SISCO’s 9M net profit slumps 25% on lower revenue

01/11/2017 Argaam Exclusive

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Share Price

Sustained Infrastructure Holding Co. (SISCO HOLDING)

Saudi Industrial Services Co. (SISCO) reported a net profit of SAR 51.9 million in the first nine months of 2017, down 24.7 percent year-on-year (YoY) due to lower revenue in all three operating segments.

Financials (M)

Item	9m 2016	9m 2017	Change‬
Revenues	517.95	444.60	(14.2 %)
Gross Income	230.06	176.50	(23.3 %)
Operating Income	125.29	79.76	(36.3 %)
Net Income	68.92	51.90	(24.7 %)
Average Shares	81.60	81.60	-
EPS (Riyals)	0.84	0.64	(24.7 %)

Net profit for the third quarter fell 63.7 percent YoY to SAR 5.7 million on lower revenue from the ports and water segments, as sales volumes have been lower than last year due to consolidation among shipping lines. The company also cited an increase in the provision of slow-moving inventory and accounts receivables, which resulted in lower operating profit.

Q3 net profit dropped 76 percent compared to the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2016	Q3 2017	Change‬
Revenues	163.81	123.35	(24.7 %)
Gross Income	67.57	39.42	(41.7 %)
Operating Income	32.79	10.12	(69.1 %)
Net Income	15.67	5.68	(63.8 %)
Average Shares	81.60	81.60	-
EPS (Riyals)	0.19	0.07	(63.8 %)

Item	Q2 2017	Q3 2017	Change‬
Revenues	149.29	123.35	(17.4 %)
Gross Income	61.88	39.42	(36.3 %)
Operating Income	30.98	10.12	(67.3 %)
Net Income	24.10	5.68	(76.4 %)
Average Shares	81.60	81.60	-
EPS (Riyals)	0.30	0.07	(76.4 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	31.49	40.0 %	13.12	63.7 %	(0.26)	(124.0 %)	0.00
Q2 2008	34.04	26.3 %	15.35	33.5 %	0.90	(67.0 %)	0.01
Q3 2008	34.65	17.0 %	15.34	20.3 %	1.04	(57.2 %)	0.01
Q4 2008	35.07	22.0 %	16.37	50.3 %	(25.88)	(124.5 %)	(0.32)
2008	135.24	25.4 %	60.19	39.5 %	(24.21)	(355.5 %)	(0.30)
Q1 2009	35.07	11.4 %	16.45	25.4 %	0.70	369.4 %	0.01
Q2 2009	37.19	9.3 %	17.62	14.8 %	(1.99)	(322.3 %)	(0.02)
Q3 2009	36.15	4.3 %	16.96	10.5 %	0.77	(25.3 %)	0.01
Q4 2009	30.48	(13.1 %)	13.89	(15.2 %)	1.77	106.8 %	0.02
2009	138.89	2.7 %	64.93	7.9 %	1.25	105.2 %	0.02
Q1 2010	55.16	57.3 %	20.58	25.1 %	2.10	201.7 %	0.03
Q2 2010	67.11	80.5 %	28.08	59.3 %	2.21	211.1 %	0.03
Q3 2010	77.23	113.6 %	31.46	85.5 %	0.23	(70.0 %)	0.00
Q4 2010	82.34	170.1 %	28.37	104.2 %	(2.42)	(236.4 %)	(0.03)
2010	281.84	102.9 %	108.50	67.1 %	2.13	70.6 %	0.03
Q1 2011	79.19	43.6 %	31.46	52.8 %	(0.78)	(137.4 %)	(0.01)
Q2 2011	96.20	43.3 %	39.31	40.0 %	5.35	141.5 %	0.07
Q3 2011	110.78	43.4 %	52.49	66.8 %	7.00	2915.1 %	0.09
Q4 2011	112.09	36.1 %	40.08	41.3 %	(0.51)	78.7 %	(0.01)
2011	398.25	41.3 %	163.34	50.5 %	11.04	419.0 %	0.14
Q1 2012	107.73	36.0 %	47.39	50.6 %	6.49	927.4 %	0.08
Q2 2012	121.48	26.3 %	51.84	31.9 %	10.97	105.1 %	0.13
Q3 2012	122.98	11.0 %	54.91	4.6 %	11.92	70.4 %	0.15
Q4 2012	121.25	8.2 %	61.64	53.8 %	8.86	1823.0 %	0.11
2012	473.44	18.9 %	215.78	32.1 %	38.23	246.2 %	0.47
Q1 2013	123.55	14.7 %	61.47	29.7 %	13.44	107.2 %	0.16
Q2 2013	142.55	17.3 %	76.21	47.0 %	19.59	78.7 %	0.24
Q3 2013	128.33	4.3 %	62.64	14.1 %	11.25	(5.7 %)	0.14
Q4 2013	125.60	3.6 %	59.30	(3.8 %)	11.76	32.8 %	0.14
2013	520.02	9.8 %	259.62	20.3 %	56.04	46.6 %	0.69
Q1 2014	121.44	(1.7 %)	56.32	(8.4 %)	12.37	(8.0 %)	0.15
Q2 2014	143.10	0.4 %	71.87	(5.7 %)	21.72	10.8 %	0.27
Q3 2014	161.91	26.2 %	86.42	38.0 %	25.53	127.0 %	0.31
Q4 2014	147.29	17.3 %	73.75	24.4 %	18.46	57.0 %	0.23
2014	561.00	7.9 %	283.62	9.2 %	78.08	39.3 %	0.96
Q1 2015	146.31	20.5 %	74.16	31.7 %	18.47	49.3 %	0.23
Q2 2015	164.46	14.9 %	82.57	14.9 %	25.22	16.1 %	0.31
Q3 2015	153.25	(5.3 %)	71.23	(17.6 %)	24.79	(2.9 %)	0.30
Q4 2015	152.07	3.2 %	78.61	6.6 %	22.03	19.3 %	0.27
2015	616.08	9.8 %	295.81	4.3 %	90.51	15.9 %	1.11
Q1 2016	171.64	17.3 %	76.93	3.7 %	24.21	31.1 %	0.30
Q2 2016	182.51	11.0 %	85.56	3.6 %	29.04	15.1 %	0.36
Q3 2016	163.81	6.9 %	67.57	(5.1 %)	15.67	(36.8 %)	0.19
Q4 2016	172.82	13.6 %	62.65	(20.3 %)	21.34	(3.1 %)	0.26
2016	690.77	12.1 %	292.71	(1.0 %)	90.26	(0.3 %)	1.11
Q1 2017	171.96	0.2 %	75.20	(2.3 %)	22.13	(8.6 %)	0.27
Q2 2017	149.29	(18.2 %)	61.88	(27.7 %)	24.10	(17.0 %)	0.30
Q3 2017	123.35	(24.7 %)	39.42	(41.7 %)	5.68	(63.8 %)	0.07

