SISCO’s net profit rises 16% to SAR 90.5 mln in FY15

20/01/2016 Argaam Exclusive

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Sustained Infrastructure Holding Co. (SISCO HOLDING)

Saudi Industrial Services Co. (SISCO) reported a net profit of SAR 90.5 million for fiscal year (FY) 2015, a 15.92 percent increase year-on-year (YoY) driven by improvement in ports development and the logistics and re-export segments.

Financials (M)

Item	2014	2015	Change‬
Revenues	561.00	616.08	9.8 %
Gross Income	283.62	295.81	4.3 %
Operating Income	159.20	172.15	8.1 %
Net Income	78.08	90.51	15.9 %
Average Shares	81.60	81.60	-
EPS (Riyals)	0.96	1.11	15.9 %

The company posted a net profit of SAR 22.02 million in Q4-2015, a 19.31 percent YoY growth attributed to better operating results of the ports development segment, and higher net results from associates. SISCO’s net profit for Q4-2015 was 11.15 percent lower than the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2014	Q4 2015	Change‬
Revenues	147.29	152.07	3.2 %
Gross Income	73.75	78.61	6.6 %
Operating Income	39.56	43.50	9.9 %
Net Income	18.46	22.03	19.3 %
Average Shares	81.60	81.60	-
EPS (Riyals)	0.23	0.27	19.3 %

Item	Q3 2015	Q4 2015	Change‬
Revenues	153.25	152.07	(0.8 %)
Gross Income	71.23	78.61	10.4 %
Operating Income	42.98	43.50	1.2 %
Net Income	24.79	22.03	(11.1 %)
Average Shares	81.60	81.60	-
EPS (Riyals)	0.30	0.27	(11.1 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	18.58	52.3 %	4.52	415.8 %	0.97	234.2 %	0.02
Q2 2006	17.68	39.5 %	5.10	412.7 %	0.78	142.9 %	0.01
Q3 2006	16.20	(46.6 %)	5.41	(48.2 %)	0.67	(93.3 %)	0.01
Q4 2006	21.60	14.0 %	9.54	99.3 %	2.67	(50.9 %)	0.04
2006	74.07	(0.1 %)	24.57	43.7 %	5.10	(60.6 %)	0.08
Q1 2007	22.50	21.1 %	8.02	77.2 %	1.07	10.2 %	0.02
Q2 2007	26.96	52.5 %	11.50	125.6 %	2.72	247.3 %	0.04
Q3 2007	29.61	82.7 %	12.75	135.7 %	2.42	260.0 %	0.04
Q4 2007	28.74	33.1 %	10.89	14.2 %	(11.53)	(532.3 %)	(0.19)
2007	107.81	45.5 %	43.16	75.6 %	(5.31)	(204.3 %)	(0.09)
Q1 2008	31.49	40.0 %	13.12	63.7 %	(0.26)	(124.0 %)	0.00
Q2 2008	34.04	26.3 %	15.35	33.5 %	0.90	(67.0 %)	0.01
Q3 2008	34.65	17.0 %	15.34	20.3 %	1.04	(57.2 %)	0.01
Q4 2008	35.07	22.0 %	16.37	50.3 %	(25.88)	(124.5 %)	(0.32)
2008	135.24	25.4 %	60.19	39.5 %	(24.21)	(355.5 %)	(0.30)
Q1 2009	35.07	11.4 %	16.45	25.4 %	0.70	369.4 %	0.01
Q2 2009	37.19	9.3 %	17.62	14.8 %	(1.99)	(322.3 %)	(0.02)
Q3 2009	36.15	4.3 %	16.96	10.5 %	0.77	(25.3 %)	0.01
Q4 2009	30.48	(13.1 %)	13.89	(15.2 %)	1.77	106.8 %	0.02
2009	138.89	2.7 %	64.93	7.9 %	1.25	105.2 %	0.02
Q1 2010	55.16	57.3 %	20.58	25.1 %	2.10	201.7 %	0.03
Q2 2010	67.11	80.5 %	28.08	59.3 %	2.21	211.1 %	0.03
Q3 2010	77.23	113.6 %	31.46	85.5 %	0.23	(70.0 %)	0.00
Q4 2010	82.34	170.1 %	28.37	104.2 %	(2.42)	(236.4 %)	(0.03)
2010	281.84	102.9 %	108.50	67.1 %	2.13	70.6 %	0.03
Q1 2011	79.19	43.6 %	31.46	52.8 %	(0.78)	(137.4 %)	(0.01)
Q2 2011	96.20	43.3 %	39.31	40.0 %	5.35	141.5 %	0.07
Q3 2011	110.78	43.4 %	52.49	66.8 %	7.00	2915.1 %	0.09
Q4 2011	112.09	36.1 %	40.08	41.3 %	(0.51)	78.7 %	(0.01)
2011	398.25	41.3 %	163.34	50.5 %	11.04	419.0 %	0.14
Q1 2012	107.73	36.0 %	47.39	50.6 %	6.49	927.4 %	0.08
Q2 2012	121.48	26.3 %	51.84	31.9 %	10.97	105.1 %	0.13
Q3 2012	122.98	11.0 %	54.91	4.6 %	11.92	70.4 %	0.15
Q4 2012	121.25	8.2 %	61.64	53.8 %	8.86	1823.0 %	0.11
2012	473.44	18.9 %	215.78	32.1 %	38.23	246.2 %	0.47
Q1 2013	123.55	14.7 %	61.47	29.7 %	13.44	107.2 %	0.16
Q2 2013	142.55	17.3 %	76.21	47.0 %	19.59	78.7 %	0.24
Q3 2013	128.33	4.3 %	62.64	14.1 %	11.25	(5.7 %)	0.14
Q4 2013	125.60	3.6 %	59.30	(3.8 %)	11.76	32.8 %	0.14
2013	520.02	9.8 %	259.62	20.3 %	56.04	46.6 %	0.69
Q1 2014	121.44	(1.7 %)	56.32	(8.4 %)	12.37	(8.0 %)	0.15
Q2 2014	143.10	0.4 %	71.87	(5.7 %)	21.72	10.8 %	0.27
Q3 2014	161.91	26.2 %	86.42	38.0 %	25.53	127.0 %	0.31
Q4 2014	147.29	17.3 %	73.75	24.4 %	18.46	57.0 %	0.23
2014	561.00	7.9 %	283.62	9.2 %	78.08	39.3 %	0.96
Q1 2015	146.31	20.5 %	74.16	31.7 %	18.47	49.3 %	0.23
Q2 2015	164.46	14.9 %	82.57	14.9 %	25.22	16.1 %	0.31
Q3 2015	153.25	(5.3 %)	71.23	(17.6 %)	24.79	(2.9 %)	0.30
Q4 2015	152.07	3.2 %	78.61	6.6 %	22.03	19.3 %	0.27
2015	616.08	9.8 %	295.81	4.3 %	90.51	15.9 %	1.11

