SISCO reports 90% profit surge in 9M 2019

30/10/2019 Argaam Exclusive

Saudi Industrial Services Co. (SISCO) posted a rise of 89.9 percent year-on-year (YoY) in net profit after zakat and tax to SAR 45 million for the first nine months of 2019, driven by the port segment’s higher profitability.



Financials (M)

Item 9m 2018 9m 2019 Change‬
Revenues 416.32 519.37 24.8 %
Gross Income 147.08 220.39 49.8 %
Operating Income 46.18 91.54 98.2 %
Net Income 23.71 44.98 89.7 %
Average Shares 81.60 81.60 -
EPS (Riyals) 0.29 0.55 89.7 %

In Q3 2019, net profit after zakat and tax dropped 39.6 percent YoY to SAR 6.7 million, as the company allocated a provision worth SAR 16.6 million for trade receivables, of which SAR13.5 million were for one customer in the logistics segment with an additional general provision of SAR 3.1 million in the ports and logistics segments.

 

When compared to the previous quarter, net profit plunged 68.5 percent on a marginal decline in the port segment revenue and higher operating costs during the quarter. It was also hit by the SAR 16.6 million worth of provision.



Current Quarter Comparison (M)

Compared With The
Item Q3 2018 Q3 2019 Change‬
Revenues 147.42 172.16 16.8 %
Gross Income 54.11 70.16 29.7 %
Operating Income 17.75 14.91 (16.0 %)
Net Income 11.10 6.74 (39.3 %)
Average Shares 81.60 81.60 -
EPS (Riyals) 0.14 0.08 (39.3 %)

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