Saudi: Alkhorayef Water unveils $24mln project award from NWC

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Riyadh – The National Water Company (NWC) awarded Alkhorayef Water and Power Technologies Company a project contract worth SAR 89.82 million on 10 January 2023.

Under the deal, the listed entity will perform the operation and maintenance works of water networks in Medina for 36 months, according to a bourse filing.

Alkhorayef Water indicated that the project is expected to reflect on its financial results during the second quarter (Q2) of 2023, adding that it will unveil any further details regarding the agreement in due time.

The two parties recently joined forces for an operation and maintenance project in the Saudi cities of Hafar Al Batin and Al Qaisumah at a value of SAR 33.49 million.

During the January-September 2022 period, Alkhorayef Water’s net profits after Zakat and tax reached SAR 79.76 million, up 12.36% from SAR 70.98 million in the first nine months (9M) of 2021.

The revenues widened by 35.88% to SAR 551.45 million in 9M-22 from SAR 405.83 million in 9M-21, whereas the earnings per share (EPS) enlarged to SAR 3.19 from SAR 2.84.