Alkhorayef Water 9M 2024 profit up 45% to SAR 160.1M; Q3 at SAR 40.2M

07/11/2024 Argaam Exclusive

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Alkhorayef Water and Power Technologies Co. (AWPT) reported a net profit of SAR 160.1 million for the first nine months of 2024, a 45% hike from SAR 110.3 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	1,206.87	1,342.47	11.2 %
Gross Income	189.94	281.88	48.4 %
Operating Income	155.33	212.77	37.0 %
Net Income	110.33	160.14	45.1 %
Average Shares	35.00	35.00	-
EPS (Riyals)	3.15	4.58	45.1 %

This profit rise was driven by the increased topline amid higher revenues from the water and the wastewater treatment segments, which were up by 8% and 48% year-on-year (YoY), respectively. Gross profit also rose by 48% YoY to SAR 281.9 million in 9M 2024.

However, the third-quarter net profit was down 4.4% to SAR 40.19 million, from SAR 42.02 million in the prior-year period, pressured by the 4% YoY revenue drop for the three-month period and the allocation of SAR 12.8 million in provisions related to fines and expected credit losses.

On a sequential basis, the bottom line also fell 47.7% from SAR 76.89 million in Q2 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	468.77	450.78	(3.8 %)
Gross Income	71.35	83.46	17.0 %
Operating Income	56.83	58.37	2.7 %
Net Income	42.02	40.19	(4.4 %)
Average Shares	35.00	35.00	-
EPS (Riyals)	1.20	1.15	(4.4 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	433.53	450.78	4.0 %
Gross Income	119.59	83.46	(30.2 %)
Operating Income	97.20	58.37	(39.9 %)
Net Income	76.89	40.19	(47.7 %)
Average Shares	35.00	35.00	-
EPS (Riyals)	2.20	1.15	(47.7 %)

Total shareholders’ equity, no minority interest, expanded to SAR 697.73 million as of Sept. 30, 2024, compared to SAR 507.91 million in the prior-year period.

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