Alkhorayef Water H1 2022 profit up 6% to SAR 51.6 mln; Q2 jumps 21% to SAR 26.3 mln

17/08/2022 Argaam Exclusive

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Alkhorayef Water and Power Technologies Co. (AWPT) reported a net profit after Zakat and tax of SAR 51.6 million for the first half of 2022, a 6% rise from SAR 48.7 million a year earlier.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	267.90	357.96	33.6 %
Gross Income	76.65	89.28	16.5 %
Operating Income	54.13	64.63	19.4 %
Net Income	48.65	51.63	6.1 %
Average Shares	35.00	35.00	-
EPS (Riyals)	1.39	1.48	6.1 %

Revenues increased by 33.61% year-on-year (YoY) to SAR 357.96 million during the period, due to a 2.9% and 225.8% increase in revenue from the water and integrated water solutions segments, respectively backed by the revenue generated from new projects.

Operating profit jumped 19.4% YoY to SAR 64.6 million, thanks to the increase in revenues from new projects that started during the year.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	134.89	184.43	36.7 %
Gross Income	38.49	45.72	18.8 %
Operating Income	24.39	34.60	41.9 %
Net Income	21.71	26.33	21.3 %
Average Shares	35.00	35.00	-
EPS (Riyals)	0.62	0.75	21.3 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	173.53	184.43	6.3 %
Gross Income	43.56	45.72	4.9 %
Operating Income	30.02	34.60	15.3 %
Net Income	25.31	26.33	4.0 %
Average Shares	35.00	35.00	-
EPS (Riyals)	0.72	0.75	4.0 %

In Q2 2022, the utility posted a 21% increase in net profit to SAR 26.3 million, from SAR 21.7 million in the corresponding period of 2021, driven by a 36.73% revenue rise YoY to SAR 184.4 million. Operating profit grew by 41.86% to SAR 34.6 million.

When compared to the previous quarter, net profit after Zakat and tax grew 4% from SAR 25.31 million.

Total shareholders’ equity, after minority interest, reached SAR 370.6 million in as of June 30, 2022, compared to SAR 305.2 million in a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	264.84	-	27.87	-	9.08	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	249.64	(5.7 %)	40.64	45.8 %	23.42	158.0 %
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	356.27	42.7 %	75.93	86.8 %	57.98	147.6 %
Q1 2019	87.02	-	26.29	-	20.15	-
Q2 2019	97.79	-	29.06	-	23.63	-
Q3 2019	112.65	-	30.58	-	24.52	-
Q4 2019	125.77	-	33.43	-	25.92	-
2019	423.23	18.8 %	119.15	56.9 %	94.17	62.4 %
Q1 2020	132.74	52.5 %	39.58	50.6 %	32.32	60.4 %
Q2 2020	118.03	20.7 %	34.04	17.1 %	27.02	14.3 %
Q3 2020	129.50	15.0 %	32.82	7.3 %	25.46	3.8 %
Q4 2020	140.57	11.8 %	37.84	13.2 %	32.02	23.5 %
2020	520.83	23.1 %	143.25	20.2 %	116.81	24.0 %
Q1 2021	133.02	0.2 %	38.16	(3.6 %)	29.73	(8.0 %)
Q2 2021	134.89	14.3 %	38.49	13.1 %	24.39	(9.7 %)
Q3 2021	137.93	6.5 %	35.33	7.7 %	25.30	(0.6 %)
Q4 2021	163.20	16.1 %	39.48	4.4 %	33.16	3.6 %
2021	569.04	9.3 %	151.46	5.7 %	112.59	(3.6 %)
Q1 2022	173.53	30.5 %	43.56	14.2 %	30.02	1.0 %
Q2 2022	184.43	36.7 %	45.72	18.8 %	34.60	41.9 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	264.84	-	27.87	-	9.08	-
2017	249.64	(5.7 %)	40.64	45.8 %	23.42	158.0 %
2018	356.27	42.7 %	75.93	86.8 %	57.98	147.6 %
2019	423.23	18.8 %	119.15	56.9 %	94.17	62.4 %
2020	520.83	23.1 %	143.25	20.2 %	116.81	24.0 %
2021	569.04	9.3 %	151.46	5.7 %	112.59	(3.6 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	18.44	-	0.53	11.85	6.59	0.19
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	22.09	19.8 %	0.63	-	22.09	0.63
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	51.15	131.6 %	1.46	-	51.15	1.46
Q1 2019	21.22	-	0.61	2.39	18.84	0.54
Q2 2019	22.04	-	0.63	-	22.04	0.63
Q3 2019	22.93	-	0.66	-	22.93	0.66
Q4 2019	25.54	-	0.73	2.00	23.54	0.67
2019	91.73	79.3 %	2.62	4.39	87.34	2.50
Q1 2020	31.49	48.4 %	0.90	-	31.49	0.90
Q2 2020	26.17	18.8 %	0.75	-	26.17	0.75
Q3 2020	24.70	7.7 %	0.71	-	24.70	0.71
Q4 2020	31.59	23.7 %	0.90	-	31.59	0.90
2020	113.95	24.2 %	3.26	-	113.95	3.26
Q1 2021	26.94	(14.5 %)	0.77	-	26.94	0.77
Q2 2021	21.71	(17.1 %)	0.62	-	21.71	0.62
Q3 2021	22.34	(9.5 %)	0.64	-	22.34	0.64
Q4 2021	32.34	2.4 %	0.92	-	32.34	0.92
2021	103.33	(9.3 %)	2.95	-	103.33	2.95
Q1 2022	25.31	(6.1 %)	0.72	-	25.31	0.72
Q2 2022	26.33	21.3 %	0.75	-	26.33	0.75

