SISCO 9M 2022 profit slumps 69% to SAR 18.3 mln; Q3 at SAR 14.4 mln

03/11/2022 Argaam Exclusive

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Saudi Industrial Services Co. (SISCO) posted a 69% slump in net profit after Zakat and tax to SAR 18.3 million for the first nine months of 2022, from SAR 58.7 million a year earlier. 

 
 


Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 733.72 717.01 (2.3 %)
Gross Income 355.46 295.71 (16.8 %)
Operating Income 232.45 159.61 (31.3 %)
Net Income 58.73 18.29 (68.9 %)
Average Shares 81.60 81.60 -
EPS (Riyals) 0.72 0.22 (68.9 %)

The drop was mainly attributed to a decline in the ports and water segments’ revenues during the first half of 2022. This came despite an increase in income from associates by 18.3% compared to 9M 2021.

 

In Q3 2022, net profit after Zakat and tax skyrocketed to SAR 14.4 million, from SAR 3.90 million in Q3 2021, driven by gross profit, which rose to SAR 105.8 million from SAR 97 million in Q3 2021, due to better performance of the water and logistics segments on improved sales mix and lower cost of sales.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 223.27 261.02 16.9 %
Gross Income 97.02 105.81 9.1 %
Operating Income 54.11 60.44 11.7 %
Net Income 3.98 14.38 260.9 %
Average Shares 81.60 81.60 -
EPS (Riyals) 0.05 0.18 260.9 %

Compared to the previous quarter, Q3 net profit surged from SAR 3.13 million.

 

Shareholders’ equity, after minority interest, declined to SAR 1.440 billion as of Sept. 30, 2022, from SAR 1.518 billion in the year-ago period.

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