Alkhorayef Wins Big With Riyadh Sewage Upgrade Deal

AWPT Secures SR33.5 Million Contract

The 15-year deal includes modernising the plants' designs and testing and commissioning them. AWPT expects to complete the rehabilitation work in two phases within 36 months of the contract's start, with a total design capacity of 700,000 cubic metres per day. The company's financials will reflect the deal's proceeds in Q4 2023. Additionally, AWPT received a contract worth SR33.5 million from NWC to operate and maintain water networks, treatment plants, and wells in Hafar Al-Batin and Al-Qaisumah.

AWPT's net profit rose by 4 percent to SR107.4 million in 2022 from SR103 million in 2021, with revenues increasing by 44.46 percent to SR822 million in 2022 from SR569 million in 2021. However, the company's total income was impacted by higher costs of Murabaha financing contracts due to interest rate hikes and resulting project cost increases.

The contract with the National Water Co. is a significant milestone for AWPT, as it reinforces the company's position as a leading provider of water and power technologies in Saudi Arabia. The modernization and rehabilitation of the sewage treatment plants will enhance the country's wastewater treatment infrastructure, contributing to the government's efforts to achieve sustainable development goals. The contract's long-term duration will provide AWPT with a stable revenue stream, supporting the company's growth and expansion plans.

AWPT's expertise in water and power technologies has enabled it to secure contracts from various government and private organisations in Saudi Arabia. The company's commitment to innovation, quality, and customer satisfaction has earned it a reputation as a reliable and trusted partner for water and power solutions. With the growing demand for sustainable water and power solutions in the region, AWPT is well-positioned to capitalise on the opportunities and continue its growth trajectory.