SISCO Q1 2021 net profit jumps 21% to SAR 32.3 mln

02/05/2021 Argaam Exclusive

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Saudi Industrial Services Co. (SISCO) announced a net profit after Zakat and tax of SAR 32.3 million for Q1 2021, a rise of 21% from SAR 26.6 million in the year-ago period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 167.29 258.30 54.4 %
Gross Income 53.17 134.88 153.7 %
Operating Income 13.41 94.75 606.6 %
Net Income 26.60 32.28 21.3 %
Average Shares 81.60 81.60 -
EPS (Riyals) 0.33 0.40 21.3 %

The quarterly figures were driven by a revenue growth of 54.4% year-on-year (YoY), amid the strong top-line performance of the ports segment. SISCO also reported an over twofold increase YoY in the first-quarter gross profit and a higher profit share from associates.

When compared to Q4 2020, the company’s net profit after Zakat and tax grew by 15% from SAR 28 million, thanks to an increase in gross profit, and the one off reversal of old liabilities worth SAR 4.6 million during Q1 2021.

 

Adjusting for the impact of accounting construction revenue, which does not impact gross profit or net income, revenue grew by 5.8% when compared to the previous quarter.

 

 

Shareholders’ equity, excluding minority interest, grew by 8.2% to SAR 1.206 billion by the end of Q1 2021, compared to SAR 1.114 billion in the year-ago period.

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