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SISCO profit jumps 95% in Q3

SISCO profit jumps 95% in Q3
The third-quarter profit increase was attributed to the higher container volume handled by Ports Segment
SISCO HOLDING
2190
55.77% 38.60 13.82

Riyadh – Mubasher: Saudi Industrial Services Company (SISCO) on Sunday posted a 94.74% year-on-year profit hike during the third quarter of 2018.

Net profits amounted to SAR 11.1 million in Q3-18, compared to SAR 5.7 million in Q3-17, according to a filing to the Saudi Stock Exchange (Tadawul).

The third-quarter profit increase was attributed to the higher container volume handled by Ports Segment, the Saudi firm noted.

Despite higher operating expenses as well as finance charges due to increasing SAIBOR rates, the net profit is still higher due to the better performance of associate companies and cost rationalization in all subsidiaries during the third quarter, the statement added.

Moreover, SISCO’s revenues declined by SAR 23 million due to a decrease in inspection tariff by the port authority.

By the end of Sunday’s session, SISCO’s stock rose 1.20% at SAR 11.82.