Saudi Industrial Services Co. announces its Interim Financial Results for the Period Ending on 2022-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 261 | 223.3 | 16.88 | 243.4 | 7.23 |
| Gross Profit (Loss) | 105.8 | 97 | 9.07 | 99.7 | 6.12 |
| Operational Profit (Loss) | 60.4 | 54.1 | 11.64 | 52.7 | 14.61 |
| Net Profit (Loss) after Zakat and Tax | 14.4 | 3.9 | 269.23 | 3.1 | 364.52 |
| Total Comprehensive Income | 13.8 | 3.8 | 263.16 | 4.5 | 206.67 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 717 | 733.7 | -2.28 |
| Gross Profit (Loss) | 295.7 | 355.5 | -16.82 |
| Operational Profit (Loss) | 159.6 | 232.4 | -31.32 |
| Net Profit (Loss) after Zakat and Tax | 18.3 | 58.7 | -68.82 |
| Total Comprehensive Income | 19.8 | 60.9 | -67.49 |
| Total Share Holders Equity (after Deducting Minority Equity) | 1,440.6 | 1,518 | -5.1 |
| Profit (Loss) per Share | 0.22 | 0.72 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The increase in net profit during the current quarter compared to the same quarter of the previous year is due to the following reasons:
- Improvement in gross profit for the period to SAR 105.8 million from SAR 97.0 million in the same quarter last year, due to better performance of the Water and Logistics segments as a result of improved sales mix and lower cost of sales - Q3 2022 income from associate companies improved by 7.9% compared to Q3 2021, reaching SAR 8.2 million |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The increase in net profit for the current quarter as compared to the previous quarter is due to the following reasons:
- Q3 2022 net income increased 364.5% compared to Q2 2022 to reach SAR 14.4 million due to improved margins and net income from Ports, Logistics, and Water business segments compared to the previous quarter |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | - Reported net income for the nine-months 2022 was SAR 18.3 million compared to SAR 58.7 million for the same period last year. The drop was mainly attributed to the decline in Ports segment revenues during the first half of 2022 in addition to the decline in Water segment revenues during the first quarter of 2022 due to an unplanned plant shutdown, which was resolved.
- Increase in income from associates by 18.3% compared to 9M 2021 |
| Statement of the type of external auditor's report | Unmodified conclusion |
| 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 the financial data has been changed to comply with IFRS accounting policies as adopted in the Kingdom. |
| Additional Information | In accordance with IFRIC 12 (IFRS Interpretations Committee) 12, the reported revenue includes construction revenue of SAR [46.3] million. There is no impact on gross profit or net profit as there is a corresponding construction cost of SAR [46.3] million recognized in the cost of revenue.
Outlook and strategy:
SISCO remains committed to the delivery of its five-year strategy to drive long-term value creation, aiming to double revenues to SAR 2 billion by 2026. SISCO’s investment approach focuses on value-accretive investments that are in line with its strategic focus areas of ports, logistics, and water. SISCO will announce updates to the market as other opportunities materialize.
In a post reporting period event dated 1 November 2022, SISCO’s subsidiary, LogiPoint announced acquiring a loan facility of SAR 290 million to finance the expansion of its warehousing capacity. The expansion, which doubles the existing 73,000 square meters capacity, is in line with the group’s 5-year strategy to make LogiPoint as the leading logistics real estate developer and operator of state-of-the-art warehousing services and premium logistics facilities across the Kingdom, serving the rapidly growing e-commerce sector.
Further potential growth areas are also expected to be developed including a state-of-the-art logistics park in Khumra which should boost logistics revenues and margins from 2023 and beyond. |
| Attached Documents |  |
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