SISCO profit plunges to SAR 57.9 mln in 2021, posts SAR 831,000 loss in Q4

02/03/2022 Argaam Exclusive

Saudi Industrial Services Co. (SISCO) reported a net profit after Zakat and tax of SAR 57.9 million for 2021, down 58.5% from SAR 139.4 million in the previous year.



Financials (M)

Item 2020 2021 Change‬
Revenues 1,020.87 985.41 (3.5 %)
Gross Income 423.74 446.47 5.4 %
Operating Income 256.24 278.35 8.6 %
Net Income 151.03 57.88 (61.7 %)
Average Shares 81.60 81.60 -
EPS (Riyals) 1.85 0.71 (61.7 %)

SISCO said in 2020 its net profit included one-off gains and reversal of provisions and liabilities, which resulted in a positive impact of SAR 72.9 million.

 

In addition, SISCO’s share of Red Sea Gateway Terminal (RSGT) net income reduced from 60.6% to 36.36% during the period, following the strategic divestment of its direct equity stake.

 

The firm also attributed the profit decline to lower gateway volumes due to headwinds in global logistics, and a number of one-off items incurred in 2021.

 

In Q4 2021, SISCO swung to net loss of SAR 831,000, compared to a profit of SAR 28.13 million in Q4 2020.

 

The firm had posted a profit of SAR 3.98 million in Q3 2021.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 378.33 251.69 (33.5 %)
Gross Income 122.53 91.01 (25.7 %)
Operating Income 78.01 45.90 (41.2 %)
Net Income 39.74 (0.85) (102.1 %)
Average Shares 81.60 81.60 -
EPS (Riyals) 0.49 (0.01) (102.1 %)

Shareholders’ equity, after minority interest, rose to SAR 1.486 billion in 2021, from SAR 1.174 billion a year earlier.

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Share Price

Sustained Infrastructure Holding Co.
29.90
0.50 1.70 %

Sustained Infrastructure Holding Co. (SISCO HOLDING)

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Financial Ratios
Current
Market Cap (M Riyal) 2,439.84
Enterprise Value (EV) (M) 3,705.01
Shares Outstanding ((M)) 81.60
EPS ( Riyal) (TTM) (0.16)
Book Value (BV) ( Riyal) 17.76
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 45.40
P/E (TTM) NEG
Price/book 1.68
Return on Average Assets (%) (TTM) (0.23 )
Return on Average Equity (%) (TTM) (0.89 )
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