Alkhorayef Water net profit down 16% to SAR 48.7 mln in H1 2021

12/08/2021 Argaam Exclusive

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Alkhorayef Water and Power Technologies Co. (AWPT) reported a net profit after Zakat and tax of SAR 48.7 million for the first half of 2021, a 16% drop from SAR 57.7 million a year earlier. 

 

The profit drop was attributed to Zakat fees worth SAR 5.16 million for the current quarter for the first time. The Zakat declaration was previously issued on a consolidated basis at the parent company level. The parent company pledged to the Capital Market Authority (CMA) to pay any charges related to Zakat. Accordingly, no Zakat-related fees were charged for the previous periods.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 250.77 267.90 6.8 %
Gross Income 72.60 76.65 5.6 %
Operating Income 59.34 54.13 (8.8 %)
Net Income 57.67 48.65 (15.6 %)
Average Shares 35.00 35.00 -
EPS (Riyals) 1.65 1.39 (15.6 %)

In Q2 2021, net profit after Zakat and tax falls 17% year-on-year (YoY) to SAR 21.7 million, hurt by Zakat fees worth SAR 2.09 million for the current quarter for the first time.

 

When compared to the previous quarter, net profit after Zakat and tax dropped 19.4% from SAR 27 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 118.03 134.89 14.3 %
Gross Income 34.04 38.49 13.1 %
Operating Income 27.02 24.39 (9.7 %)
Net Income 26.17 21.71 (17.1 %)
Average Shares 35.00 35.00 -
EPS (Riyals) 0.75 0.62 (17.1 %)

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