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SISCO's net profits decline 47% in 9M

SISCO's net profits decline 47% in 9M
The company generated revenues of SAR 733.7 million
SISCO
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Riyadh – Mubasher: The net profits after zakat and tax of Saudi Industrial Services Company (SISCO) declined by 47.26% year-on-year (YoY) to SAR 58.7 million during the first nine months of 2021, compared to SAR 111.3 million.

The company generated revenues of SAR 733.7 million in the January-September period of 2021, up 14.19% from SAR 642.5 million in the corresponding period of 2020, according to a bourse filing on Wednesday.

The earnings per share (EPS) stood at SAR 0.72 in the first nine months of 2021, against SAR 1.36 in the corresponding period of 2020.

During the third quarter (Q3) of 2021, the company's net profits retreated by 85.815% YoY to SAR 4 million from SAR 28.2 million.

The CEO at SISCO, Mohammed Al Mudarres, said: "On an adjusted basis, SISCO delivered strong top and bottom-line results in the nine-month period, driven by market share growth in Jeddah Islamic Port for both gateway and transhipment volumes, and growth in the logistics and water segments."

It is noteworthy to mention that during the first half (H1) of 2021, SISCO registered net profits after Zakat and tax worth SAR 54.7 million, down by 34% from SAR 83.1 million in H1-20.