Buy Or Sell Opportunity • Jun 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.0% to ر.س111. The fair value is estimated to be ر.س140, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 28%. Revenue is forecast to grow by 41% in 2 years. Earnings are forecast to grow by 36% in the next 2 years. Reported Earnings • May 18
First quarter 2026 earnings released: EPS: ر.س1.84 (vs ر.س1.66 in 1Q 2025) First quarter 2026 results: EPS: ر.س1.84 (up from ر.س1.66 in 1Q 2025). Revenue: ر.س512.9m (down 19% from 1Q 2025). Net income: ر.س64.5m (up 11% from 1Q 2025). Profit margin: 13% (up from 9.1% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Annonce • May 15
Alkhorayef Water and Power Technologies Company, Annual General Meeting, Jun 07, 2026 Alkhorayef Water and Power Technologies Company, Annual General Meeting, Jun 07, 2026, at 20:00 Arab Standard Time. Location: riyadh Saudi Arabia Buy Or Sell Opportunity • Apr 16
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 1.9% to ر.س121. The fair value is estimated to be ر.س99.80, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has grown by 31%. Revenue is forecast to grow by 27% in a year. Earnings are forecast to grow by 20% in the next year. Reported Earnings • Apr 08
Full year 2025 earnings: EPS in line with expectations, revenues disappoint Full year 2025 results: EPS: ر.س7.31 (up from ر.س6.57 in FY 2024). Revenue: ر.س2.47b (up 27% from FY 2024). Net income: ر.س255.7m (up 11% from FY 2024). Profit margin: 10% (down from 12% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.5%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Mar 31
Now 20% overvalued Over the last 90 days, the stock has fallen 11% to ر.س120. The fair value is estimated to be ر.س99.80, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Earnings per share has grown by 32%. Revenue is forecast to grow by 20% in a year. Earnings are forecast to grow by 14% in the next year. Upcoming Dividend • Dec 29
Upcoming dividend of ر.س1.75 per share Eligible shareholders must have bought the stock before 05 January 2026. Payment date: 22 January 2026. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Saudi dividend payers (6.0%). Lower than average of industry peers (3.9%). Annonce • Dec 23
Alkhorayef Water and Power Technologies Company announces Annual dividend, payable on January 22, 2026 Alkhorayef Water and Power Technologies Company announced Annual dividend of SAR 1.7500 per share payable on January 22, 2026, ex-date on January 05, 2026 and record date on January 06, 2026. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ر.س1.99 (vs ر.س1.15 in 3Q 2024) Third quarter 2025 results: EPS: ر.س1.99 (up from ر.س1.15 in 3Q 2024). Revenue: ر.س601.6m (up 34% from 3Q 2024). Net income: ر.س69.6m (up 73% from 3Q 2024). Profit margin: 12% (up from 8.9% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Oct 27
Now 22% undervalued Over the last 90 days, the stock has risen 15% to ر.س150. The fair value is estimated to be ر.س191, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Earnings per share has grown by 31%. For the next 3 years, revenue is forecast to grow by 7.8% per annum. Earnings are also forecast to grow by 19% per annum over the same time period. Price Target Changed • Sep 25
Price target decreased by 7.8% to ر.س153 Down from ر.س166, the current price target is an average from 2 analysts. New target price is 10% above last closing price of ر.س139. Stock is down 15% over the past year. The company is forecast to post earnings per share of ر.س6.53 for next year compared to ر.س6.57 last year. Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: ر.س1.76 (vs ر.س2.20 in 2Q 2024) Second quarter 2025 results: EPS: ر.س1.76 (down from ر.س2.20 in 2Q 2024). Revenue: ر.س646.0m (up 49% from 2Q 2024). Net income: ر.س61.7m (down 20% from 2Q 2024). Profit margin: 9.5% (down from 18% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 20
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: ر.س1.66 (up from ر.س1.23 in 1Q 2024). Revenue: ر.س636.4m (up 39% from 1Q 2024). Net income: ر.س58.2m (up 35% from 1Q 2024). Profit margin: 9.1% (down from 9.4% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.2%. Earnings per share (EPS) missed analyst estimates by 5.7%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Annonce • May 01