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	107.81	45.5 %	43.16	75.6 %	(5.31)	(204.3 %)	(0.09)
2008	135.24	25.4 %	60.19	39.5 %	(24.21)	(355.5 %)	(0.30)
2009	138.89	2.7 %	64.93	7.9 %	1.25	105.2 %	0.02
2010	281.84	102.9 %	108.50	67.1 %	2.13	70.6 %	0.03
2011	398.25	41.3 %	163.34	50.5 %	11.04	419.0 %	0.14
2012	473.44	18.9 %	215.78	32.1 %	38.23	246.2 %	0.47
2013	520.02	9.8 %	259.62	20.3 %	56.04	46.6 %	0.69
2014	561.00	7.9 %	283.62	9.2 %	78.08	39.3 %	0.96
2015	616.08	9.8 %	295.81	4.3 %	90.51	15.9 %	1.11
2016	690.77	12.1 %	292.71	(1.0 %)	90.26	(0.3 %)	1.11

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	41.33 %	33.19 %	(7.58 %)
Q2 2008	42.08 %	30.05 %	(8.62 %)
Q3 2008	42.44 %	24.71 %	(9.36 %)
Q4 2008	44.51 %	25.43 %	(17.90 %)
2008	44.51 %	25.43 %	(17.90 %)
Q1 2009	45.76 %	25.53 %	(16.75 %)
Q2 2009	46.34 %	21.50 %	(18.41 %)
Q3 2009	46.98 %	23.08 %	(18.40 %)
Q4 2009	46.74 %	24.33 %	0.90 %
2009	46.74 %	24.33 %	0.90 %
Q1 2010	43.44 %	28.07 %	1.67 %
Q2 2010	42.09 %	33.58 %	3.63 %
Q3 2010	40.88 %	37.29 %	2.74 %
Q4 2010	38.50 %	38.46 %	0.76 %
2010	38.50 %	38.46 %	0.76 %
Q1 2011	39.03 %	39.26 %	(0.25 %)
Q2 2011	38.99 %	40.90 %	0.71 %
Q3 2011	41.15 %	42.44 %	2.48 %
Q4 2011	41.01 %	39.13 %	2.77 %
2011	41.01 %	39.13 %	2.77 %
Q1 2012	42.00 %	38.90 %	1.95 %
Q2 2012	42.43 %	39.65 %	3.08 %
Q3 2012	41.83 %	40.81 %	4.06 %
Q4 2012	45.58 %	45.44 %	6.00 %
2012	45.58 %	45.44 %	6.00 %
Q1 2013	46.98 %	47.60 %	9.28 %
Q2 2013	49.82 %	48.95 %	10.63 %
Q3 2013	50.80 %	47.87 %	10.41 %
Q4 2013	49.93 %	47.92 %	11.06 %
2013	49.93 %	47.92 %	11.06 %
Q1 2014	49.13 %	46.89 %	9.78 %
Q2 2014	48.24 %	46.63 %	10.14 %
Q3 2014	49.62 %	47.59 %	12.09 %
Q4 2014	50.26 %	46.83 %	12.61 %
2014	50.56 %	47.92 %	12.89 %
Q1 2015	51.15 %	46.51 %	14.06 %
Q2 2015	51.12 %	46.37 %	14.14 %
Q3 2015	49.36 %	45.78 %	14.22 %
Q4 2015	49.76 %	46.55 %	14.69 %
2015	48.01 %	46.55 %	14.69 %
Q1 2016	48.23 %	46.11 %	14.62 %
Q2 2016	47.36 %	45.41 %	14.79 %
Q3 2016	46.07 %	43.57 %	13.20 %
Q4 2016	42.37 %	41.45 %	11.71 %
2016	42.37 %	41.45 %	11.71 %
Q1 2017	42.10 %	41.23 %	11.76 %
Q2 2017	40.63 %	40.77 %	9.90 %
Q3 2017	38.73 %	40.08 %	8.93 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	40.04 %	33.95 %	(6.98 %)
2008	44.51 %	25.43 %	(17.90 %)
2009	46.74 %	24.33 %	0.90 %
2010	38.50 %	38.46 %	0.76 %
2011	41.01 %	39.13 %	2.77 %
2012	45.58 %	45.44 %	6.00 %
2013	49.93 %	47.92 %	11.06 %
2014	50.56 %	47.92 %	12.89 %
2015	48.01 %	46.55 %	14.69 %
2016	42.37 %	41.45 %	11.71 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	41.67 %	28.28 %	(0.82 %)
