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Alkhorayef Water and Power Technologies (AWPT), before and after the spin-off from Alkhorayef Group, entered into several credit agreements with local banks to finance working capital needs, according to chief financial officer (CFO) Naif Alshami.
All credit facilities agreements were Sharia-compliant, Alshami told Argaam in an interview.
The company secured credit facilities worth SAR 277 million from Arab National Bank (ANB), SAR 240 million from Samba Financial Group, and SAR 350 million from National Commercial Bank (NCB), the CFO said, adding that the utility is close to signing another finance deal with Banque Saudi Fransi (BSF).
AWPT has good reputation in terms of the timely fulfillment of its financial obligations. The debt-to-capital ratio decreased by 3% in 2020, when compared to 2019, he affirmed.
The company reported strong collection rates despite the COVID-19 pandemic. Receivables rose by 10% on an annual basis in 2020, as revenues grew by 23%. Moreover, the receivables turnover ratio increased by over 3.21x in 2020, when compared to 2019, exceeding 45%. The average collection period declined to 115 days in 2020 from 202 in 2017.
Alshami said Zakat is calculated and the parent company, Abdullah Ibrahim Alkhorayef Sons, allocated a provision for it on a unified basis, as per the financial regulations applicable in the Kingdom.
He further stated that the company paid the due Zakat on time and received clearances from the General Authority of Zakat and Tax (GAZT) for all years until 2018, including AWPT's certificate.
In addition, the company's value-added tax (VAT) is calculated under the unified tax number of Alkhorayef Group and is presented as part of the group's consolidated tax statement on time.
"We aim, during the first quarter of 2021, to achieve official spin-off and obtain a separate tax and Zakat number starting from 2021," Alshami said, adding that the company's Zakat provision for 2021 is estimated at nearly SAR 7 million.
"Our commercial dealings with the Alkhorayef Group ensure economic and commercial benefits for us, representing 1% of the company's total revenues in 2020," he said.
These dealings ensure obtaining high-quality materials and services at a reliable price to be used in the company's projects, which enhances its reputation and the quality of work and services, Alshami concluded.
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