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Rami Moussilli

SAUDI ARABIA - Energy & Mining

Rami Moussilli

CEO, Alkhorayef Water & Power Technologies Co (AWPT)


Rami Moussilli was appointed CEO of AWPT in 2014 and has been responsible for the continued growth of the company and its successful initial public offering on the Tadawul. He possesses over 23 years’ experience in leading major international companies and consortiums executing high-profile megaprojects in the US and Saudi Arabia, including airport expansions, infrastructure upgrade and rehabilitation programs, PPP projects, power generation projects, and privatized transportation and utility concession projects.

“Our transformation into a listed company develops our strategy for corporate governance and sets solid foundations for the company’s future objectives.”

Rami Moussilli, CEO of Alkhorayef Water & Power Technologies Co (AWPT), talks to TBY about the 2021 IPO, recent successes, and sustainability.

AWPT saw its IPO at the start of 2021. What has the experience of going public for AWPT been since then?

Rami Moussilli: The successful listing of AWPT in early 2021 is a culmination of the strong financial performance and the exponential growth the company enjoyed over the past five years and is demonstrated by the strong turnout from investors. Shares of AWPT rose by 30% on its debut on the Saudi Stock Exchange, the valuation of the company keep reaching new heights driven by the exceptional performance of the company in terms of expanding market share and achieving exception top-line and bottom-line growth. Our transformation into a listed company develops our strategy for corporate governance and sets solid foundations for the company’s future objectives of sustainable growth and extended foothold in the sector.

Saudi Arabia’s water utilities and water sector have come a long way in recent years. What is your assessment of the sector?

Rami Moussilli: Spending on water remains resilient and the sector is witnessing huge growth on all levels The Saudi national water strategy 2030 laid out a clear road map that includes a number of strategic programs, which mainly aims to provide water and wastewater services to more inhabitants and increase the reuse of treated sewage. This continues to drive billions of dollars in spending on infrastructure. With AWPT’s market leadership, and expertise across the value chain of water and wastewater, we are uniquely positioned to benefit from the ongoing developments in the utility sector of the Kingdom, to continue the journey of the of our tremendous growth driven by the national water strategy and vision 2030 mandates. AWPT is uniquely positioned to benefit from the ongoing developments in the utility sector of the Kingdom. This is reflected in the recent project additions for the company, which grew by three times and 2.1 times in the first half of FY2022 to SAR2.3 billion compared to year-end FY2020 and FY2021, respectively.

To what factors do you attribute the company’s growth in the past four years?

Rami Moussilli: Between 2018 and 1H2022, we combined the growth in topline at 60% with improvement in gross profit margin from 21% in 2018 to 25% in 1H2022, where the water segment recorded a margin of 29%, the wastewater segment recorded a margin of 21%, and the integrated water solutions recorded a margin of 23%. Our net income grew by 117% over the period, with net margin before tax at 16.2% at 1H2022. The growth and stellar performance are results of subject of deep matter expertise that were meticulously developed inhouse, company’s top caliber leadership and management, advanced systems including performance and cost control functions, which resulted in our lead in market share in the operation and maintenance, strong presence in project services and performing works across the full water and wastewater value chain. This provides the company with unmatched growth potential in the future.

Following the global trend on driving sustainability forward, what are you doing to achieve progress in this process?

Rami Moussilli: No matter at what sector of the economy is being considered, whether its industrial, urban development, tourism or others, water conservation and resiliency remains a critical issue to be addressed. On the downstream side of the water value chain, the treatment of municipal and industrial sewage, water runoff management, and pollution prevention which also constitutes critical environmental threats to be dealt with. Given AWPT’s role as the leading operator and project services provider in KSA with activities covering the full value chain of water and wastewater, the environmental role that the company plays are extremely critical and considered an extension of its core business. This makes AWPT an environmental company at its core. We are actively working to expand ESG initiatives within the company and targeting to issue comprehensive reporting and tracking by end of 2023 for full transparency of steps taken to continually improve our positive role in this regard.



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