SISCO in talks for port projects overseas, says CEO

Saudi Industrial Services Co. (SISCO) is in advanced talks for two port projects abroad, chief executive officer Mohammed Mudarres told Argaam in an exclusive on Thursday.

The projects will be announced when SISCO obtains final approvals this year.

“We target various markets and the negotiated projects are located in several countries,” Mudarres added.

The company and its executive management are keen on annual dividends.

“We hope to maintain dividend distribution, but these dividends should come in line with future expansions and the company’s cash flows,” he said.

SISCO posted strong results for Q1 2019 driven by higher container volumes through its subsidiary, Red Sea Gateway Terminal, which signed contracts with existing and new clients.

The port segment contributed nearly 60 percent to SISCO’s revenue, with logistics and water desalination accounting for 20 percent each, Mudarres concluded.

According to data compiled by Argaam, SISCO’s net profit after zakat and tax rose to SAR 16.9 million for the first quarter of 2019, compared to SAR 0.6 million in year-earlier period.