Saudi Alkhorayef Water sees 9% drop in 2021 profits

RIYADH: Saudi Arabia’s Alkhorayef Water and Power Technologies Co. on Sunday reported a 9.3 percent drop in its 2021 profit.

Net profit reached SR103 million ($27.4 million), down from SR113 million a year earlier, according to a bourse filing.

Despite an increase in revenues by 9.2 percent to SR569 million during the same period, profits declined due to cost of revenue and “increase in projects on-hand.”

Although profits dropped, the firm’s board of directors approved SR1.5 per share as a dividend for the second half of 2021.