Saudi Industrial Services Co. (SISCO) reported a net profit after Zakat and tax of SAR 57.9 million for 2021, down 58.5% from SAR 139.4 million in the previous year.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 1,020.87 | 985.41 | (3.5 %) |
| Gross Income | 423.74 | 446.47 | 5.4 % |
| Operating Income | 256.24 | 278.35 | 8.6 % |
| Net Income | 151.03 | 57.88 | (61.7 %) |
| Average Shares | 81.60 | 81.60 | - |
| EPS (Riyals) | 1.85 | 0.71 | (61.7 %) |
SISCO said in 2020 its net profit included one-off gains and reversal of provisions and liabilities, which resulted in a positive impact of SAR 72.9 million.
In addition, SISCO’s share of Red Sea Gateway Terminal (RSGT) net income reduced from 60.6% to 36.36% during the period, following the strategic divestment of its direct equity stake.
The firm also attributed the profit decline to lower gateway volumes due to headwinds in global logistics, and a number of one-off items incurred in 2021.
In Q4 2021, SISCO swung to net loss of SAR 831,000, compared to a profit of SAR 28.13 million in Q4 2020.
The firm had posted a profit of SAR 3.98 million in Q3 2021.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 378.33 | 251.69 | (33.5 %) |
| Gross Income | 122.53 | 91.01 | (25.7 %) |
| Operating Income | 78.01 | 45.90 | (41.2 %) |
| Net Income | 39.74 | (0.85) | (102.1 %) |
| Average Shares | 81.60 | 81.60 | - |
| EPS (Riyals) | 0.49 | (0.01) | (102.1 %) |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 223.27 | 251.69 | 12.7 % |
| Gross Income | 97.02 | 91.01 | (6.2 %) |
| Operating Income | 54.11 | 45.90 | (15.2 %) |
| Net Income | 3.98 | (0.85) | (121.4 %) |
| Average Shares | 81.60 | 81.60 | - |
| EPS (Riyals) | 0.05 | (0.01) | (121.4 %) |
Shareholders’ equity, after minority interest, rose to SAR 1.486 billion in 2021, from SAR 1.174 billion a year earlier.
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