Saudi Industrial Services Co. announces its Interim Financial Results for the Period Ending on 2020-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 215.6 | 180.7 | 19.313 | 167.3 | 28.87 |
| Gross Profit (Loss) | 115.9 | 77.6 | 49.355 | 53.1 | 118.267 |
| Operational Profit (Loss) | 73.1 | 43.3 | 68.822 | 13.4 | 445.522 |
| Net Profit (Loss) after Zakat and Tax | 56.5 | 21.3 | 165.258 | 26.6 | 112.406 |
| Total Comprehensive Income | 57.4 | 16.4 | 250 | 23.1 | 148.484 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 382.8 | 347.2 | 10.253 |
| Gross Profit (Loss) | 169 | 150.2 | 12.516 |
| Operational Profit (Loss) | 86.6 | 76.6 | 13.054 |
| Net Profit (Loss) after Zakat and Tax | 83.1 | 38.2 | 117.539 |
| Total Comprehensive Income | 80.4 | 30.2 | 166.225 |
| Total Share Holders Equity (after Deducting Minority Equity) | 1,122.6 | 1,085.8 | 3.389 |
| Profit (Loss) per Share | 1.02 | 0.47 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to | Net income for the current quarter has increased compared to same quarter last year is due to the following reasons:
- Better performance of Ports segment had a higher positive impact despite decline in results from logistics and water segments due to COVID-19 economic challenges.
- Increase in financial charges of SAR 42.1 million due to the recognition of a financial liability in respect of the fixed and guaranteed variable fee. This is offset by decline in financial charges related to external debt financing of SAR 6.8 million
- Reversal of provision of replacement cost (SAR 75 million).
- An increase in Port segment operating expenses on account of employee and other admin costs which is related to the takeover of NCT terminal in Jeddah Islamic Port under new concession contract.
- Decline in results from associate companies due to COVID-19 economic challenges. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | Net income for the current quarter has increased compared to previous quarter this year is due to the following reasons:
- Better performance of Ports segment had a higher positive impact despite decline in results from logistics and water segments due to COVID-19 economic challenges.
- Increase in financial charges of SAR 42.1 million due to the recognition of a financial liability in respect of the fixed and guaranteed variable fee. This is offset by decline in financial charges related to external debt financing of SAR 2.3 million
- Reversal of provision of replacement cost (SAR 75 million).
- An increase in Port segment operating expenses on account of employee and other admin costs which is related to the takeover of NCT terminal in Jeddah Islamic Port under new concession contract.
- Improvement in results from associate companies. |
| Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to | Net income for the period has increased compared to same period last year due to the following reasons:
- Better performance of Ports segment
- an IFRS 9 gain of SAR 32 million recognised due to the extension of port segment's existing ijara facility.
- Increase in financial charges of SAR 42.1 million due to the recognition of a financial liability in respect of the fixed and guaranteed variable fee. This is offset by decline in financial charges related to external debt financing of SAR 5.4 million
- Reversal of provision of replacement cost (SAR 75 million).
- An increase in Port segment operating expenses on account of employee and other admin costs which is related to the takeover of NCT terminal in Jeddah Islamic Port under new concession contract.
- Increase in other income by SAR 7 million.
- Decline in the results from associate companies due to COVID-19 economic challenges |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Reclassification of Comparison Items | 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 | Despite the current circumstances regarding Corona pandemic, the company's results for the second quarter were not significantly affected compared with the general market situation. Whereas, the company business is related to global, regional, and local economy, the impact of the Corona pandemic may affect the company’s operational performance in the coming quarters in 2020. The company will take appropriate measures to control this impact, which includes the following (but not limited to):
•Defer noncritical capital expenditure •Freeze hire of new employees •Stop all increases in salaries and allowances •Actively monitor and manage receivables. •Engagement with financial institutions for deferral of loan repayments where needed.
Any updates will be announced in due time. |
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