Riyadh – Mubasher: Saudi Industrial Services Company (SISCO) posted a 57.4% increase in net profit during the first quarter (Q1) of 2020 to SAR 26.6 million, up from SAR 16.9 million in the corresponding period last year.

Revenues stabilised at SAR 167.29 million, marginally rising by 0.47%, compared with its level in Q1-19 at SAR 166.5 million, as shown by the company’s interim financial results.

The main reasons behind the rise in profit were an IFRS 9 gain of SAR 32 million due to the extension of an existing port ijara facility, and an increase in other income to SAR 5.8 million, according to a company statement to the Saudi Stock Exchange (Tadawul).

On the other hand, a higher cost of revenue led to a decline in gross profit, coupled with an increase in finance charges.