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	18.44	-	0.53	11.85	6.59	0.19
2017	22.09	19.8 %	0.63	-	22.09	0.63
2018	51.15	131.6 %	1.46	-	51.15	1.46
2019	91.73	79.3 %	2.62	4.39	87.34	2.50
2020	113.95	24.2 %	3.26	-	113.95	3.26
2021	103.33	(9.3 %)	2.95	-	103.33	2.95

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	10.52 %	8.73 %	2.49 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	16.28 %	14.66 %	8.85 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	21.31 %	19.54 %	14.36 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	28.20 %	25.74 %	20.64 %
2019	28.15 %	25.73 %	20.64 %
Q1 2020	28.29 %	25.99 %	21.32 %
Q2 2020	28.14 %	25.82 %	21.29 %
Q3 2020	27.64 %	25.35 %	20.93 %
Q4 2020	27.70 %	25.89 %	21.88 %
2020	27.50 %	25.89 %	21.88 %
Q1 2021	27.41 %	25.69 %	20.99 %
Q2 2021	27.38 %	24.46 %	19.51 %
Q3 2021	27.42 %	24.19 %	18.77 %
Q4 2021	26.62 %	23.76 %	18.16 %
2021	26.62 %	23.76 %	18.16 %
Q1 2022	25.73 %	22.62 %	16.68 %
Q2 2022	24.90 %	23.06 %	16.13 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	10.52 %	8.73 %	2.49 %
2017	16.28 %	14.66 %	8.85 %
2018	21.31 %	19.54 %	14.36 %
2019	28.15 %	25.73 %	20.64 %
2020	27.50 %	25.89 %	21.88 %
2021	26.62 %	23.76 %	18.16 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	30.21 %	27.10 %	21.64 %
Q2 2019	29.71 %	27.59 %	22.54 %
Q3 2019	27.15 %	25.00 %	20.35 %
Q4 2019	26.58 %	24.02 %	18.71 %
Q1 2020	29.82 %	27.52 %	23.73 %
Q2 2020	28.84 %	26.62 %	22.18 %
Q3 2020	25.34 %	23.25 %	19.07 %
Q4 2020	26.92 %	26.17 %	22.47 %
Q1 2021	28.69 %	26.72 %	20.25 %
Q2 2021	28.53 %	21.59 %	16.09 %
Q3 2021	25.61 %	22.26 %	16.20 %
Q4 2021	24.19 %	24.42 %	19.82 %
Q1 2022	25.10 %	22.01 %	14.59 %
Q2 2022	24.79 %	23.44 %	14.27 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	35.00	-	-	-
Q2 2019	35.00	-	-	-
Q3 2019	35.00	-	-	-
Q4 2019	35.00	2.62	2.50	6.15
Q1 2020	35.00	2.91	2.86	8.03
Q2 2020	35.00	3.03	2.98	7.34
Q3 2020	35.00	3.08	3.03	7.48
Q4 2020	35.00	3.26	3.26	8.40
Q1 2021	35.00	3.13	3.13	9.17
Q2 2021	35.00	3.00	3.00	8.72
Q3 2021	35.00	2.93	2.93	9.36
Q4 2021	35.00	2.95	2.95	10.19
Q1 2022	35.00	2.91	2.91	9.84
Q2 2022	35.00	3.04	3.04	10.59

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	-	-	-	-
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	35.00	0.53	0.19	1.60
2017	35.00	0.63	0.63	2.23
2018	35.00	1.46	1.46	3.52
2019	35.00	2.62	2.50	6.15
2020	35.00	3.26	3.26	8.40
2021	35.00	2.95	2.95	10.19

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	23.53	23.53	8.02
Q2 2021	28.39	28.39	9.76
Q3 2021	30.36	30.36	9.51
Q4 2021	24.77	24.77	7.18
Q1 2022	23.69	23.69	7.00
Q2 2022	26.80	26.80	7.69

Period	P/E	Adjusted P/E	Price/book
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	24.77	24.77	7.18

Business Segments (Million)

Compared With The

Period	Water	Sewage Water	Integrated Water solutions
Q1 2021	69.45	44.65	18.92
Q2 2021	72.58	42.64	19.67
Q3 2021	70.91	39.32	27.70
Q4 2021	61.35	50.15	51.70
Q1 2022	66.94	46.39	60.20
Q2 2022	79.20	39.69	65.54

Period	Water	Sewage Water	Integrated Water solutions
2017	115.59	77.20	56.85
2018	160.67	147.99	47.60
2019	215.73	131.43	76.06
2020	254.07	178.09	88.67
2021	274.29	176.76	117.99

Financial Ratios

	Current
Market Cap (M Riyal)	5,005.00
Enterprise Value (EV) (M)	5,346.07
Shares Outstanding ((M))	35.00
EPS ( Riyal) (TTM)	5.42
Book Value (BV) ( Riyal)	19.94
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	24.80
P/E (TTM)	26.37
Price/book	7.17
Return on Average Assets (%) (TTM)	9.7
Return on Average Equity (%) (TTM)	31.5

Alkhorayef Water and Power Technologies Co. (AWPT)

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Alkhorayef Water H1 2022 profit up 6% to SAR 51.6 mln; Q2 jumps 21% to SAR 26.3 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2022 Q2

Financial Ratios

Share Price

Alkhorayef Water and Power Technologies Co. (AWPT)

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Alkhorayef Water H1 2022 profit up 6% to SAR 51.6 mln; Q2 jumps 21% to SAR 26.3 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2022

Revenue by Business Segment (Latest) 2022 Q2

Financial Ratios

Share Price

Alkhorayef Water and Power Technologies Co. (AWPT)

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Business Segments (Million)