Riyadh – Mubasher: Saudi Industrial Services Company (SISCO) posted its interim financial results for the second quarter of 2019.

Net profits after zakat and tax hiked by 77.5% to SAR 21.3 million in Q2-19, compared to SAR 12 million in Q2-18, according to the firm’s recent statement to the Saudi Stock Exchange (Tadawul).

Net profits witnessed progress due to an increase in the profitability of the 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 a better share of results of associate companies and income on Murabaha deposits,” the statement highlighted.

Revenues of the Saudi company increased by 19.7% to SAR 180.7 million during the three-month period between April and June, from SAR 150.9 million in the same period of the prior year.

For the first half of 2019, SISCO achieved SAR 38.2 million in profits, up 203.17% from SAR 12.6 million in H1-18.

Total revenues advanced by 29% year-on-year to SAR 347.2 million during the first six months of 2019.

Profit per share levelled up to SAR 0.47 by the end of June, versus SAR 0.15 in the corresponding period a year ago.