SISCO profit slumps 37% to SAR 36.7 mln in 2022; Q4 at SAR 18.4 mln

28/02/2023 Argaam Exclusive

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Sustained Infrastructure Holding Co.
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Sustained Infrastructure Holding Co. (SISCO HOLDING)

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Saudi Industrial Services Co. (SISCO) reported a net profit after Zakat and tax of SAR 36.7 million for 2022, a decline of 37% from SAR 57.9 million in a year-earlier period.



Financials (M)

Item 2021 2022 Change‬
Revenues 985.41 993.84 0.9 %
Gross Income 446.47 416.15 (6.8 %)
Operating Income 278.35 230.00 (17.4 %)
Net Income 57.88 36.73 (36.5 %)
Average Shares 81.60 81.60 -
EPS (Riyals) 0.71 0.45 (36.5 %)

This was triggered by a decline in the revenues from the ports segment on the gateway volumes, the water segment on an unplanned plant shutdown, and the logistics business division on lower service and open yard revenue.

 

Meanwhile, SISCO managed to maintain a gross profit margin at 48.7% in 2022, compared to 48.5% last year.

 

SISCO reported a net income after Zakat and tax of SAR 18.4 million in Q4 2022 versus a net loss after Zakat and tax of SAR 0.85 million in the year-earlier period.

 

The company’s Q4 2022 net profit after Zakat and tax increased by 28% from SAR 14.38 million in Q3 2022.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 251.69 276.83 10.0 %
Gross Income 91.01 120.44 32.3 %
Operating Income 45.90 70.40 53.4 %
Net Income (0.85) 18.44 2261.7 %
Average Shares 81.60 81.60 -
EPS (Riyals) (0.01) 0.23 2261.7 %

Total shareholders’ equity, excluding minority interest, stood at SAR 1.51 billion by the end of 2022, compared to SAR 1.48 billion in the corresponding period.

 

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