Financial Results : Alkhorayef Water net profit drops 15% to SAR 26.9 mln in Q1 2021

Alkhorayef Water net profit drops 15% to SAR 26.9 mln in Q1 2021

20/05/2021 Argaam Exclusive

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Alkhorayef Water and Power Technologies Co. (AWPT) reported a net profit after Zakat and tax of SAR 26.9 million for the first quarter of 2021, a 15% decline from SAR 31.5 a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 132.74 133.02 0.2 %
Gross Income 39.58 38.16 (3.6 %)
Operating Income 32.32 29.73 (8.0 %)
Net Income 31.49 26.94 (14.5 %)
Average Shares 35.00 35.00 -
EPS (Riyals) 0.90 0.77 (14.5 %)

The profit drop was attributed to charging of Zakat fees worth SAR 3.07 million for the current quarter for the first time. The Zakat declaration was previously issued on a consolidated basis at the parent company level. The parent company pledged to the Capital Market Authority (CMA) that any charges related to Zakat will be paid by the parent company. Accordingly, no Zakat related fees were charged for the previous periods.

When compared to the previous quarter, net profit after Zakat and tax dropped 14.7% from SAR 31.6 million.

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