Saudi Industrial Services Co. (SISCO) reported a net profit after Zakat and tax of SAR 54.7 million for H1 2021, a decline of 34% from SAR 83.1 million in the year-ago period.
The profit drop followed a one-off reversal of provision of replacement cost recorded in Q2 2020, in addition to a one-off IFRS 9 gain of SAR 31.9 million recognised in Q2 2020.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 382.86 | 510.45 | 33.3 % |
| Gross Income | 169.06 | 258.44 | 52.9 % |
| Operating Income | 86.57 | 178.33 | 106.0 % |
| Net Income | 83.12 | 54.75 | (34.1 %) |
| Average Shares | 81.60 | 81.60 | - |
| EPS (Riyals) | 1.02 | 0.67 | (34.1 %) |
In Q2 2021, net profit after Zakat and tax plunged 60% year-on-year (YoY) to SAR 22.5 million.
On a sequential basis, Q2 net profit tumbled 30.3% from SAR 32.3 million.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 215.57 | 252.15 | 17.0 % |
| Gross Income | 115.88 | 123.56 | 6.6 % |
| Operating Income | 73.16 | 83.58 | 14.2 % |
| Net Income | 56.52 | 22.47 | (60.2 %) |
| Average Shares | 81.60 | 81.60 | - |
| EPS (Riyals) | 0.69 | 0.28 | (60.2 %) |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 258.30 | 252.15 | (2.4 %) |
| Gross Income | 134.88 | 123.56 | (8.4 %) |
| Operating Income | 94.75 | 83.58 | (11.8 %) |
| Net Income | 32.28 | 22.47 | (30.4 %) |
| Average Shares | 81.60 | 81.60 | - |
| EPS (Riyals) | 0.40 | 0.28 | (30.4 %) |
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