Financial Results : Alkhorayef Water 2024 profit rises 64% to SAR 230M; Q4 at SAR 69.9M

Alkhorayef Water 2024 profit rises 64% to SAR 230M; Q4 at SAR 69.9M

16/03/2025 Argaam Exclusive

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Alkhorayef Water and Power Technologies Co. reported a 64% rise in net profit to SAR 230 million for 2024, compared to SAR 140 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 1,679.81 1,952.15 16.2 %
Gross Income 264.09 384.32 45.5 %
Operating Income 201.52 298.37 48.1 %
Net Income 140.02 230.00 64.3 %
Average Shares 35.00 35.00 -
Earnings Per Share before unusual items (Riyals) 4.34 6.57 51.3 %
EPS (Riyals) 4.00 6.57 64.3 %

The annual profit rise was driven by a 16.2% year-on-year (YoY) increase in revenues to SAR 1.95 billion amid new project awards. This is in addition to a 45.53% YoY hike in gross profit to SAR 384.3 million.

 

Alkhorayef Water witnessed higher earnings in 2024 despite the elevated diesel prices at the onset of that year.

 

The company’s fourth-quarter net profit more than doubled to SAR 69.87 million, from SAR 26.69 million in the year-ago period.

 

On a sequential basis, the three-month bottom line leapt 73.9% from SAR 40.19 million in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 472.95 609.68 28.9 %
Gross Income 74.15 102.45 38.2 %
Operating Income 46.18 78.76 70.6 %
Net Income 29.69 69.87 135.3 %
Average Shares 35.00 35.00 -
Earnings Per Share before unusual items (Riyals) 1.19 2.00 67.5 %
EPS (Riyals) 0.85 2.00 135.3 %

Total shareholders’ equity, with no minority interest, rose to SAR 776.24 million by the end of 2024, compared to SAR 537.59 million a year earlier.

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