Financial Results : Alkhorayef Water’s Q1 2024 net profit jumps 32% to SAR 43.1M

Alkhorayef Water’s Q1 2024 net profit jumps 32% to SAR 43.1M

16/05/2024 Argaam Exclusive

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Alkhorayef Water and Power Technologies Co. (AWPT) posted a net profit of SAR 43.1 million for the first quarter of 2024, a 32% uptick from SAR 32.7 million in the year-ago period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 321.61 458.16 42.5 %
Gross Income 56.77 78.83 38.9 %
Operating Income 45.66 59.07 29.4 %
Net Income 32.73 43.06 31.6 %
Average Shares 35.00 35.00 -
EPS (Riyals) 0.94 1.23 31.6 %

The year-on-year (YoY) profit increase was spurred by an 83.5% rise in revenue from the water segment due to the earnings from the new projects.

 

Operating profit increased 29.9% YoY during the current quarter to SAR 60.8 million, driven by the new projects that the company has been awarded, despite the hike in diesel prices and taking provisions in the amount of SAR 3.7 million related to penalties and expected credit loss.

 

When compared to the previous quarter, net profit grew 45% from SAR 29.69 million.

 

Total shareholders’ equity, no minority interest, edged higher to SAR 580.65 million as of March 31, 2024, compared to SAR 430.31 million a year earlier.

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