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	74.07	(0.1 %)	24.57	43.7 %	5.10	(60.6 %)	0.08
2007	107.81	45.5 %	43.16	75.6 %	(5.31)	(204.3 %)	(0.09)
2008	135.24	25.4 %	60.19	39.5 %	(24.21)	(355.5 %)	(0.30)
2009	138.89	2.7 %	64.93	7.9 %	1.25	105.2 %	0.02
2010	281.84	102.9 %	108.50	67.1 %	2.13	70.6 %	0.03
2011	398.25	41.3 %	163.34	50.5 %	11.04	419.0 %	0.14
2012	473.44	18.9 %	215.78	32.1 %	38.23	246.2 %	0.47
2013	520.02	9.8 %	259.62	20.3 %	56.04	46.6 %	0.69
2014	561.00	7.9 %	283.62	9.2 %	78.08	39.3 %	0.96
2015	616.08	9.8 %	295.81	4.3 %	90.51	15.9 %	1.11

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	25.76 %	11.14 %	18.16 %
Q2 2006	29.04 %	15.10 %	20.15 %
Q3 2006	27.75 %	13.99 %	11.01 %
Q4 2006	33.18 %	21.22 %	6.88 %
2006	33.18 %	21.22 %	6.88 %
Q1 2007	35.99 %	26.24 %	6.66 %
Q2 2007	39.50 %	33.13 %	8.17 %
Q3 2007	41.53 %	37.18 %	8.82 %
Q4 2007	40.04 %	33.95 %	(6.98 %)
2007	40.04 %	33.95 %	(6.98 %)
Q1 2008	41.33 %	33.19 %	(7.58 %)
Q2 2008	42.08 %	30.05 %	(8.62 %)
Q3 2008	42.44 %	24.71 %	(9.36 %)
Q4 2008	44.51 %	25.43 %	(17.90 %)
2008	44.51 %	25.43 %	(17.90 %)
Q1 2009	45.76 %	25.53 %	(16.75 %)
Q2 2009	46.34 %	21.50 %	(18.41 %)
Q3 2009	46.98 %	23.08 %	(18.40 %)
Q4 2009	46.74 %	24.33 %	0.90 %
2009	46.74 %	24.33 %	0.90 %
Q1 2010	43.44 %	28.07 %	1.67 %
Q2 2010	42.09 %	33.58 %	3.63 %
Q3 2010	40.88 %	37.29 %	2.74 %
Q4 2010	38.50 %	38.46 %	0.76 %
2010	38.50 %	38.46 %	0.76 %
Q1 2011	39.03 %	39.26 %	(0.25 %)
Q2 2011	38.99 %	40.90 %	0.71 %
Q3 2011	41.15 %	42.44 %	2.48 %
Q4 2011	41.01 %	39.13 %	2.77 %
2011	41.01 %	39.13 %	2.77 %
Q1 2012	42.00 %	38.90 %	1.95 %
Q2 2012	42.43 %	39.65 %	3.08 %
Q3 2012	41.83 %	40.81 %	4.06 %
Q4 2012	45.58 %	45.44 %	6.00 %
2012	45.58 %	45.44 %	6.00 %
Q1 2013	46.98 %	47.60 %	9.28 %
Q2 2013	49.82 %	48.95 %	10.63 %
Q3 2013	50.80 %	47.87 %	10.41 %
Q4 2013	49.93 %	47.92 %	11.06 %
2013	49.93 %	47.92 %	11.06 %
Q1 2014	49.13 %	46.89 %	9.78 %
Q2 2014	48.24 %	46.63 %	10.14 %
Q3 2014	49.62 %	47.59 %	12.09 %
Q4 2014	50.26 %	46.83 %	12.61 %
2014	50.56 %	47.92 %	12.89 %
Q1 2015	51.15 %	46.51 %	14.06 %
Q2 2015	51.12 %	46.37 %	14.14 %
Q3 2015	49.36 %	45.78 %	14.22 %
Q4 2015	49.76 %	46.55 %	14.69 %
2015	48.01 %	46.55 %	14.69 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	33.18 %	21.22 %	6.88 %
2007	40.04 %	33.95 %	(6.98 %)
2008	44.51 %	25.43 %	(17.90 %)
2009	46.74 %	24.33 %	0.90 %
2010	38.50 %	38.46 %	0.76 %
2011	41.01 %	39.13 %	2.77 %
2012	45.58 %	45.44 %	6.00 %
2013	49.93 %	47.92 %	11.06 %
2014	50.56 %	47.92 %	12.89 %
2015	48.01 %	46.55 %	14.69 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	24.35 %	10.73 %	5.24 %
