Saudi Industrial Services Co. announces its interim Financial results for the period ending on 2019-03-31 ( Three Months )

30 April 2019 03:45 PM

SISCO HOLDING 2190 54.96% 38.40 13.62

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	166.5	118	41.101	143.4	16.108
Total Profit (Loss)	72.7	37.1	95.956	75	-3.066
Profit (Loss) Operational	33.3	3.8	776.315	41.9	-20.525
Net Profit (Loss) after Zakat and Tax	16.9	0.6	2,716.666	23.1	-26.839
Total Comprehensive Income	13.8	0.7	1,871.428	22.7	-39.207
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (after deducting minority equity)	1,102	1,068	3.183
Profit (Loss) per Share	0.21	0.01
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Explanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year	Key reasons for the improvement in the Net Profit during the current quarter compared to the same quarter of the previous year, is due to an increase in Revenue by the Ports and the Logistics segment despite of decline in revenue from water segment. Although there was an increase in operating expenses and higher finance charges due to increasing SAIBOR rates, the Group was able to absorb this impact due to the strong operating performance resulting in an increase in Net Profit compared to the same quarter of the previous year.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter	The decline in Net Profit as compared to the previous quarter was due to a reversal of a provision of asset replacement cost and a positive one-off item in other income of SR 6 million that were recorded in the previous quarter.
Type of the external auditor's opinion	Unmodified opinion
Reclassifications in quarter financial result	Financial Statements for the current period have been prepared according to the International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia and based on that the presentation, measurement, recognition and disclosure for some of financial data has been changed to comply with IFRS accounting policies as adopted in the Kingdom.
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 be dependent on the total container volume handled in the year. From January 1, 2019, the Company has adopted IFRS 16 (Leases). For further information on the impact of this standard, refer to note number (4) to the interim consolidated financial statements for the period ended 31 March 2019.

Comments