Alkhorayef Water H1 2024 net profit up 76% to SAR 119.9M; Q2 at SAR 76.9M

07/08/2024 Argaam Exclusive

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Alkhorayef Water and Power Technologies Co. posted SAR 119.9 million net profit for H1 2024, a rise of 76% year-on-year from SAR 68.3 million.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	738.10	891.69	20.8 %
Gross Income	118.59	198.42	67.3 %
Operating Income	95.12	154.39	62.3 %
Net Income	68.32	119.95	75.6 %
Average Shares	35.00	35.00	-
EPS (Riyals)	1.95	3.43	75.6 %

Q2 net profit also rose by 116% to SAR 76.8 million, from SAR 35.5 million in Q2 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	416.49	433.53	4.1 %
Gross Income	61.82	119.59	93.5 %
Operating Income	49.46	97.20	96.5 %
Net Income	35.59	76.89	116.0 %
Average Shares	35.00	35.00	-
EPS (Riyals)	1.02	2.20	116.0 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	458.16	433.53	(5.4 %)
Gross Income	78.83	119.59	51.7 %
Operating Income	59.07	97.20	64.6 %
Net Income	43.06	76.89	78.5 %
Average Shares	35.00	35.00	-
EPS (Riyals)	1.23	2.20	78.5 %

The profit rise was driven by a 20.8% increase in revenues to SAR 891.69 million, mainly due to the increase in revenue from the wastewater segment by 26.50% and water segment by 1.42% aided by the revenue generated from the new projects.

Shareholders' equity (no minority interest) amounted to SAR 657.35 million, compared to SAR 465.89 million in the same period a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
Q3 2023	468.77	142.3 %	71.35	60.9 %	56.83	72.5 %
Q4 2023	502.41	85.7 %	72.52	35.6 %	53.40	47.6 %
2023	1,709.27	107.9 %	262.45	40.3 %	203.60	52.2 %
Q1 2024	458.16	42.5 %	78.83	38.9 %	59.07	29.4 %
Q2 2024	433.53	4.1 %	119.59	93.5 %	97.20	96.5 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2023	1,709.27	107.9 %	262.45	40.3 %	203.60	52.2 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
Q3 2023	42.02	49.4 %	1.20	-	42.02	1.20
Q4 2023	29.69	7.3 %	0.85	(12.03)	41.72	1.19
2023	140.02	30.3 %	4.00	(12.03)	152.05	4.34
Q1 2024	43.06	31.6 %	1.23	-	43.06	1.23
Q2 2024	76.89	116.0 %	2.20	-	76.89	2.20

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2023	140.02	30.3 %	4.00	(12.03)	152.05	4.34

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2023	16.48 %	15.61 %	9.34 %
Q4 2023	15.35 %	14.87 %	8.90 %
2023	15.35 %	14.77 %	8.90 %
Q1 2024	15.41 %	14.61 %	8.80 %
Q2 2024	18.37 %	17.17 %	10.93 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2023	15.35 %	14.77 %	8.90 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2023	15.22 %	14.13 %	8.96 %
Q4 2023	14.43 %	13.92 %	8.30 %
Q1 2024	17.21 %	15.82 %	9.40 %
Q2 2024	27.59 %	25.64 %	17.74 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2023	35.00	3.94	3.94	14.51
Q4 2023	35.00	4.00	4.34	15.36
Q1 2024	35.00	4.30	4.64	16.59
Q2 2024	35.00	5.48	5.82	18.79

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2023	35.00	4.00	4.34	15.36

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2023	25.75	25.75	7.00
Q4 2023	34.55	31.82	9.00
Q1 2024	36.23	33.55	9.38
Q2 2024	34.52	32.48	10.06

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	24.77	24.77	7.18
2022	32.42	32.42	8.76
2023	34.55	31.82	9.00

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
Q3 2023	319.63	68.15	80.99
Q4 2023	359.60	56.36	86.44
Q1 2024	328.93	57.95	71.28
Q2 2024	280.53	83.23	69.77

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
2023	1,135.06	255.77	318.44

Analysts Estimates (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change‬
Average	54.23	76.89	41.79 %

Estimates vs Actual (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change
AlJazira Capital	55.90	76.89	37.5 %
Hermes	55.00	76.89	39.8 %
YAQEEN	53.00	76.89	45.1 %
Al Rajhi Capital	53.00	76.89	45.1 %

Financial Ratios

	Current
Market Cap (M Riyal)	4,970.00
Enterprise Value (EV) (M)	5,311.07
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)	24.62
P/E (TTM)	26.18
Price/book	7.12
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 2024 net profit up 76% to SAR 119.9M; Q2 at SAR 76.9M

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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) 2024 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 2024 net profit up 76% to SAR 119.9M; Q2 at SAR 76.9M

View other reports

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 2024

Revenue by Business Segment (Latest) 2024 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)