Alkhorayef Water inks SAR 89.8 mln contract with NWC for Madinah water network

Logo of Alkhorayef Water and Power Technologies Co. (AWPT)

Alkhorayef Water and Power Technologies Co. (AWPT) inked today, March 20, a SAR 89.83 million contract (VAT exclusive) with state-owned National Water Co. (NWC) for the operation and maintenance of water networks in Madinah, according to a Tadawul statement.

The agreement is valid for 36 months, AWPT said, indicating that the final copy was received after the completion of the signatures from all concerned parties today, based on which the disclosure was made.

The related financial impact will be reflected starting from the second quarter of 2023. There are no related parties, the company added.

In November 2022, AWPT announced the awarding of a contract with NWC for the operation and maintenance of the above water treatment plants in Madinah, at a value of SAR 34.24 million (VAT exclusive), Argaam's data showed.