Q2 2008	45.10 %	28.16 %	2.63 %
Q3 2008	44.29 %	20.45 %	2.99 %
Q4 2008	46.69 %	25.14 %	(73.80 %)
Q1 2009	46.91 %	28.39 %	1.98 %
Q2 2009	47.39 %	12.55 %	(5.36 %)
Q3 2009	46.91 %	26.78 %	2.14 %
Q4 2009	45.57 %	31.13 %	5.81 %
Q1 2010	37.32 %	37.70 %	3.80 %
Q2 2010	41.85 %	34.96 %	3.30 %
Q3 2010	40.74 %	41.45 %	0.30 %
Q4 2010	34.45 %	39.03 %	(2.93 %)
Q1 2011	39.72 %	41.01 %	(0.99 %)
Q2 2011	40.86 %	41.98 %	5.56 %
Q3 2011	47.38 %	46.39 %	6.31 %
Q4 2011	35.76 %	28.17 %	(0.46 %)
Q1 2012	43.99 %	39.61 %	(3.26 %)
Q2 2012	42.68 %	44.15 %	9.03 %
Q3 2012	44.65 %	50.09 %	9.69 %
Q4 2012	50.84 %	47.19 %	7.45 %
Q1 2013	49.75 %	48.94 %	10.92 %
Q2 2013	53.46 %	49.50 %	13.88 %
Q3 2013	48.81 %	45.68 %	8.86 %
Q4 2013	47.22 %	47.41 %	10.25 %
Q1 2014	46.37 %	44.59 %	5.46 %
Q2 2014	50.23 %	48.52 %	15.18 %
Q3 2014	53.38 %	49.15 %	15.77 %
Q4 2014	50.07 %	44.46 %	12.53 %
Q1 2015	50.69 %	43.68 %	12.62 %
Q2 2015	50.21 %	47.73 %	15.34 %
Q3 2015	46.48 %	46.95 %	16.18 %
Q4 2015	51.69 %	47.62 %	14.48 %
Q1 2016	44.82 %	42.48 %	12.65 %
Q2 2016	46.88 %	45.04 %	15.91 %
Q3 2016	41.25 %	39.33 %	9.57 %
Q4 2016	36.25 %	38.63 %	8.36 %
Q1 2017	43.73 %	41.61 %	12.87 %
Q2 2017	41.45 %	43.87 %	8.65 %
Q3 2017	31.96 %	35.42 %	4.60 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	61.11	(0.11)	(0.14)	6.89
Q2 2008	61.11	(0.14)	(0.17)	6.95
Q3 2008	81.60	(0.12)	(0.15)	9.00
Q4 2008	81.60	(0.30)	(0.30)	8.84
Q1 2009	81.60	(0.28)	(0.28)	8.85
Q2 2009	81.60	(0.32)	(0.32)	8.87
Q3 2009	81.60	(0.32)	(0.32)	8.92
Q4 2009	81.60	0.02	0.02	8.94
Q1 2010	81.60	0.03	0.03	9.02
Q2 2010	81.60	0.08	0.08	9.02
Q3 2010	81.60	0.08	0.08	9.04
Q4 2010	81.60	0.03	0.03	8.89
Q1 2011	81.60	(0.01)	(0.01)	8.88
Q2 2011	81.60	0.03	0.03	8.94
Q3 2011	81.60	0.11	0.11	9.03
Q4 2011	81.60	0.14	0.14	9.02
Q1 2012	81.60	0.22	0.10	9.06
Q2 2012	81.60	0.29	0.17	9.14
Q3 2012	81.60	0.35	0.23	9.21
Q4 2012	81.60	0.47	0.35	9.39
Q1 2013	81.60	0.55	0.56	9.51
Q2 2013	81.60	0.66	0.66	9.83
Q3 2013	81.60	0.65	0.66	9.93
Q4 2013	81.60	0.69	0.70	10.13
Q1 2014	81.60	0.67	0.62	10.25
Q2 2014	81.60	0.70	0.64	10.53
Q3 2014	81.60	0.87	0.82	10.94
Q4 2014	81.60	0.96	0.89	11.19
Q1 2015	81.60	1.03	1.03	11.37
Q2 2015	81.60	1.07	1.07	11.28
Q3 2015	81.60	1.07	1.07	11.58
Q4 2015	81.60	1.11	1.11	11.91
Q1 2016	81.60	1.18	1.15	12.07
Q2 2016	81.60	1.23	1.20	11.98
Q3 2016	81.60	1.11	1.08	12.17
Q4 2016	81.60	1.11	0.99	12.36
Q1 2017	81.60	1.08	1.00	12.68
Q2 2017	81.60	1.02	0.80	12.99
Q3 2017	81.60	0.90	0.68	13.07

