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Saudi Industrial Services Co. announces its interim Financial results for the period ending on 2019-06-30 ( Six Months )

SISCO HOLDING 2190 55.77% 38.60 13.82
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Sales/Revenue 180.7 150.9 19.748 166.5 8.528
Total Profit (Loss) 77.5 55.8 38.888 72.7 6.602
Profit (Loss) Operational 43.3 24.6 76.016 33.3 30.03
Net Profit (Loss) after Zakat and Tax 21.3 12 77.5 16.9 26.035
Total Comprehensive Income 16.4 9.4 74.468 13.8 18.84
All figures are in (Millions) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Sales/Revenue 347.2 268.9 29.118
Total Profit (Loss) 150.2 93 61.505
Profit (Loss) Operational 76.6 28.4 169.718
Net Profit (Loss) after Zakat and Tax 38.2 12.6 203.174
Total Comprehensive Income 30.2 10.1 199.009
Total Share Holders Equity (after deducting minority equity) 1,085.8 1,052.9 3.124
Profit (Loss) per Share 0.47 0.15
All figures are in (Millions) 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 the profitability of port segment which was mainly driven by higher volumes and improvement in tariffs. Although there was a limited increase in operating expenses and finance charges due to increasing SAIBOR rates and finance charges related to lease liabilities “as per IFRS 16”, the net profit improved further due to better share of results of associate companies and income on Murabaha deposits.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter Key reasons for the improvement in the Net Profit during the current quarter compared to the previous quarter of the same year mainly due to an increase in volumes handled by the port segment. Net profit further improved due to better share of results of associate companies.
Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year Key reasons for the improvement in the Net Profit during the current period compared to the same period of the previous year, is due to an increase in the profitability of port segment which was mainly driven by higher volumes and improvement in tariffs. Despite limited increase in operating expenses, higher finance charges due to increasing SAIBOR rates and finance charges due to lease liabilities “as per IFRS 16”, the net profit further improved due to share of results of associate companies and income on Murabaha deposits.
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 financial statements for the period ended 31 March 2019.

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