Riyadh – Mubasher: Saudi Industrial Services Company (SISCO) on Sunday reported a 21% year-on-year profit decrease during the full-year 2018.

SISCO’s profits after calculating Zakat and Tax amounted to SAR 46.7 million ($12.45 million) last year, down from SAR 58.8 million ($15.68 million) a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed 2018 profit decrease to a drop in MAWANI’s sector.

Revenues inched up 0.41% to SAR 564.7 million last year, from SAR 562.4 million during 2017.

Operational profits levelled up 19.22% to SAR 88.1 million from January to December 2018, compared to SAR 73.9 million in the previous year.

Earnings per share (EPS) amounted to SAR 57 halalas last year, down from 72 halalas in 2017.

“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,” the statement added.

SISCO’s profits skyrocketed 233.3% year-on-year to SAR 23 million in the fourth quarter of 2018, from SAR 6.9 million, according to data compiled by Mubasher.

By 12:46 pm Saudi time, the firm’s stock increased 4.45% to SAR 12.20.