Alkhorayef Water to set up environmental services firm

Alkhorayef Water to set up environmental services firm

Riyadh – Mubasher: Alkhorayef Water and Power Technologies Company will establish a limited liability company based in the capital of Saudi Arabia, Riyadh, upon approval granted on 21 January 2024.

The new business will be set up under the name Package 6 Company for Environmental Services with SAR 100,000 worth of capital, according to a bourse disclosure.

Establishing the new company aims to carry out the long-term operation and maintenance (LTOM) contract for the sewage treatment plants (STPs) at Heet and Al Hayer project.

The environmental services firm will be wholly owned by Alkhorayef Water. The parent company noted that there are no related parties and that it will disclose any financial impact or developments in this regard in due course.

On 11 January 2024, Alkhorayef Water was awarded two contracts for projects in Makkah and Dammam.

As for the financial results during the first nine months (9M) of 2023, the listed company generated net profits worth SAR 110.33 million as well as revenues of SAR 1.20 billion.

Alkhorayef Water to set up environmental services firm