Alkhorayef Water H1 2024 net profit up 76% to SAR 119.9M; Q2 at SAR 76.9M

07/08/2024 Argaam Exclusive

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Alkhorayef Water and Power Technologies Co. posted SAR 119.9 million net profit for H1 2024, a rise of 76% year-on-year from SAR 68.3 million.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	738.10	891.69	20.8 %
Gross Income	118.59	198.42	67.3 %
Operating Income	95.12	154.39	62.3 %
Net Income	68.32	119.95	75.6 %
Average Shares	35.00	35.00	-
EPS (Riyals)	1.95	3.43	75.6 %

Q2 net profit also rose by 116% to SAR 76.8 million, from SAR 35.5 million in Q2 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	416.49	433.53	4.1 %
Gross Income	61.82	119.59	93.5 %
Operating Income	49.46	97.20	96.5 %
Net Income	35.59	76.89	116.0 %
Average Shares	35.00	35.00	-
EPS (Riyals)	1.02	2.20	116.0 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	458.16	433.53	(5.4 %)
Gross Income	78.83	119.59	51.7 %
Operating Income	59.07	97.20	64.6 %
Net Income	43.06	76.89	78.5 %
Average Shares	35.00	35.00	-
EPS (Riyals)	1.23	2.20	78.5 %

The profit rise was driven by a 20.8% increase in revenues to SAR 891.69 million, mainly due to the increase in revenue from the wastewater segment by 26.50% and water segment by 1.42% aided by the revenue generated from the new projects.

Shareholders' equity (no minority interest) amounted to SAR 657.35 million, compared to SAR 465.89 million in the same period a year earlier.

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