Alkhorayef Water’s 2021 net profit declines 9% to SAR 103.3 mln; Q4 at SAR 32.3 mln

20/03/2022 Argaam Exclusive

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Alkhorayef Water and Power Technologies Co. (AWPT) reported a net profit after Zakat and tax of SAR 103.3 million for 2021, a decline of 9% year-on-year (YoY) from SAR 114 million.

Financials (M)

Item	2020	2021	Change‬
Revenues	520.83	569.04	9.3 %
Gross Income	143.25	151.46	5.7 %
Operating Income	116.81	112.59	(3.6 %)
Net Income	113.95	103.33	(9.3 %)
Average Shares	35.00	35.00	-
EPS (Riyals)	3.26	2.95	(9.3 %)

The earnings drop was driven by an SAR 8.11 million increase in Zakat expenses, and a rise of SAR 12.6 million in general and administrative expenses (G&As), despite 9.26% growth in 2021 revenue to SAR 48.2 million.

Q4 2021 net profit rose 2% YoY to SAR 32.3 million.

Sequentially, net profit jumped by 44.8% from SAR 22.34 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	140.57	163.20	16.1 %
Gross Income	37.84	39.48	4.4 %
Operating Income	32.02	33.16	3.6 %
Net Income	31.59	32.34	2.4 %
Average Shares	35.00	35.00	-
EPS (Riyals)	0.90	0.92	2.4 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	137.93	163.20	18.3 %
Gross Income	35.33	39.48	11.8 %
Operating Income	25.30	33.16	31.1 %
Net Income	22.34	32.34	44.8 %
Average Shares	35.00	35.00	-
EPS (Riyals)	0.64	0.92	44.8 %

Total shareholders’ equity, excluding minority interest, increased 21.25% YoY to SAR 356.5 million for 2021.

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