Alkhorayef Water and Power Technologies Company, Annual General Meeting, May 25, 2025 Alkhorayef Water and Power Technologies Company, Annual General Meeting, May 25, 2025, at 19:45 Arab Standard Time. Location: riyadh Saudi Arabia Reported Earnings • Mar 25
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ر.س6.57 (up from ر.س4.00 in FY 2023). Revenue: ر.س1.95b (up 14% from FY 2023). Net income: ر.س230.0m (up 64% from FY 2023). Profit margin: 12% (up from 8.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.5%. Earnings per share (EPS) also missed analyst estimates by 3.3%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 32% per year. Price Target Changed • Feb 26
Price target increased by 9.8% to ر.س162 Up from ر.س147, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of ر.س156. Stock is down 7.3% over the past year. The company is forecast to post earnings per share of ر.س6.80 for next year compared to ر.س4.00 last year. Reported Earnings • Nov 18
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: ر.س1.15 (down from ر.س1.20 in 3Q 2023). Revenue: ر.س450.8m (down 3.8% from 3Q 2023). Net income: ر.س40.2m (down 4.4% from 3Q 2023). Profit margin: 8.9% (down from 9.0% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 22%. Earnings per share (EPS) also missed analyst estimates by 56%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 28% per year. Buy Or Sell Opportunity • Nov 05
Now 23% overvalued Over the last 90 days, the stock has fallen 5.4% to ر.س166. The fair value is estimated to be ر.س135, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 48% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Buy Or Sell Opportunity • Oct 14
Now 22% overvalued Over the last 90 days, the stock has fallen 12% to ر.س164. The fair value is estimated to be ر.س135, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 48% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Major Estimate Revision • Oct 08
Consensus EPS estimates increase by 48% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from ر.س6.89 to ر.س10.20. Revenue forecast unchanged at ر.س2.32b. Net income forecast to grow 49% next year vs 26% growth forecast for Water Utilities industry in Saudi Arabia. Consensus price target of ر.س148 unchanged from last update. Share price fell 2.4% to ر.س157 over the past week. Buy Or Sell Opportunity • Sep 19
Now 20% overvalued Over the last 90 days, the stock has fallen 10% to ر.س162. The fair value is estimated to be ر.س135, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 48% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ر.س2.20 (vs ر.س1.02 in 2Q 2023) Second quarter 2024 results: EPS: ر.س2.20 (up from ر.س1.02 in 2Q 2023). Revenue: ر.س433.5m (up 4.1% from 2Q 2023). Net income: ر.س76.9m (up 116% from 2Q 2023). Profit margin: 18% (up from 8.5% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 24% per year. Buy Or Sell Opportunity • Jun 03
Now 21% overvalued Over the last 90 days, the stock has fallen 8.2% to ر.س169. The fair value is estimated to be ر.س139, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 48% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings are also forecast to grow by 28% per annum over the same time period. Annonce • May 30
Alkhorayef Water and Power Technologies Company announced that it expects to receive SAR 100 million in funding Alkhorayef Water and Power Technologies Company announced a private placement to issue common shares for the gross proceeds of SAR 100,000,000 on May 28, 2024. The company has increased capital from SAR 250,000,000 to SAR 350,000,000. Reported Earnings • May 25
First quarter 2024 earnings released: EPS: ر.س1.72 (vs ر.س1.31 in 1Q 2023) First quarter 2024 results: EPS: ر.س1.72 (up from ر.س1.31 in 1Q 2023). Revenue: ر.س458.2m (up 43% from 1Q 2023). Net income: ر.س43.1m (up 32% from 1Q 2023). Profit margin: 9.4% (in line with 1Q 2023). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • May 07
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 9.9% to ر.س241. The fair value is estimated to be ر.س195, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years. Earnings per share has grown by 8.3%. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings are also forecast to grow by 27% per annum over the same time period. Reported Earnings • Mar 28
