Alkhorayef Water gets 9 agreements worth SAR 316.6 mln from National Water to install new connections

Logo of Alkhorayef Water and Power Technologies Co.

Alkhorayef Water and Power Technologies Co. received nine blanket purchase agreements from National Water Co. (NWC) for installation of new water and wastewater connections in nine regions and sectors across the Kingdom at a total value of SAR 316.61 million.

The new agreements have a duration of 36 months, during which revenue related to the blanket purchase agreements for works performed will depend on the actual demand for new water and wastewater connections by the end-user and on the work allocations by the client, the company said in a bourse statement.

The regions included under the agreements are Riyadh Region Riyadh City Sector, Riyadh Region South Sector, Riyadh Region North Sector, Al Madinah Region, Makkah Region Jeddah Sector, Eastern Region Central Sector, Al Qassim Region, Hail Region and Tabuk Region.

The blanket purchase agreements from NWC on July 7 and disclosure announced upon attending the meeting called by client on July 13 to explain execution and award of works mechanism.

Financial impact as a result of the blanket purchase orders is expected to be reflected on Q3 2021, the listed firm said, indicating that it will announce any future developments after receiving the final version of the agreement’s contracts signed by all concerned parties.