Kuwait’s Agility to invest $60m to modernize Suez Canal Economic Zone 

Kuwait’s Agility to invest $60m to modernize Suez Canal Economic Zone 
Kuwait’s Agility to invest $60m to modernize Suez Canal Economic Zone 

Thank you for reading the news about Kuwait’s Agility to invest $60m to modernize Suez Canal Economic Zone  and now with the details

Jeddah - Yasmine El Tohamy - RIYADH: The Public Investment Fund-backed utility firm Saudi Power and Water Utility Co. for Jubail and Yanbu, known as Marafiq, expects dividends to reach 80 percent by 2024, as it plans listing on Tadawul soon. 

The utility company has witnessed stable financial results in the last three years. In 2021, its revenues amounted to about SR6.2 billion ($1.65 billion), while profits before taxes came to about SR2.2 billion, Marafiq CEO Mohammed Al-Zuabi told CNBC Arabia.

Last week, the Capital Market Authority approved the listing of the company’s 73.09 million shares on the Saudi Stock Exchange, which is equivalent to 29.24 percent of its total capital.

The company’s prospectus will be published before the start of the subscription period, according to the CMA.

The CMA’s approval will be valid for six months from the date on which the decision was made. 

This offering will enable Marfiq to diversify its investor base, and provide them an opportunity to be part of the company’s future growth, Al-Zuabi said.

Al-Zuabi expects the company to pay semi-annual dividends for shareholders following the offering.

For the current year, the company will pay dividends totaling SR550 million, and expects to pay the same amount for 2024.

A joint stock company established under a royal decree issued in October 2000, Marafiq is owned by four major shareholders, namely Saudi , the Royal Commission for Jubail and Yanbu, the Saudi Basic Industries Corp., and the Public Investment Fund, each holding 24.81 percent of the company. 

Private investors also hold a 0.76 percent interest in the firm.

With a capital share of SR2.5 billion, Marafiq began operations in January 2003.

This company is primarily concerned with providing electricity to the cities of Jubail and Yanbu, as well as providing electricity to oil and petrochemical facilities owned by companies such as Saudi Aramco and SABIC, as well as providing electricity to the national grid.

These were the details of the news Kuwait’s Agility to invest $60m to modernize Suez Canal Economic Zone  for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT China’s factory activity stuns with fastest growth in a decade

Author Information

I am Jeff King and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind Al-KhaleejToday.NET with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Financial” category. Address: 383 576 Gladwell Street Longview, TX 75604, USA Phone: (+1) 903-247-0907 Email: [email protected]