SISCO net profit surges over two-fold to SAR 111.2 mln in 9M 2020

28/10/2020 Argaam Exclusive

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Saudi Industrial Services Co. (SISCO) reported a net profit after Zakat and tax of SAR 111.2 million for the first nine months of 2020, a 147.7% year-on-year (YoY) increase.

 

The increase in net profit was attributed to an improvement in the ports segment’s revenue and gross profit and gains of SAR 32 million from the IFRS 9 implementation due to extending the port segment's existing Ijara facility, in addition to a reversal of a replacement cost provision of SAR 75 million



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 519.37 642.53 23.7 %
Gross Income 220.39 301.21 36.7 %
Operating Income 91.54 178.23 94.7 %
Net Income 44.98 111.28 147.4 %
Average Shares 81.60 81.60 -
EPS (Riyals) 0.55 1.36 147.4 %

The company reported a net profit of SAR 28.1 million for the third quarter of 2020, over a four-fold increase compared to the same quarter last year, on improved performance of the ports segment.

 

When compared to previous quarter, Q3 net profit fell 50.27% due to realizing a one -off reversal of provision for asset replacement cost amounting to SAR 75 million during the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 172.16 259.67 50.8 %
Gross Income 70.16 132.15 88.4 %
Operating Income 14.91 91.66 514.6 %
Net Income 6.74 28.16 317.6 %
Average Shares 81.60 81.60 -
EPS (Riyals) 0.08 0.35 317.6 %

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