Alkhorayef Water H1 2023 profit up 32% to SAR 68.3 mln; Q2 at SAR 35.6 mln

07/08/2023 Argaam Exclusive

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Alkhorayef Water and Power Technologies Co. reported a 32% leap in H1 2023 net profit to SAR 68.3 million from SAR 51.6 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	357.96	738.10	106.2 %
Gross Income	89.28	118.59	32.8 %
Operating Income	64.63	95.12	47.2 %
Net Income	51.63	68.32	32.3 %
Average Shares	35.00	35.00	-
EPS (Riyals)	1.48	1.95	32.3 %

AWPT’s revenues more than doubled year-on-year (YoY) to SAR 738 million, driven by a 211.9% YoY surge in revenues from the water sector. Revenues from the wastewater and integrated water solutions sectors increased by 52.5% and 20.1% YoY, respectively as the company commenced new projects in Q4 2022.

The utility’s net profit jumped 35% to SAR 35.6 million in Q2 2023, compared to SAR 26.3 million in the prior-year period. The company’s overall revenues soared 125.8% YoY to SAR 416.5 million, driven by a 249.3% YoY rise in revenues from the water sector. Revenues from the wastewater and integrated water solutions sectors increased by 65.8% and 13.1% YoY, respectively as the company commenced new projects in Q4 2022.

Operating income also leapt 43% YoY to SAR 49.6 million in Q2 2023.

AWPT’s net profit grew 8.7% from SAR 32.7million in Q1 2023, thanks to a 29.5% rise in revenues. Operating income also increased by 8.5% sequentially to SAR 49.6 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	184.43	416.49	125.8 %
Gross Income	45.72	61.82	35.2 %
Operating Income	34.60	49.46	42.9 %
Net Income	26.33	35.59	35.2 %
Average Shares	35.00	35.00	-
EPS (Riyals)	0.75	1.02	35.2 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	321.61	416.49	29.5 %
Gross Income	56.77	61.82	8.9 %
Operating Income	45.66	49.46	8.3 %
Net Income	32.73	35.59	8.7 %
Average Shares	35.00	35.00	-
EPS (Riyals)	0.94	1.02	8.7 %

Shareholders’ equity, no minority interest, increased to SAR 465.89 million as of June 30, 2023, from SAR 370.64 million a year earlier.

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