Q2 2006	28.82 %	15.12 %	4.43 %
Q3 2006	33.39 %	24.31 %	4.15 %
Q4 2006	44.18 %	32.91 %	12.35 %
Q1 2007	35.63 %	29.95 %	4.77 %
Q2 2007	42.66 %	41.25 %	10.09 %
Q3 2007	43.08 %	42.09 %	8.18 %
Q4 2007	37.90 %	21.85 %	(47.81 %)
Q1 2008	41.67 %	28.28 %	(0.82 %)
Q2 2008	45.10 %	28.16 %	2.63 %
Q3 2008	44.29 %	20.45 %	2.99 %
Q4 2008	46.69 %	25.14 %	(73.80 %)
Q1 2009	46.91 %	28.39 %	1.98 %
Q2 2009	47.39 %	12.55 %	(5.36 %)
Q3 2009	46.91 %	26.78 %	2.14 %
Q4 2009	45.57 %	31.13 %	5.81 %
Q1 2010	37.32 %	37.70 %	3.80 %
Q2 2010	41.85 %	34.96 %	3.30 %
Q3 2010	40.74 %	41.45 %	0.30 %
Q4 2010	34.45 %	39.03 %	(2.93 %)
Q1 2011	39.72 %	41.01 %	(0.99 %)
Q2 2011	40.86 %	41.98 %	5.56 %
Q3 2011	47.38 %	46.39 %	6.31 %
Q4 2011	35.76 %	28.17 %	(0.46 %)
Q1 2012	43.99 %	39.61 %	(3.26 %)
Q2 2012	42.68 %	44.15 %	9.03 %
Q3 2012	44.65 %	50.09 %	9.69 %
Q4 2012	50.84 %	47.19 %	7.45 %
Q1 2013	49.75 %	48.94 %	10.92 %
Q2 2013	53.46 %	49.50 %	13.88 %
Q3 2013	48.81 %	45.68 %	8.86 %
Q4 2013	47.22 %	47.41 %	10.25 %
Q1 2014	46.37 %	44.59 %	5.46 %
Q2 2014	50.23 %	48.52 %	15.18 %
Q3 2014	53.38 %	49.15 %	15.77 %
Q4 2014	50.07 %	44.46 %	12.53 %
Q1 2015	50.69 %	43.68 %	12.62 %
Q2 2015	50.21 %	47.73 %	15.34 %
Q3 2015	46.48 %	46.95 %	16.18 %
Q4 2015	51.69 %	47.62 %	14.48 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	61.11	0.24	0.24	7.43
Q2 2006	61.11	0.28	0.28	7.27
Q3 2006	61.11	0.13	0.13	7.19
Q4 2006	61.11	0.08	0.08	7.04
Q1 2007	61.11	0.09	0.09	7.06
Q2 2007	61.11	0.12	0.12	7.08
Q3 2007	61.11	0.15	0.15	7.18
Q4 2007	61.11	(0.09)	(0.12)	6.97
Q1 2008	61.11	(0.11)	(0.14)	6.89
Q2 2008	61.11	(0.14)	(0.17)	6.95
Q3 2008	81.60	(0.12)	(0.15)	9.00
Q4 2008	81.60	(0.30)	(0.30)	8.84
Q1 2009	81.60	(0.28)	(0.28)	8.85
Q2 2009	81.60	(0.32)	(0.32)	8.87
Q3 2009	81.60	(0.32)	(0.32)	8.92
Q4 2009	81.60	0.02	0.02	8.94
Q1 2010	81.60	0.03	0.03	9.02
Q2 2010	81.60	0.08	0.08	9.02
Q3 2010	81.60	0.08	0.08	9.04
Q4 2010	81.60	0.03	0.03	8.89
Q1 2011	81.60	(0.01)	(0.01)	8.88
Q2 2011	81.60	0.03	0.03	8.94
Q3 2011	81.60	0.11	0.11	9.03
Q4 2011	81.60	0.14	0.14	9.02
Q1 2012	81.60	0.22	0.10	9.06
Q2 2012	81.60	0.29	0.17	9.14
Q3 2012	81.60	0.35	0.23	9.21
Q4 2012	81.60	0.47	0.35	9.39
Q1 2013	81.60	0.55	0.56	9.51
Q2 2013	81.60	0.66	0.66	9.83
Q3 2013	81.60	0.65	0.66	9.93
Q4 2013	81.60	0.69	0.70	10.13
Q1 2014	81.60	0.67	0.62	10.25
Q2 2014	81.60	0.70	0.64	10.53
Q3 2014	81.60	0.87	0.82	10.94
Q4 2014	81.60	0.96	0.89	11.19
Q1 2015	81.60	1.03	1.03	11.37
Q2 2015	81.60	1.07	1.07	11.28
Q3 2015	81.60	1.07	1.07	11.58
Q4 2015	81.60	1.11	1.11	11.91

