RIYADH: Water projects based in the suburbs of Hafar Al-Batin will receive a notable operation and maintenance contract valued at SR28.97 billion ($7.73 billion). This comes as Saudi Arabia’s Alkhorayef Water and Power Technologies Co. announced signing a contract with the National Water Co., according to a bourse filing. Under the contract, AWPT will be responsible for operating and maintaining the water projects in the suburbs of Hafar Al-Batin for 36 months. According to a statement released on the Saudi Stock Exchange, Tadawul, the financial impact of the agreement is expected to become apparent from the second quarter of 2023 onwards. In April, AWPT secured a substantial operation and maintenance contract worth SR1.62 billion from NWC. The goal of the 15-year agreement is to operate and maintain three sewage treatment centers in Riyadh, including plants in Manfouha Northern, Manfouha Eastern, and Al-Manfouha. Under the contract terms, AWPT will modernize the facilities’ design and test and commission the three plants. According to the statement, rehabilitation work is expected to be finalized in two phases within 36 months. Moreover, in 2022, the company reported a net profit of SR107.4 million, up 4 percent from SR103 million in 2021. Its revenues rose 44.46 percent to SR822 million in 2022 from SR569 million in 2021 due to higher earnings in the integrated water solutions, water and wastewater segments generated from new projects. Founded in 1991, AWPT has emerged as a prominent business in the Saudi market. The firm is responsible for designing, constructing, operating, maintaining, and managing various projects, such as domestic and industrial wastewater plants, treatment centers, and desalination factories. Strategic tanks, pump stations, electro-mechanical works, and well projects also fall under the scope of projects that AWPT manages. Some of the firm’s clients include the Ministry of Water and Electricity, the Saudi Authority for Industrial Cities and Technology Zones, Saudi Arabia’s Basic Industries Corp., and Aramco.