‎Alkhorayef Water CEO expects SAR 480 mln revenue in H2 2022

‎Alkhorayef Water CEO expects SAR 480 mln revenue in H2 2022

Rami Moussilli, CEO of Alkhorayef Water and Power Technologies Co. (AWPT), expects revenue to rise to SAR 480 million in the second half of 2022, bringing the full-year estimated revenue 47% higher year-on-year (YoY) to SAR 840 million.

The company’s profit growth was driven by the implementation of the contracts awarded in H2 2021, such as the King Abdullah bin Abdulaziz Project for Zamzam Water in Makkah, and the upgrade of King Khalid International Airport’s sewage network, Moussilli said in a phone call with Argaam.

The utility is currently working on more than 75 projects in parallel across 11 regions in the Kingdom. It has also signed several contracts, including those of water quality improvement, the operation and maintenance of Zamzam water project and the construction of sewage networks in Taif.

The Taif project is still under preparation and designing as scheduled, the CEO said, expecting the implementation phase to begin in the third quarter of the year.

Alkhorayef Water has over SAR 4 billion worth of contracts in the pipeline. Revenue is expected to reach SAR 1.25 billion in 2023, an increase of 50-60% compared to 2022, he added. The company’s backlog of SAR 3.6 billion was valued at nearly SAR 3.6 billion