Alkhorayef Water 9M 2024 profit up 45% to SAR 160.1M; Q3 at SAR 40.2M

Alkhorayef Water and Power Technologies Co. (AWPT) reported a net profit of SAR 160.1 million for the first nine months of 2024, a 45% hike from SAR 110.3 million in the year-earlier period.

This profit rise was driven by the increased topline amid higher revenues from the water and the wastewater treatment segments, which were up by 8% and 48% year-on-year (YoY), respectively. Gross profit also rose by 48% YoY to SAR 281.9 million in 9M 2024.

However, the third-quarter net profit was down 4.4% to SAR 40.19 million, from SAR 42.02 million in the prior-year period, pressured by the 4% YoY revenue drop for the three-month period and the allocation of SAR 12.8 million in provisions related to fines and expected credit losses.

On a sequential basis, the bottom line also fell 47.7% from SAR 76.89 million in Q2 2024.

Total shareholders’ equity, no minority interest, expanded to SAR 697.73 million as of Sept. 30, 2024, compared to SAR 507.91 million in the prior-year period.

View More Financial Results