Financial Results : Alkhorayef Water 2023 profit leaps 30% to SAR 140M; Q4 at SAR 29.7M

Alkhorayef Water 2023 profit leaps 30% to SAR 140M; Q4 at SAR 29.7M

18/03/2024 Argaam Exclusive

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Alkhorayef Water and Power Technologies Co. (AWPT) reported a net profit of SAR 140 million in 2023, up 30% from SAR 107.4 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Revenues 822.03 1,709.27 107.9 %
Gross Income 187.12 262.45 40.3 %
Operating Income 133.74 203.60 52.2 %
Net Income 107.44 140.02 30.3 %
Average Shares 35.00 35.00 -
EPS (Riyals) 3.07 4.00 30.3 %

Revenue soared 107.9% year-on-year (YoY) to SAR 1.7 billion in 2023. Additionally, operating profit grew 44.4% YoY to SAR 199.8 million during the same year, driven by the new project awards.

 

This was despite the increase in the pricing of asphalt and diesel products and taking provisions worth SAR 17.6 million in Q4 2023 for penalties, expected credit losses, and employees’ defined benefit liabilities.

 

Murabaha financing contracts cost leapt by 106.11% YoY to SAR 39.6 million in 2023 on higher interest rates and additional funding for new projects.

 

In Q4 2023, net profit rose 7.3% YoY to SAR 29.69 million.

 

Sequentially, net profit slipped 29.3% from SAR 42.02 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 270.58 502.41 85.7 %
Gross Income 53.49 72.52 35.6 %
Operating Income 36.17 53.40 47.6 %
Net Income 27.68 29.69 7.3 %
Average Shares 35.00 35.00 -
EPS (Riyals) 0.79 0.85 7.3 %

Total shareholders’ equity, no minority interest, amounted to SAR 537.59 million as of Dec. 31, 2023, from SAR 397.58 million a year earlier.

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