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

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 %

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. 



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 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 -
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 %
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 %
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 %
Q3 2022 193.50 40.3 % 44.34 25.5 % 32.94 30.2 %
Q4 2022 270.58 65.8 % 53.49 35.5 % 36.17 9.1 %
Q1 2023 321.61 85.3 % 56.77 30.3 % 45.66 52.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO 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 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
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
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
Q1 2022 25.31 (6.1 %) 0.72 - 25.31 0.72
Q2 2022 26.33 21.3 % 0.75 - 26.33 0.75
Q3 2022 28.13 25.9 % 0.80 - 28.13 0.80
Q4 2022 27.68 (14.4 %) 0.79 - 27.68 0.79
Q1 2023 32.73 29.3 % 0.94 - 32.73 0.94

Profitability

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 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 28.20 % 25.74 % 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 %
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 %
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 %
Q1 2023 20.65 % 19.47 % 11.84 %


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

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

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

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) %

Current
Market Cap (M Riyal) 5,012.00
Enterprise Value (EV) (M) 5,353.07
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) 24.83
P/E (TTM) 26.40
Price/book 7.18
Return on Average Assets (%) (TTM) 9.7
Return on Average Equity (%) (TTM) 31.5

Share Price

Alkhorayef Water and Power Technologies Co. (AWPT)


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