Alkhorayef Water awarded SAR 33.5m project from NWC

Alkhorayef Water awarded SAR 33.5m project from NWC

Riyadh – Mubasher: Alkhorayef Water and Power Technologies Company was awarded a SAR 33.49 million project contract from the National Water Company (NWC) on 9 January 2023.

The Tadawul-listed firm will handle the operation and maintenance works of water networks, water treatment plants, and water wells in the Saudi cities of Hafar Al Batin and Al Qaisumah for 36 months.

Alkhorayef Water noted that the project is forecast to reflect on its income statements during the second quarter (Q2) of 2023, adding that it will disclose any further details regarding the deal in due time.

Last November, the two entities teamed up for an operation project in Medina at a value of SAR 34.23 million, in addition to another SAR 35.38 million agreement.

In the first nine months (9M) of 2022, Alkhorayef Water posted net profits after Zakat and tax worth SAR 79.76 million, an annual surge of 12.36% from SAR 70.98 million.

The revenues jumped 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) increased to SAR 3.19 from SAR 2.84.