Group including Manila Water wins Saudi water project
A consortium, which includes Manila Water Company, has been awarded the contract to operate water and wastewater facilities in two provinces in Saudi Arabia.
In a disclosure to the Philippine Stock Exchange on Friday, Manila Water said the consortium has signed a seven-year management, operation and maintenance contract for Saudi Arabia’s North West cluster with the state-run National Water Company (NWC).
The consortium also includes France’s Saur Group and Saudi Arabia’s Miahona.
“The (contract) will comprise the management, operations and maintenance of the water and wastewater facilities of the North West Cluster (Madinah and Tabuk) over a 7-year contract period, which will entail
the implementation of enabling projects and deployment of key Personnel to manage the cluster and achieve the Key Performance Indicators target set by the NWC,” the company said.
Around 3.5 million residents live in the Tabuk and Madinah provinces in the north western part of Saudi Arabia.
Manila Water currently provides water services to the eastern side of Metro Manila, and key cities in the Philippines.
It has international ventures through operations in Vietnam, as well as associates in Thailand and Indonesia.
Manila Water’s group net income fell by 24% in the first nine months of 2020 to P3.19 billion, due to “lower contribution from domestic subsidiaries due to impact of COVID-19 pandemic, as well as one-off recognition of additional estimates for probable losses across the Group.”
Shares in Manila Water closed 0.13% up at P15.52 apiece on Friday. — Angelica Y. Yang