Saudi Industrial Services Co. (SISCO) reported a net profit after Zakat and tax of SAR 58.7 million for the first nine months of 2021, down 47% from SAR 111.3 million in the same period a year ago.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 642.53 | 733.72 | 14.2 % |
| Gross Income | 301.21 | 355.46 | 18.0 % |
| Operating Income | 178.23 | 232.45 | 30.4 % |
| Net Income | 111.28 | 58.73 | (47.2 %) |
| Average Shares | 81.60 | 81.60 | - |
| EPS (Riyals) | 1.36 | 0.72 | (47.2 %) |
The company attributed the profit decline to reduction of share of net income from 60.6% to 36.36% following divestment of 21.2% stake in Red Sea Gateway Terminal Ltd. (RSGT).
SISCO’s share of net income last year included one-off accounting adjustments of SAR 106.9 million, of which SISCO’s share was SAR 64.7 million.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 259.67 | 223.27 | (14.0 %) |
| Gross Income | 132.15 | 97.02 | (26.6 %) |
| Operating Income | 91.66 | 54.11 | (41.0 %) |
| Net Income | 28.16 | 3.98 | (85.9 %) |
| Average Shares | 81.60 | 81.60 | - |
| EPS (Riyals) | 0.35 | 0.05 | (85.9 %) |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 252.15 | 223.27 | (11.5 %) |
| Gross Income | 123.56 | 97.02 | (21.5 %) |
| Operating Income | 83.58 | 54.11 | (35.3 %) |
| Net Income | 22.47 | 3.98 | (82.3 %) |
| Average Shares | 81.60 | 81.60 | - |
| EPS (Riyals) | 0.28 | 0.05 | (82.3 %) |
The company reported a net profit of SAR 4 million for Q3 2021, declining 86% year-on-year (YoY), on lower revenue.
When compared to previous quarter, Q3 net profit fell 82.2% due to reduction of share of net income from 60.6% to 36.36% following divestment of 21.2% stake in RSGT.
Shareholders’ equity, after minority interest, rose to SAR 1.518 billion in 9M 2021, from SAR 1.1505 billion a year earlier.
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