Alkhorayef Water’s Q1 2023 net profit jumps 29% to SAR 32.7 mln

11/05/2023 Argaam Exclusive

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Alkhorayef Water and Power Technologies Co. (AWPT) posted a net profit of SAR 32.7 million for the first quarter of 2023, a 29% uptick from SAR 25.3 million in the year-ago period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2022	Q1 2023	Change‬
Revenues	173.53	321.61	85.3 %
Gross Income	43.56	56.77	30.3 %
Operating Income	30.02	45.66	52.1 %
Net Income	25.31	32.73	29.3 %
Average Shares	35.00	35.00	-
EPS (Riyals)	0.72	0.94	29.3 %

Item	Q4 2022	Q1 2023	Change‬
Revenues	270.58	321.61	18.9 %
Gross Income	53.49	56.77	6.1 %
Operating Income	36.17	45.66	26.2 %
Net Income	27.68	32.73	18.2 %
Average Shares	35.00	35.00	-
EPS (Riyals)	0.79	0.94	18.2 %

The year-on-year (YoY) profit increase was spurred by an 85.3% YoY rise in revenues to SAR 321.6 million during the three-month period, thanks to a 167.8% YoY jump in revenues from the water sector, with revenues from the wastewater and integrated water solutions sectors also up 41.1% and 27.7% YoY, respectively.

This was mainly attributed to the company’s new projects during the fourth quarter of 2022.

Additionally, AWPT’s Q1 2023 operating income advanced 51.8% to SAR 45.6 million, compared to SAR 30 million in the same quarter of the previous year, reflecting the positive impact of the aforementioned projects. This was despite the high costs in the prices of asphalt and diesel products.

When compared to the previous quarter, net profit grew 18.2% from SAR 27.68 million.

Total shareholders’ equity, excluding minority interest, edged higher to SAR 430.310 million as of March 31, 2023, compared to SAR 344.315 million a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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	-	18.44	-	0.53
Q1 2017	-	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-	-
2017	249.64	(5.7 %)	40.64	45.8 %	22.09	19.8 %	0.63
Q1 2018	-	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-	-
2018	356.27	42.7 %	75.93	86.8 %	51.15	131.6 %	1.46
Q1 2019	87.02	-	26.29	-	21.22	-	0.61
Q2 2019	97.79	-	29.06	-	22.04	-	0.63
Q3 2019	112.65	-	30.58	-	22.93	-	0.66
Q4 2019	125.77	-	33.43	-	25.54	-	0.73
2019	423.23	18.8 %	119.15	56.9 %	91.73	79.3 %	2.62
Q1 2020	132.74	52.5 %	39.58	50.6 %	31.49	48.4 %	0.90
Q2 2020	118.03	20.7 %	34.04	17.1 %	26.17	18.8 %	0.75
Q3 2020	129.50	15.0 %	32.82	7.3 %	24.70	7.7 %	0.71
Q4 2020	140.57	11.8 %	37.84	13.2 %	31.59	23.7 %	0.90
2020	520.83	23.1 %	143.25	20.2 %	113.95	24.2 %	3.26
Q1 2021	133.02	0.2 %	38.16	(3.6 %)	26.94	(14.5 %)	0.77
Q2 2021	134.89	14.3 %	38.49	13.1 %	21.71	(17.1 %)	0.62
Q3 2021	137.93	6.5 %	35.33	7.7 %	22.34	(9.5 %)	0.64
Q4 2021	163.20	16.1 %	39.48	4.4 %	32.34	2.4 %	0.92
2021	569.04	9.3 %	151.46	5.7 %	103.33	(9.3 %)	2.95
Q1 2022	173.53	30.5 %	43.56	14.2 %	25.31	(6.1 %)	0.72
Q2 2022	184.43	36.7 %	45.72	18.8 %	26.33	21.3 %	0.75
Q3 2022	193.50	40.3 %	44.34	25.5 %	28.13	25.9 %	0.80
Q4 2022	270.58	65.8 %	53.49	35.5 %	27.68	(14.4 %)	0.79
2022	822.03	44.5 %	187.12	23.5 %	107.44	4.0 %	3.07
Q1 2023	321.61	85.3 %	56.77	30.3 %	32.73	29.3 %	0.94

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	-	-	-	-	-	-	-
2014	-	-	-	-	-	-	-
2015	-	-	-	-	-	-	-
2016	264.84	-	27.87	-	18.44	-	0.53
2017	249.64	(5.7 %)	40.64	45.8 %	22.09	19.8 %	0.63
2018	356.27	42.7 %	75.93	86.8 %	51.15	131.6 %	1.46
2019	423.23	18.8 %	119.15	56.9 %	91.73	79.3 %	2.62
2020	520.83	23.1 %	143.25	20.2 %	113.95	24.2 %	3.26
2021	569.04	9.3 %	151.46	5.7 %	103.33	(9.3 %)	2.95
2022	822.03	44.5 %	187.12	23.5 %	107.44	4.0 %	3.07

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2022	24.22 %	22.88 %	15.69 %
Q4 2022	22.76 %	20.69 %	13.07 %
2022	22.76 %	20.69 %	13.07 %
Q1 2023	20.65 %	19.47 %	11.84 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2022	22.76 %	20.69 %	13.07 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2022	22.91 %	21.84 %	14.54 %
Q4 2022	19.77 %	17.14 %	10.23 %
Q1 2023	17.65 %	17.72 %	10.18 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2022	35.00	3.20	3.20	11.39
Q4 2022	35.00	3.07	3.07	11.36
Q1 2023	35.00	3.28	3.28	12.29

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2022	35.00	3.07	3.07	11.36

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2022	28.76	28.76	8.08
Q4 2022	32.42	32.42	8.76
Q1 2023	29.02	29.02	7.75

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	24.77	24.77	7.18
2022	32.42	32.42	8.76

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
Q3 2022	81.59	44.83	67.08
Q4 2022	126.03	61.95	82.59
Q1 2023	179.24	65.46	76.91

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
2022	353.75	192.86	275.42

Analysts Estimates (Million)

Item	Q1 2023 (e)	Q1 2023 (a)	Change‬
Average	38.65	32.73	(15.3 %)

Estimates vs Actual (Million)

Item	Q1 2023 (e)	Q1 2023 (a)	Change
Al Rajhi Capital	36.00	32.73	(9.1) %
AlJazira Capital	41.30	32.73	(20.8) %

Financial Ratios

	Current
Market Cap (M Riyal)	6,370.00
Enterprise Value (EV) (M)	6,806.05
Shares Outstanding ((M))	35.00
EPS ( Riyal) (TTM)	4.30
Book Value (BV) ( Riyal)	16.59
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	39.23
P/E (TTM)	42.37
Price/book	10.97
Return on Average Assets (%) (TTM)	9.3
Return on Average Equity (%) (TTM)	29.7

Alkhorayef Water and Power Technologies Co. (AWPT)

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Alkhorayef Water’s Q1 2023 net profit jumps 29% to SAR 32.7 mln

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (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) 2023 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Alkhorayef Water and Power Technologies Co. (AWPT)

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Alkhorayef Water’s Q1 2023 net profit jumps 29% to SAR 32.7 mln

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2023

Revenue by Business Segment (Latest) 2023 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Alkhorayef Water and Power Technologies Co. (AWPT)

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Business Segments (Million)