The Clap
Marafiq’s (2083) net profit increased by 21.2% YoY in Q3 2022.
What
The company attributed the increase in profits to the increase in revenues as a result of the increase in sold items for all its main sectors.
The increase in revenues came despite the increase in SG&A and financing costs, in addition to the provision for zakat.
So What
This quarters earnings represent the first financial statements for Marafiq, whose shares rose 14% in the first minutes of trading on the Saudi Tadawul.
Now What
The company’s IPO is the largest in the Saudi market since Nahdi Medical raised $1.4 billion from an IPO last March.
