On 2026-08-05 08:02:47 (Saudi Time), The Power and Water Utility Company for Jubail and Yanbu announced its Interim financial results for the six months ended on June 30, 2026.

Year-on-Year Performance Drivers

For the six-month period ending 30 June 2026, sales/revenue increased 13.587% YoY to SAR 3,528.71 million (from SAR 3,106.6 million), primarily driven by a non-recurring adjustment related to the High Intensity Electricity Consumption Tariff (HIECT) which had reduced prior-year revenue by SAR 476 million, and higher water segment revenue of SAR 85 million, partially offset by lower revenue from Tawreed (a wholly owned subsidiary) of SAR 137 million due to reduced demand from industrial customers in Jubail Industrial City. Net profit attributable to shareholders declined 64.353% YoY to SAR 81.11 million (from SAR 227.54 million), mainly due to an increase in fuel costs used in production processes of SAR 137 million, a decrease in other operating income (net) of SAR 36 million, an increase in repair and maintenance costs of SAR 32 million, and an increase in transmission and wheeling costs of SAR 22 million, partially offset by a decrease in finance costs of SAR 49 million.

Quarter-on-Quarter Performance Drivers

QoQ revenue declined 5.534% to SAR 1,714.14 million (from SAR 1,814.57 million in the previous quarter), primarily driven by lower water segment revenue due to reduced demand from industrial customers in Jubail Industrial City, partially offset by higher revenue from the power and gas segments. Net profit swung to a loss of SAR 46.45 million from a profit of SAR 127.56 million in the prior quarter, mainly due to a decrease in water segment profitability from lower industrial demand, compounded by a SAR 31 million non-recurring decline in other operating income as the first quarter had benefited from success fees related to the Amiral Industrial Wastewater Treatment and Reuse Project in Jubail.

Other Items

The external auditor issued an unmodified conclusion with no additional comments, emphasis of matter, or reservations noted. Total shareholders' equity (after deducting minority equity) stood at SAR 5,245.59 million as of the current period, compared to SAR 5,423.66 million in the same period of the prior year, a decline of 3.283%. Earnings per share for the current six-month period were SAR 0.32, down from SAR 0.91 in the same period of the prior year. Total comprehensive income attributable to shareholders for the current six-month period was SAR 85.81 million, compared to SAR 199.25 million in the prior year period, a decrease of 56.933%. Regarding the High Intensity Electricity Consumption Tariff (HIECT), on 27 April 2025, the Company received a notification from the Saudi Electricity Regulatory Authority (SERA) for amendment of electricity consumption tariff, effective 28 May 2025; as a result, revenue from the power segment decreased by SAR 476 million related to previous periods due to the issuance of credit notes for qualified customers for the periods from January 1, 2023 to December 31, 2024, and the Company reversed a related impairment provision of SAR 496 million (inclusive of VAT) pertaining to receivables of customers eligible for HIECT, with the net impact on the Consolidated Statement of Income being a positive SAR 21 million for the six months (SAR 62 million for the three-month period). No reclassification of comparison items was made.

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