Riyadh – Mubasher: Alkhorayef Water and Power Technologies Company registered a net profit after Zakat and tax of SAR 110.33 million in the first nine months (9M) of 2023, a rise of 38.33% from SAR 79.76 million in the same period of 2022.
The company recorded earnings per share (EPS) of SAR 4.41 in 9M-23, versus SAR 3.19 in 9M-22, according to the preliminary financial statements.
Alkhorayef Water saw a 118.85% surge in revenue to SAR 1.20 billion during January-September 2023 from SAR 551.45 million in the same period of 2022.
Financial Results for Q3
In the third quarter (Q3) of 2023, the Saudi firm reported a net profit after Zakat and tax of SAR 42.01 million, marking a growth of 49.38% from SAR 28.12 million in Q3-22.
The company’s revenues soared by 142.25% to SAR 468.76 million in July-September 2023 when compared with SAR 193.50 million in the same quarter of the previous year.
On a quarterly basis, the net profit in Q3-23 increased by 18.06% from SAR 35.58 million in Q2-23 and the revenues were higher by 12.55% from SAR 416.48 million.
It is worth mentioning that in October 2023, the Saudi firm was awarded a SAR 64.19 million project contract with the National Water Company (NWC).
