VA Tech Wabag secures Rs 360-crore STP project in Saudi Arabia; net profit jumps in June quarter
India Water Review, September 16, 2020
India’s leading water technology company VA Tech Wabag has secured a Rs 360-crore ($448 million) order to execute the 300 million litre per day Jeddah Airport 2 independent sewage treatment plant (ISTP) project at Jeddah, Saudi Arabia.
This is a repeat order for the Chennai-based company WABAG in Saudi Arabia and was secured through Saudi Services for Electro Mechanical Works Company (SSEM).
The plant will be built by VA Tech Wabag with the NEREDA technology for the first time in the region, a sustainable and cost-effective wastewater treatment technology that purifies water using the unique features of aerobic granular biomass.
The plant will be designed to treat 300 MLD and will be expandable to 500 MLD of wastewater treatment.
The company said it would be responsible for process design, engineering, procurement of process equipment including process control instruments, supervision, commissioning and demonstration of process guarantees.
“We are extremely delighted to be part of the Kingdom’s Vision 2030 that encourages private sector participation in achieving its economic development goals. In partnership with SSEM, we are happy to develop this sustainable wastewater infrastructure with the latest technology to be deployed for the first time in the region. This project will further expand our growing footprint in the Middle East region”, said VA Tech Wabag CEO (Middle East and Africa Cluster) Deep Raj Saxena.
Meanwhile, the company has reported a drop in total income for the first quarter ended June 2020 on both consolidated and standalone basis.
While consolidated net revenue during June 2020 quarter stood at Rs 430.87 crore, a 5.62 per cent drop from Rs 456.53 crore during June 2019 quarter, net profit rose to Rs 3.54 crore as against net loss of Rs 0.50 crore in June 2019 quarter.
On standalone basis, the company saw total income drop down to Rs 281.66 crore for the June 2020 quarter as against Rs 323.98 crore recorded during June quarter of previous year while net profit was Rs 4.08 crore as against Rs 19.90 crore in the corresponding quarter of previous year.
