Saudi Industrial Services Co. (SISCO) has attributed its significantly improved results year-to-date (YTD) to the increased ports throughput capacity of subsidiary, Red Sea Gateway Terminal, CNBC Arabia reported, citing Chief Executive Officer, Mohammed Mudarres.
Last September, SISCO had set aside SAR 13.5 million in provisions for bad debts, Mudarres said, adding that these dues can be compensated, and “we are finalizing legal as well as regulatory procedures to redeem them.”
Excluding these provisions, the logistics segment reported strong profit growth over the nine-month period.
“The logistics business division has a promising potential; SISCO allocated a big land plot for private sector investments. We have not signed any contracts yet, but we are developing other projects in different regions,” Mudarres noted.
SISCO reported a 90 percent hike year-on-year (YoY) in net profit to SAR 45 million in the first nine months of 2019.
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