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	61.11	(0.09)	(0.12)	6.97
2008	81.60	(0.30)	(0.30)	8.84
2009	81.60	0.02	0.02	8.94
2010	81.60	0.03	0.03	8.89
2011	81.60	0.14	0.14	9.02
2012	81.60	0.47	0.35	9.39
2013	81.60	0.69	0.70	10.13
2014	81.60	0.96	0.89	11.19
2015	81.60	1.11	1.11	11.91
2016	81.60	1.11	0.99	12.36

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	NEG	NEG	3.00
Q2 2008	NEG	NEG	3.32
Q3 2008	NEG	NEG	1.23
Q4 2008	NEG	NEG	0.89
Q1 2009	NEG	NEG	0.88
Q2 2009	NEG	NEG	1.20
Q3 2009	NEG	NEG	1.50
Q4 2009	More than 100	More than 100	1.38
Q1 2010	More than 100	More than 100	1.47
Q2 2010	More than 100	More than 100	1.15
Q3 2010	More than 100	More than 100	1.52
Q4 2010	More than 100	More than 100	1.41
Q1 2011	NEG	NEG	1.23
Q2 2011	More than 100	More than 100	1.36
Q3 2011	89.96	89.96	1.12
Q4 2011	81.57	81.57	1.22
Q1 2012	71.82	More than 100	1.78
Q2 2012	37.06	63.66	1.19
Q3 2012	35.46	54.26	1.36
Q4 2012	24.27	32.67	1.21
Q1 2013	22.34	22.23	1.30
Q2 2013	17.24	17.11	1.16
Q3 2013	19.26	19.06	1.26
Q4 2013	20.44	19.92	1.39
Q1 2014	22.01	23.89	1.45
Q2 2014	20.89	22.68	1.39
Q3 2014	18.60	19.89	1.49
Q4 2014	13.14	14.18	1.12
Q1 2015	13.49	13.49	1.22
Q2 2015	14.12	14.12	1.34
Q3 2015	12.22	12.22	1.12
Q4 2015	11.02	11.02	1.03
Q1 2016	9.10	9.34	0.89
Q2 2016	8.95	9.18	0.92
Q3 2016	9.73	10.00	0.89
Q4 2016	11.22	12.52	1.00
Q1 2017	11.61	12.59	0.99
Q2 2017	11.64	14.86	0.91
Q3 2017	13.60	18.06	0.93

