Saudi Industrial Services Co. announces its Annual Financial Results for the Period Ending on 2020-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 1,020.8 | 675.9 | 51.028 | ||
| Gross Profit (Loss) | 423.7 | 260.3 | 62.773 | ||
| Operational Profit (Loss) | 256.2 | 93.4 | 174.304 | ||
| Net Profit (Loss) after Zakat and Tax | 139.4 | 50.9 | 173.87 | ||
| Total Comprehensive Income | 132.4 | 35.5 | 272.957 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 1,174.6 | 1,091 | 7.662 | ||
| Profit (Loss) per Share | 1.71 | 0.62 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net income for the current year has increased by SAR 88.5 million compared to last year mainly due to:
- Improvement in revenues mainly due to the Ports Segment related to the takeover of NCT terminal in Jeddah Islamic Port under new concession contract.
- an improvement in the Ports segment gross profit and margins during the year.
- increase in other income due to, reversal of provision of asset replacement cost of SAR 75 million and old liabilities no longer required of SAR 11.6 million.
- decrease in financial charges on external debt financing of SAR 9 million and an IFRS 9 gain of SAR 31.9 million recognised due to the extension of port segment's existing ijara facility.
The increase in net profit is offset by the following:
- An increase in port segment operating expenses during the current year due to an increase in employee and other admin costs related to the takeover of NCT terminal in Jeddah Islamic Port under new concession contract.
- Increase in financial charges of SAR 126.5 million due to the recognition of a financial liability in respect of the fixed and guaranteed variable fee.
- Decline in the results from associate companies of SAR 5.7 million due to COVID-19 economic challenges |
| Statement of the type of external auditor's report | 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 | Reported revenue and cost of revenue includes construction revenue of SAR 159.23 million.
In accordance with IFRIC 12, the Group has recorded construction revenue of SR 159.23 million on construction of a container terminal for the period from 1 April 2020 (i.e. the effective date of the new concession agreement) to 31 December 2020.
There is no impact on gross profit or net profit as there is a corresponding construction cost of SAR 159.23 million recognized in the cost of revenue. |
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