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 %

Item	Q3 2024	Q4 2024	Change‬
Revenues	450.78	609.68	35.2 %
Gross Income	83.46	102.45	22.8 %
Operating Income	61.65	78.76	27.8 %
Net Income	40.19	69.87	73.9 %
Average Shares	35.00	35.00	-
Earnings Per Share before unusual items (Riyals)	1.15	2.00	73.9 %
EPS (Riyals)	1.15	2.00	73.9 %

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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