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 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	468.77	502.41	7.2 %
Gross Income	71.35	72.52	1.6 %
Operating Income	56.83	53.40	(6.0 %)
Net Income	42.02	29.69	(29.3 %)
Average Shares	35.00	35.00	-
EPS (Riyals)	1.20	0.85	(29.3 %)

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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