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: ر.س5.60 (up from ر.س4.30 in FY 2022). Revenue: ر.س1.71b (up 108% from FY 2022). Net income: ر.س140.0m (up 30% from FY 2022). Profit margin: 8.2% (down from 13% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ر.س281, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 14x in the Water Utilities industry in Asia. Total returns to shareholders of 184% over the past three years. Major Estimate Revision • Nov 23
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ر.س7.14 to ر.س6.40. Revenue forecast unchanged from ر.س1.75b at last update. Net income forecast to grow 63% next year vs 12% growth forecast for Water Utilities industry in Saudi Arabia. Consensus price target of ر.س166 unchanged from last update. Share price was steady at ر.س156 over the past week. Price Target Changed • Nov 22
Price target increased by 8.2% to ر.س166 Up from ر.س154, the current price target is an average from 2 analysts. New target price is 6.6% above last closing price of ر.س156. Stock is up 11% over the past year. The company is forecast to post earnings per share of ر.س7.14 for next year compared to ر.س4.30 last year. Reported Earnings • Nov 09
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: ر.س1.68 (up from ر.س1.13 in 3Q 2022). Revenue: ر.س468.8m (up 142% from 3Q 2022). Net income: ر.س42.0m (up 49% from 3Q 2022). Profit margin: 9.0% (down from 14% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 7.0%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Water Utilities industry in Asia. Price Target Changed • Aug 31
Price target increased by 7.7% to ر.س163 Up from ر.س152, the current price target is provided by 1 analyst. New target price is 8.6% above last closing price of ر.س150. Stock is up 20% over the past year. The company is forecast to post earnings per share of ر.س5.05 for next year compared to ر.س4.30 last year. New Risk • Aug 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 10% Last year net profit margin: 16% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (23% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (10% net profit margin). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ر.س1.42 (vs ر.س1.05 in 2Q 2022) Second quarter 2023 results: EPS: ر.س1.42 (up from ر.س1.05 in 2Q 2022). Revenue: ر.س416.5m (up 126% from 2Q 2022). Net income: ر.س35.6m (up 35% from 2Q 2022). Profit margin: 8.5% (down from 14% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Water Utilities industry in Asia. New Risk • Jun 10
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 37% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (1.8% operating cash flow to total debt). High level of non-cash earnings (37% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Annonce • Feb 16
Alkhorayef Water and Power Technologies Company Announces Executive Changes Alkhorayef Water and Power Technologies Company announced the resignation of Eng. Mohammed bin Abdullah Ibrahim AlKhorayef from the position of Chairman of the Company’s Board of Directors (non-executive) and from the membership of the Board of Directors of the company, due to his special circumstances. He submitted his resignation on February 12, 2023 provided that the acceptance of the resignation shall be effective from the date of February 13, 2023, and the Company’s board of directors approved his resignation on the date of February 13, 2023, provided that it is effective from that date. The Company’s Board of Directors decided on February 13, 2023 to appoint Eng. Abdulaziz Abdulrahman Abdullah AlKhorayef (Chairman) to the Board of Directors of the company (non-executive), and to appoint Eng. Fahd bin Muhammad bin Abdulaziz AlKhorayef (Vice-Chairman) as of that date. The Company’s Board of Directors also decided on February 13, 2023 to appoint Dr. Othman bin Yahya bin Ibrahim Al-Najdi as a member of the Company’s Board of Directors (non-executive) from February 13, 2023 until the end of the current Board’s term, noting that the approval of the Board of Directors is not considered final, and this appointment will be presented to the first meeting of the General Assembly for approval. Dr. Othman bin Yahya Al Najdi holds a Bachelor's degree in Mechanical Engineering Department of Aeronautical Engineering and a Master's degree in Thermal Engineering and Mechanical Powers from King Abdulaziz University in Jeddah. He holds a PhD in Sustainable Energy Engineering from the University of Nottingham United Kingdom and holds many academic and professional qualifications. He has more scientific and practical experience, and currently occupies the position of (General Manager of Sustainable Energy and Water Technologies at AlKhorayef Group). Price Target Changed • Nov 16