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	61.11	0.08	0.08	7.04
2007	61.11	(0.09)	(0.12)	6.97
2008	81.60	(0.30)	(0.30)	8.84
2009	81.60	0.02	0.02	8.94
2010	81.60	0.03	0.03	8.89
2011	81.60	0.14	0.14	9.02
2012	81.60	0.47	0.35	9.39
2013	81.60	0.69	0.70	10.13
2014	81.60	0.96	0.89	11.19
2015	81.60	1.11	1.11	11.91

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	More than 50	More than 50	7.51
Q2 2006	More than 50	More than 50	7.47
Q3 2006	More than 50	More than 50	16.19
Q4 2006	More than 50	More than 50	4.07
Q1 2007	More than 50	More than 50	3.88
Q2 2007	More than 50	More than 50	3.10
Q3 2007	More than 50	More than 50	3.69
Q4 2007	NEG	NEG	4.33
Q1 2008	NEG	NEG	3.00
Q2 2008	NEG	NEG	3.32
Q3 2008	NEG	NEG	1.23
Q4 2008	NEG	NEG	0.89
Q1 2009	NEG	NEG	0.88
Q2 2009	NEG	NEG	1.20
Q3 2009	NEG	NEG	1.50
Q4 2009	More than 50	More than 50	1.38
Q1 2010	More than 50	More than 50	1.47
Q2 2010	More than 50	More than 50	1.15
Q3 2010	More than 50	More than 50	1.52
Q4 2010	More than 50	More than 50	1.41
Q1 2011	NEG	NEG	1.23
Q2 2011	More than 50	More than 50	1.36
Q3 2011	More than 50	More than 50	1.12
Q4 2011	More than 50	More than 50	1.22
Q1 2012	More than 50	More than 50	1.78
Q2 2012	37.06	More than 50	1.19
Q3 2012	35.46	More than 50	1.36
Q4 2012	24.27	32.67	1.21
Q1 2013	22.34	22.23	1.30
Q2 2013	17.24	17.11	1.16
Q3 2013	19.26	19.06	1.26
Q4 2013	20.44	19.92	1.39
Q1 2014	22.01	23.89	1.45
Q2 2014	20.89	22.68	1.39
Q3 2014	18.60	19.89	1.49
Q4 2014	13.14	14.18	1.12
Q1 2015	13.49	13.49	1.22
Q2 2015	14.12	14.12	1.34
Q3 2015	12.22	12.22	1.12
Q4 2015	11.02	11.02	1.03

