day losing streak, with Al Rajhi Bank rising 0.5%. However, utility firm Marafiq plunged more than 8%, after its annual profit nosedived 97%. Dubai's main share index edged 0.1% higher, helped by a 0.4% rise in blue-chip developer Emaar Properties . Separately, Dubai-based GEMS Education plans to spend around $300 million over the next 2-3 years to increase organic growth, its CEO told Reuters, as it bets on population growth and an inflow of wealthy individuals. In Abu Dhabi, the index was up 0.1%. Oil - a catalyst for the Gulf's financial markets - edged up as upbeat manufacturing data from China, the world's biggest crude importer, led to renewed optimism for fuel demand, although uncertainty about a Ukraine peace deal and global economic growth from potential U.S. tariffs loomed. The Qatari index, however, dropped 0.5%, hit by a 2% fall in Qatar Islamic Bank. (Reporting by Ateeq Shariff in Bengaluru; Editing by Rashmi Aich)
