Alkhorayef Water and Power Technologies Co. (AWPT) has been awarded a 15-year contract valued at SR2.2 billion ($580 million) by the National Water Company (NWC) to operate and maintain sewage plants in Heet and Al-Hayer, located in Riyadh, reports Arab News.
AWPT has disclosed that the financial impacts of this project will become evident in the second quarter of 2024, as stated in a Tadawul announcement.
As part of this agreement, AWPT will undertake the design, rehabilitation, testing, and ongoing maintenance of four sewage plants in Heet and Al-Hayer. These plants collectively have a treatment capacity of 780,000 cubic meters daily.
The rehabilitation of these plants will take place in two phases spanning 36 months, while operation and maintenance will commence from the beginning of the contract.
Earlier this month, AWPT reported a substantial increase in its net profit for the first nine months of this year, registering a 38 percent growth to SR110.3 million compared to the same period in 2022. Additionally, the company's profit for the third quarter also experienced significant growth, surging by 49 percent to SR42 million in comparison to the same quarter of the previous year.