Alkhorayef Water and Power Technologies Co. (AWPT) reported a net profit after Zakat and tax of SAR 25.3 million for the first quarter of 2022, a 6% decline from SAR 26.9 million a year earlier.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 133.02 | 173.53 | 30.5 % |
| Gross Income | 38.16 | 43.56 | 14.2 % |
| Operating Income | 29.73 | 30.03 | 1.0 % |
| Net Income | 26.94 | 25.31 | (6.1 %) |
| Average Shares | 25.00 | 25.00 | - |
| EPS (Riyals) | 1.08 | 1.01 | (6.1 %) |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 163.20 | 173.53 | 6.3 % |
| Gross Income | 39.48 | 43.56 | 10.3 % |
| Operating Income | 33.16 | 30.03 | (9.5 %) |
| Net Income | 32.34 | 25.31 | (21.7 %) |
| Average Shares | 25.00 | 25.00 | - |
| EPS (Riyals) | 1.29 | 1.01 | (21.7 %) |
The profit drop was attributed higher general and administrative expenses and increase in Zakat provision. The company also cited the increase in revenue by SAR 40.5 million which commensurate with the growth in the cost of revenue and increase in gross profit by SAR 5.4 million, due to rise in the number of projects.
When compared to the previous quarter, net profit after Zakat and tax dropped 21.7% from SAR 32.34 million.
Total shareholders’ equity, after minority interest, reached SAR 344.315 million in Q1 2022, a rise of 7.27% compared to SAR 320.970 million in Q1 2021.
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