Alkhorayef Water’s 2022 net profit rises 4% to SAR 107.4 mln; Q4 at SAR 27.7 mln

21/03/2023 Argaam Exclusive

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Alkhorayef Water and Power Technologies Co. (AWPT) reported a net profit of SAR 107.4 million in 2022, up 4% from SAR 103 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	569.04	822.03	44.5 %
Gross Income	151.46	187.12	23.5 %
Operating Income	112.59	133.74	18.8 %
Net Income	103.33	107.44	4.0 %
Average Shares	35.00	35.00	-
EPS (Riyals)	2.95	3.07	4.0 %

Revenue rose 44.46% year-on-year (YoY) to SAR 822 million due to higher earnings in integrated water solutions segment, water segment, and, wastewater segment due to revenues generated from new projects.

This was offset by an increase in Murabaha financing contracts cost from SAR 3.8 million to SAR 19.2 million, due to a rise in interest rates and financing for new projects. In addition, provision for expected credit loss went up 120% YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	163.20	270.58	65.8 %
Gross Income	39.48	53.49	35.5 %
Operating Income	33.16	36.17	9.1 %
Net Income	32.34	27.68	(14.4 %)
Average Shares	35.00	35.00	-
EPS (Riyals)	0.92	0.79	(14.4 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	193.50	270.58	39.8 %
Gross Income	44.34	53.49	20.6 %
Operating Income	32.94	36.17	9.8 %
Net Income	28.13	27.68	(1.6 %)
Average Shares	35.00	35.00	-
EPS (Riyals)	0.80	0.79	(1.6 %)

In Q4 2022, net profit fell 15% YoY to SAR 27.7 million.

Sequentially, net profit slipped 1.6% from SAR 28.13 million in Q3 2022.

Total shareholders’ equity, excluding minority interest, amounted to SAR 397.6 million as of Dec. 31, 2022, from SAR 356.5 million in 2021.

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