Alkhorayef Water and Power Technologies Co. announces its Annual Financial results for the period ending on 31-12-2023
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 1,709,270 | 822,033 | 107.93 | ||
| Gross Profit (Loss) | 262,453 | 187,116 | 40.26 | ||
| Operational Profit (Loss) | 199,760 | 138,348 | 44.39 | ||
| Net profit (Loss) | 140,022 | 107,441 | 30.32 | ||
| Total Comprehensive Income | 140,009 | 116,075 | 20.62 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 537,591 | 397,581 | 35.22 | ||
| Profit (Loss) per Share | 5.6 | 4.3 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The reason for the increase in revenue for the current year 2023 to 1.7 billion riyals corresponding to an increase of 107.93% compared to the last year, and that is due to the increased revenue in Water sector by 220.9%, Wastewater sector by 32.6%, and Integrated Water Solutions sector by 15.6% due to the revenue generated from the new projects. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Increase in net profit during the current year 2023 by 30.3% compared to the last year mainly driven due to the following:
Revenues: Revenues increased during the current year to 1.7 billion riyals equivalent to an increase of 107.9% compared to the last year and that is due to the increased revenue in Water sector by 220.9%, Wastewater sector by 32.6%, and Integrated Water Solutions sector by 15.6% due to the revenue generated from the new projects.
Operating profits: Operating profit increased during the current year to 199.8 million riyals, equivalent to an increase of 44.4% compared to the last year 138.3 million riyals, is driven by the new projects that the company has been awarded, Despite the increase in pricing of asphalt and diesel products and taking provisions in the amount of 17.6 million in the Q4-2023 related to penalties, credit expected loss, onerous project provision, and employees’ defined benefit liabilities.
Net profit increased despite of the increase in Murabaha financing contracts cost from 19.2 million Riyals to 39.6 million Riyals equivalent to 106.11% due to the increase in interest rates and financing new projects. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | N/A |
| Reclassification of Comparison Items | Some of the comparison numbers have been reclassified to be consistent with the present way of presentation. |
| Additional Information | - |
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