Riyadh – Mubasher: Saudi Industrial Services Company (SISCO) reported a 39.6% year-on-year fall in profits for the third quarter of 2019.

Net profits stood at SAR 6.7 million in Q3-19, from SAR 11.1 million in Q3-18, according to a bourse filing on Wednesday.

“Despite continued to improve in performance and an increase in the profitability of port segment due to higher volumes, net profit during the current quarter is lower than the same quarter last year principally due to a total provision against trade receivables of SAR 16.6 million,” the company said.

On a yearly basis, revenues jumped by 16.8% to SAR 172.2 million during the three-month period between July and September.

For the first nine months of 2019, net profits of SISCO hiked by 98.05% to SAR 45 million, from SAR 23.7 million in the same period of the prior year.

Total revenues of the Saudi firm went up by 24.7% to SAR 519.4 million in nine months, versus SAR 416.3 million in the corresponding period a year ago.

Profit per share registered SAR 0.55 by the end of September, compared to SAR 0.29 in September 2018.