Alkhorayef Water H1 2023 profit up 32% to SAR 68.3 mln; Q2 at SAR 35.6 mln

07/08/2023 Argaam Exclusive

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Alkhorayef Water and Power Technologies Co. reported a 32% leap in H1 2023 net profit to SAR 68.3 million from SAR 51.6 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	357.96	738.10	106.2 %
Gross Income	89.28	118.59	32.8 %
Operating Income	64.63	95.12	47.2 %
Net Income	51.63	68.32	32.3 %
Average Shares	35.00	35.00	-
EPS (Riyals)	1.48	1.95	32.3 %

AWPT’s revenues more than doubled year-on-year (YoY) to SAR 738 million, driven by a 211.9% YoY surge in revenues from the water sector. Revenues from the wastewater and integrated water solutions sectors increased by 52.5% and 20.1% YoY, respectively as the company commenced new projects in Q4 2022.

The utility’s net profit jumped 35% to SAR 35.6 million in Q2 2023, compared to SAR 26.3 million in the prior-year period. The company’s overall revenues soared 125.8% YoY to SAR 416.5 million, driven by a 249.3% YoY rise in revenues from the water sector. Revenues from the wastewater and integrated water solutions sectors increased by 65.8% and 13.1% YoY, respectively as the company commenced new projects in Q4 2022.

Operating income also leapt 43% YoY to SAR 49.6 million in Q2 2023.

AWPT’s net profit grew 8.7% from SAR 32.7million in Q1 2023, thanks to a 29.5% rise in revenues. Operating income also increased by 8.5% sequentially to SAR 49.6 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	184.43	416.49	125.8 %
Gross Income	45.72	61.82	35.2 %
Operating Income	34.60	49.46	42.9 %
Net Income	26.33	35.59	35.2 %
Average Shares	35.00	35.00	-
EPS (Riyals)	0.75	1.02	35.2 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	321.61	416.49	29.5 %
Gross Income	56.77	61.82	8.9 %
Operating Income	45.66	49.46	8.3 %
Net Income	32.73	35.59	8.7 %
Average Shares	35.00	35.00	-
EPS (Riyals)	0.94	1.02	8.7 %

Shareholders’ equity, no minority interest, increased to SAR 465.89 million as of June 30, 2023, from SAR 370.64 million a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
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 %
2022	822.03	44.5 %	187.12	23.5 %	133.74	18.8 %
Q1 2023	321.61	85.3 %	56.77	30.3 %	45.66	52.1 %
Q2 2023	416.49	125.8 %	61.82	35.2 %	49.46	42.9 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
2022	822.03	44.5 %	187.12	23.5 %	133.74	18.8 %

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	-	-	-	-	-	-
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
Q3 2022	28.13	25.9 %	0.80	-	28.13	0.80
Q4 2022	27.68	(14.4 %)	0.79	-	27.68	0.79
2022	107.44	4.0 %	3.07	-	107.44	3.07
Q1 2023	32.73	29.3 %	0.94	-	32.73	0.94
Q2 2023	35.59	35.2 %	1.02	-	35.59	1.02

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2022	107.44	4.0 %	3.07	-	107.44	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 %
Q2 2023	18.00 %	17.19 %	10.32 %

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 %
Q2 2023	14.84 %	14.66 %	8.54 %

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
Q2 2023	35.00	3.55	3.55	13.31

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
Q2 2023	32.01	32.01	8.53

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
Q2 2023	276.59	65.80	74.10

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	Q2 2023 (e)	Q2 2023 (a)	Change‬
Average	46.97	35.59	(24.2 %)

Estimates vs Actual (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change
Al Rajhi Capital	35.00	35.59	1.7 %
Hermes	52.00	35.59	(31.6) %
AlJazira Capital	53.90	35.59	(34.0) %

Financial Ratios

	Current
Market Cap (M Riyal)	4,900.00
Enterprise Value (EV) (M)	5,241.07
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)	24.28
P/E (TTM)	25.81
Price/book	7.02
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 2023 profit up 32% to SAR 68.3 mln; Q2 at SAR 35.6 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) 2023 Q2

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 H1 2023 profit up 32% to SAR 68.3 mln; Q2 at SAR 35.6 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 2023

Revenue by Business Segment (Latest) 2023 Q2

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)