Period	P/E	Adjusted P/E	Price/book
2006	More than 50	More than 50	4.07
2007	NEG	NEG	4.33
2008	NEG	NEG	0.89
2009	More than 50	More than 50	1.38
2010	More than 50	More than 50	1.41
2011	More than 50	More than 50	1.22
2012	24.27	32.67	1.21
2013	20.44	19.92	1.39
2014	13.14	14.18	1.12
2015	11.02	11.02	1.03

Business Segments (Million)

Compared With The

Period	Port development and operation	Logistics spaces and support services	Water desalination and distriution	Industrial support service
Q1 2007	-	3.04	12.30	7.16
Q2 2007	-	3.74	15.54	7.68
Q3 2007	-	3.94	17.41	8.26
Q4 2007	-	4.01	17.01	7.72
Q1 2008	-	6.39	16.26	8.83
Q2 2008	-	6.89	17.75	9.40
Q3 2008	-	7.07	18.43	9.14
Q4 2008	-	8.51	17.65	8.92
Q1 2009	-	9.51	16.53	9.03
Q2 2009	-	10.31	17.91	8.97
Q3 2009	-	10.26	17.64	8.26
Q4 2009	0.71	2.41	18.60	8.76
Q1 2010	17.07	9.62	19.02	9.46
Q2 2010	26.99	9.43	20.87	9.82
Q3 2010	38.43	10.26	19.19	9.34
Q4 2010	38.80	14.44	19.58	9.53
Q1 2011	41.06	10.72	17.98	9.44
Q2 2011	56.92	11.02	18.08	10.18
Q3 2011	71.30	10.80	18.94	9.73
Q4 2011	70.48	12.27	18.92	10.43
Q1 2012	65.58	13.96	18.05	10.15
Q2 2012	77.66	15.32	17.82	10.67
Q3 2012	80.89	17.25	15.26	9.57
Q4 2012	81.33	18.56	14.56	6.81
Q1 2013	81.71	17.89	17.10	6.86
Q2 2013	97.91	17.70	19.94	7.00
Q3 2013	90.45	18.80	12.11	6.97
Q4 2013	82.45	21.26	18.56	3.32
Q1 2014	74.88	22.26	19.29	5.01
Q2 2014	91.09	23.88	23.63	4.49
Q3 2014	103.17	29.55	24.82	4.37
Q4 2014	97.38	26.12	23.74	-
Q1 2015	96.48	25.11	24.72	-
Q2 2015	110.85	25.18	28.43	-
Q3 2015	100.36	25.61	27.28	-
Q4 2015	102.03	24.57	25.47	-

Period	Port development and operation	Logistics spaces and support services	Water desalination and distriution	Industrial support service
2007	-	14.73	62.25	30.82
2008	-	28.86	70.09	36.29
2009	0.71	32.49	70.67	35.02
2010	121.28	43.74	78.66	38.16
2011	239.76	44.79	73.92	39.78
2012	305.46	65.09	65.70	37.20
2013	352.52	75.65	67.71	24.14
2014	366.52	101.81	91.47	1.19
2015	409.71	100.48	105.90	-

Financial Ratios

	Current
Market Cap (M Riyal)	2,970.24
Enterprise Value (EV) (M)	4,102.15
Shares Outstanding ((M))	81.60
EPS ( Riyal) (TTM)	0.87
Book Value (BV) ( Riyal)	18.49
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	41.72
P/E (TTM)	41.72
Price/book	1.97
Return on Average Assets (%) (TTM)	1.3
Return on Average Equity (%) (TTM)	4.7

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SISCO’s net profit rises 16% to SAR 90.5 mln in FY15

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Sustained Infrastructure Holding Co. (SISCO HOLDING)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2015 Q4

Financial Ratios

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SISCO’s net profit rises 16% to SAR 90.5 mln in FY15

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Share Price

Sustained Infrastructure Holding Co. (SISCO HOLDING)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2015

Revenue by Business Segment (Latest) 2015 Q4

Financial Ratios

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Business Segments (Million)