Alkhorayef 9M 2022 net profit up 12% to SAR 79.8 mln; Q3 at SAR 28.1 mln

06/11/2022 Argaam Exclusive

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Alkhorayef Water and Power Technologies Co. (AWPT) reported a net profit after Zakat and tax of SAR 79.8 million for the first nine months of 2022, a 12% hike from SAR 71 million in the year-earlier period.

This profit rise was driven by a 36% year-on-year (YoY) rise in revenue during the nine-month period to SAR 551.5 million on higher revenue from water, integrated water solutions sector and wastewater segments.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	405.83	551.46	35.9 %
Gross Income	111.98	133.62	19.3 %
Operating Income	79.43	97.57	22.8 %
Net Income	70.98	79.76	12.4 %
Average Shares	35.00	35.00	-
EPS (Riyals)	2.03	2.28	12.4 %

Q3 net profit after Zakat and tax jumped 26% YoY to SAR 28.1 million, from SAR 22.34 million in the prior-year period, on a YoY increase in revenue to SAR 193.5 million.

On a sequential basis, net profit grew 7% from SAR 26.33 million

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	137.93	193.50	40.3 %
Gross Income	35.33	44.34	25.5 %
Operating Income	25.30	32.94	30.2 %
Net Income	22.34	28.13	25.9 %
Average Shares	35.00	35.00	-
EPS (Riyals)	0.64	0.80	25.9 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	184.43	193.50	4.9 %
Gross Income	45.72	44.34	(3.0 %)
Operating Income	34.60	32.94	(4.8 %)
Net Income	26.33	28.13	6.8 %
Average Shares	35.00	35.00	-
EPS (Riyals)	0.75	0.80	6.8 %

Total shareholders’ equity, after minority rights, reached SAR 398.767 million as of Sept. 30, 2022, compared to SAR 327.515 million in prior-year period.

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