Saudi Industrial Services Co. announces its Annual financial results for the period ending on 2018-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 564.7 | 562.4 | 0.408 | ||
| Total Profit (Loss) | 222 | 198.6 | 11.782 | ||
| Profit (Loss) Operational | 88.1 | 73.9 | 19.215 | ||
| Net Profit (Loss) after Zakat and Tax | 46.7 | 58.8 | -20.578 | ||
| Total Comprehensive Income | 45.4 | 58.9 | -22.92 | ||
| Total Share Holders Equity (after deducting minority equity) | 1,088.2 | 1,067.2 | 1.967 | ||
| Profit (Loss) per Share | 0.57 | 0.72 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| Reason for increase (decrease) in net profit for current year compared to last year | Revenue of the port segment increased by only 5% despite more than 16% increase in the volume. This was primarily due to reduction in inspection tariff as implemented by Mawani in Dec 2017. Additionally, Revenue increase in port segment is off-set by decline in revenues of logistics and water segments due to lower occupancy and temporary plant shutdown because of adverse weather, respectively. Gross profit is 12% better than last year due to better cost control and revision in estimates for Asset Replacement Provision. However, despite the increase in share of results from equity accounted associates, Net Profit declined due to following: - Higher financial charges to increasing interest rates - Last year's other income included one off item amounting to SAR 24 million. |
| Type of the external auditor's opinion | Unmodified opinion |
| Reclassifications in annual financial results | Certain figures for the prior period have been reclassified to conform with presentation in the current period. |
| Additional Information | Port Authority has unified the Customs Inspection Charges effective from 1 March 2019 to provide transparency and cost certainty to importers. This will improve the revenue for the port segment for the year 2019 but the financial impact will depend on the total container volume handled in the year. From January 1, 2018, the Company has adopted IFRS 9 (Financial Instruments) and IFRS 15 (Revenue from Contracts with Customers) with no material impact on the annual consolidated financial statements. |
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