Alkhorayef Water expects revenue to rise to SAR 790 mln in 2022

CEO Rami Mousilli

Alkhorayef Water and Power Technologies Co.’s (AWPT) revenue is expected to rise to about SAR 790 million in 2022, an increase of 40% year-on-year (YoY), CNBC Arabia reported, citing CEO Rami Moussilli.

Revenue is expected to reach SAR 1.25 billion in 2023, an increase of 50-60% compared to 2022, he added.

The company’s contracts under implementation are valued at SAR 4 billion, while the value for revenue of backlog contracts amounts to SAR 3.3 billion, Moussilli said.

AWPT’s loans amounted to SAR 350 million by the end of the first quarter of 2022, Mousilli said, adding the company enjoys strong financial statements and a financial leverage not exceeding 1.5%.

This shows that the company does not rely on loans to finance working capital.

The CEO also pointed out that the company uses financing in the first months of contracts award during the start-up period and during the preparation of new projects, after which financing is relied upon when starting to collect business revenues.

Acquisition is a permanent option to achieve the company's growth strategy, the CEO noted, adding that AWPT is eying several acquisitions inside and outside the Kingdom.

Mousilli also indicated that the company is looking into the distribution mechanism for 2022, in line with its expansion plan.