Saudi Industrial Services Co. announces its Interim Financial Results for the Period Ending on 2023-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 434.9 | 212.6 | 104.56 | 276.8 | 57.12 |
| Gross Profit (Loss) | 129.1 | 90.2 | 43.13 | 120.4 | 7.22 |
| Operational Profit (Loss) | 83.9 | 46.4 | 80.82 | 70.4 | 19.18 |
| Net Profit (Loss) after Zakat and Tax | 19.4 | 0.8 | 2,325 | 18.4 | 5.43 |
| Total Comprehensive Income | 12.4 | 1.6 | 675 | 75.3 | -83.53 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 1,528 | 1,455 | 5.02 |
| Profit (Loss) per Share | 0.24 | 0.01 | |
| 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 | Reported net income for the Q1FY23 was SAR 19.4 million compared to SAR 0.8 million for the Q1’22 due to the following:
• Increase in revenue (excluding accounting construction revenue) from 196.1 million in Q1’22 to 238.9 million in Q1’23 due to the ports and water segments mainly driven by improved volumes.
• Gross Margins improvement due to higher volumes and optimized revenue mix in the ports segment, and effective cost control.
• Investment income improvement due to strong operating results of equity accounted associates.
• Stable operating expenses during the period. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | Net income for the first quarter improved by 5.6% from the previous quarter due to the following:
• Increase in revenues for the first quarter of 2023, excluding accounting construction revenue, by 3.5% compared to the previous quarter at SAR 238.9 million due to higher port gateway volume with improved gross margins.
• Improved operating results and gross margins. Goss profit of SAR 129.1 million grew by 7.2% vs. the previous quarter. |
| 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 196 million. There is no impact on gross profit or net profit as there is a corresponding construction cost of SAR 196 million recognized in the cost of revenue. |
| Attached Documents |  |
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