Saudi-listed Alkhorayef Water and Power Technologies Company has secured a major contract worth SAR87.2 million ($23.2 million) for a wastewater system in Saudi Arabia, according to a bourse filing.

The three-year deal includes the operation and maintenance of “water and sewage networks” in the Buraidah region, the company said in a disclosure on the Saudi Stock Exchange (Tadawul).

“[The company] will perform the works related to the contract for operation and maintenance [of the infrastructure] in Buraidah region for 36 months,” the statement said, without further disclosing details.

The financial impact of the new deal is expected to start in the first quarter of 2024.

The project is the second major deal the company has secured this month.

The company, a subsidiary of Saudi conglomerate Alkhorayef Group, has recently bagged a SAR1.2 billion contract for a sewage treatment plant in Riyadh.

The company’s net profit reached SAR42 million during the third quarter of the year, up by 49% from a year earlier.

The positive results were driven by strong revenues, particularly in the water, wastewater and integrated water solutions segments.

(Writing by Cleofe Maceda; editing by Seban Scaria)