Saudi's Alkhorayef Water inks $37.5mln contract with NWC

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Riyadh – Alkhorayef Water and Power Technologies Company has signed a contract with the National Water Company (NWC) at a value of SAR 141.15 million.

Upon the agreement, Alkhorayef Water will carry out the construction of phase two sewage networks for Al Ruwaidaf and Al Jawharah districts in Taif City, according to a recent bourse filing.

The contract was awarded on 17 March this year, holding a 24-month duration.

The company noted that the financial impact is forecast to reflect starting from the second quarter (Q2) of 2022.

Last month, Alkhorayef Water penned agreements with NWC at a combined value of SAR 77 million.

In 2021, the Saudi listed firm logged net profits of SAR 103.32 million, down 9.32% from SAR 113.95 million a year earlier. The board, meanwhile, announced a cash dividend of SAR 1.50 per share for the second half (H2) of 2021.