Alkhorayef Water net profit down 16% to SAR 48.7 mln in H1 2021

12/08/2021 Argaam Exclusive

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Alkhorayef Water and Power Technologies Co. (AWPT) reported a net profit after Zakat and tax of SAR 48.7 million for the first half of 2021, a 16% drop from SAR 57.7 million a year earlier.

The profit drop was attributed to Zakat fees worth SAR 5.16 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) to pay any charges related to Zakat. Accordingly, no Zakat-related fees were charged for the previous periods.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	250.77	267.90	6.8 %
Gross Income	72.60	76.65	5.6 %
Operating Income	59.34	54.13	(8.8 %)
Net Income	57.67	48.65	(15.6 %)
Average Shares	35.00	35.00	-
EPS (Riyals)	1.65	1.39	(15.6 %)

In Q2 2021, net profit after Zakat and tax falls 17% year-on-year (YoY) to SAR 21.7 million, hurt by Zakat fees worth SAR 2.09 million for the current quarter for the first time.

When compared to the previous quarter, net profit after Zakat and tax dropped 19.4% from SAR 27 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	118.03	134.89	14.3 %
Gross Income	34.04	38.49	13.1 %
Operating Income	27.02	24.39	(9.7 %)
Net Income	26.17	21.71	(17.1 %)
Average Shares	35.00	35.00	-
EPS (Riyals)	0.75	0.62	(17.1 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	133.02	134.89	1.4 %
Gross Income	38.16	38.49	0.9 %
Operating Income	29.73	24.39	(18.0 %)
Net Income	26.94	21.71	(19.4 %)
Average Shares	35.00	35.00	-
EPS (Riyals)	0.77	0.62	(19.4 %)

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