Price target increased to ر.س143 Up from ر.س92.50, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ر.س137. Stock is up 39% over the past year. The company is forecast to post earnings per share of ر.س4.72 for next year compared to ر.س4.13 last year. Reported Earnings • Nov 08
Third quarter 2022 earnings released: EPS: ر.س0.89 (vs ر.س0.89 in 3Q 2021) Third quarter 2022 results: EPS: ر.س0.89. Revenue: ر.س193.5m (up 40% from 3Q 2021). Net income: ر.س28.1m (up 26% from 3Q 2021). Profit margin: 14% (down from 16% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Water Utilities industry in Asia. Annonce • Nov 03
Alkhorayef Water & Power Technologies Announces the Distribution of Cash Dividend for First Half of 2022, Payable on November 29, 2022 Alkhorayef Water & Power Technologies announced its board of directors' decision to distribute cash dividends of SAR 37,500,000 or SAR 1.50 Per Share to shareholders for the first half of the 2021 fiscal year ended on June 30, 2022. The dividend will be payable on November 29, 2022 with Eligibility date November 8, 2022. The eligibility of dividend shall be for the shareholders at the close of trading on 08/11/2022, who are registered in the register of The Securities Depository Center Company at the end of the second trading day following the eligibility date. Reported Earnings • Aug 20
Second quarter 2022 earnings released: EPS: ر.س1.05 (vs ر.س0.87 in 2Q 2021) Second quarter 2022 results: EPS: ر.س1.05 (up from ر.س0.87 in 2Q 2021). Revenue: ر.س184.4m (up 37% from 2Q 2021). Net income: ر.س26.3m (up 21% from 2Q 2021). Profit margin: 14% (down from 16% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 82%, compared to a 10% growth forecast for the Water Utilities industry in Saudi Arabia. Reported Earnings • May 26
First quarter 2022 earnings released: EPS: ر.س1.01 (vs ر.س1.08 in 1Q 2021) First quarter 2022 results: EPS: ر.س1.01 (down from ر.س1.08 in 1Q 2021). Revenue: ر.س173.5m (up 31% from 1Q 2021). Net income: ر.س25.3m (down 6.1% from 1Q 2021). Profit margin: 15% (down from 20% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 76%, compared to a 8.4% growth forecast for the industry in Saudi Arabia. Price Target Changed • Apr 27
Price target increased to ر.س122 Up from ر.س92.50, the current price target is provided by 1 analyst. New target price is 9.9% above last closing price of ر.س111. Stock is down 2.8% over the past year. The company is forecast to post earnings per share of ر.س5.32 for next year compared to ر.س4.13 last year. Reported Earnings • Mar 29
Full year 2021 earnings released: EPS: ر.س0.004 (vs ر.س4.56 in FY 2020) Full year 2021 results: EPS: ر.س0.004 (down from ر.س4.56 in FY 2020). Revenue: ر.س569.0k (down 100% from FY 2020). Net income: ر.س103.3k (down 100% from FY 2020). Profit margin: 18% (down from 22% in FY 2020). The decrease in margin was driven by lower revenue. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS ر.س0.89 (vs ر.س0.99 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ر.س137.9m (up 6.5% from 3Q 2020). Net income: ر.س22.3m (down 9.5% from 3Q 2020). Profit margin: 16% (down from 19% in 3Q 2020). The decrease in margin was driven by higher expenses. Reported Earnings • Aug 21
Second quarter 2021 earnings released: EPS ر.س0.87 (vs ر.س1.05 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ر.س134.9m (up 14% from 2Q 2020). Net income: ر.س21.7m (down 17% from 2Q 2020). Profit margin: 16% (down from 22% in 2Q 2020). The decrease in margin was driven by higher expenses. Reported Earnings • May 28
First quarter 2021 earnings released The company reported a poor first quarter result with weaker earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: ر.س133.0m (flat on 1Q 2020). Net income: ر.س26.9m (down 14% from 1Q 2020). Profit margin: 20% (down from 24% in 1Q 2020). 
