Riyadh – Alkhorayef Water and Power Technologies Company was awarded two contracts from the National Water Company (NWC) at a combined value of SAR 288.96 million.

The first project covers the operation and maintenance works of the water sector in Jeddah for 60 months at a value of SAR 228.16 million, according to a bourse filing.

The awarding and signing dates of the agreement are 19 June 2022 and 17 November, respectively.

Alkhorayef Water pointed out that the project started reflecting on its income statements in the third quarter (Q3) of 2022.

Upon the second contract, the Tadawul-listed firm will handle the operation and maintenance services for phase one and phase two Sewage Treatment Plant in Medina with NWC.

The 36-month agreement is valued at SAR 60.80 million. Meanwhile, the deal is expected to reflect positively on Alkhorayef Water’s financial results during Q1-23.

Alkhorayef Water will disclose any further developments regarding the project in due time.

Earlier, the two companies teamed up together for a project worth SAR 55.93 million in Jazan.

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