Period	P/E	Adjusted P/E	Price/book
2007	NEG	NEG	4.33
2008	NEG	NEG	0.89
2009	More than 100	More than 100	1.38
2010	More than 100	More than 100	1.41
2011	81.57	81.57	1.22
2012	24.27	32.67	1.21
2013	20.44	19.92	1.39
2014	13.14	14.18	1.12
2015	11.02	11.02	1.03
2016	11.22	12.52	1.00

Business Segments (Million)

Compared With The

Period	Port development and operation	Logistics spaces and support services	Water desalination and distriution	Industrial support service
Q1 2008	-	6.39	16.26	8.83
Q2 2008	-	6.89	17.75	9.40
Q3 2008	-	7.07	18.43	9.14
Q4 2008	-	8.51	17.65	8.92
Q1 2009	-	9.51	16.53	9.03
Q2 2009	-	10.31	17.91	8.97
Q3 2009	-	10.26	17.64	8.26
Q4 2009	0.71	2.41	18.60	8.76
Q1 2010	17.07	9.62	19.02	9.46
Q2 2010	26.99	9.43	20.87	9.82
Q3 2010	38.43	10.26	19.19	9.34
Q4 2010	38.80	14.44	19.58	9.53
Q1 2011	41.06	10.72	17.98	9.44
Q2 2011	56.92	11.02	18.08	10.18
Q3 2011	71.30	10.80	18.94	9.73
Q4 2011	70.48	12.27	18.92	10.43
Q1 2012	65.58	13.96	18.05	10.15
Q2 2012	77.66	15.32	17.82	10.67
Q3 2012	80.89	17.25	15.26	9.57
Q4 2012	81.33	18.56	14.56	6.81
Q1 2013	81.71	17.89	17.10	6.86
Q2 2013	97.91	17.70	19.94	7.00
Q3 2013	90.45	18.80	12.11	6.97
Q4 2013	82.45	21.26	18.56	3.32
Q1 2014	74.88	22.26	19.29	5.01
Q2 2014	91.09	23.88	23.63	4.49
Q3 2014	103.17	29.55	24.82	4.37
Q4 2014	97.38	26.12	23.74	-
Q1 2015	96.48	25.11	24.72	-
Q2 2015	110.85	25.18	28.43	-
Q3 2015	100.36	25.61	27.28	-
Q4 2015	102.03	24.57	25.47	-
Q1 2016	119.74	25.79	26.11	-
Q2 2016	130.38	24.93	27.20	-
Q3 2016	113.35	24.63	25.82	-
Q4 2016	119.94	26.23	26.65	-
Q1 2017	119.03	28.18	24.75	-
Q2 2017	102.75	21.56	24.98	-
Q3 2017	75.63	22.91	24.81	-

Period	Port development and operation	Logistics spaces and support services	Water desalination and distriution	Industrial support service
2007	-	14.73	62.25	30.82
2008	-	28.86	70.09	36.29
2009	0.71	32.49	70.67	35.02
2010	121.28	43.74	78.66	38.16
2011	239.76	44.79	73.92	39.78
2012	305.46	65.09	65.70	37.20
2013	352.52	75.65	67.71	24.14
2014	366.52	101.81	91.47	1.19
2015	409.71	100.48	105.90	-
2016	483.41	101.58	105.78	-

Financial Ratios

	Current
Market Cap (M Riyal)	2,688.72
Enterprise Value (EV) (M)	3,820.63
Shares Outstanding ((M))	81.60
EPS ( Riyal) (TTM)	0.37
Book Value (BV) ( Riyal)	18.32
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	44.71
P/E (TTM)	More than 100
Price/book	1.80
Return on Average Assets (%) (TTM)	0.5
Return on Average Equity (%) (TTM)	2.0

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SISCO’s 9M net profit slumps 25% on lower revenue

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Share Price

Sustained Infrastructure Holding Co. (SISCO HOLDING)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2017 Q3

Financial Ratios

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SISCO’s 9M net profit slumps 25% on lower revenue

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Share Price

Sustained Infrastructure Holding Co. (SISCO HOLDING)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2017

Revenue by Business Segment (Latest) 2017 Q3

Financial Ratios

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Business Segments (Million)