Sustained Infrastructure Holding Co. (SISCO Holding) reported a net profit of SAR 71.2 million for 2023, a surge of 94% from SAR 36.7 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 993.84 | 1,603.43 | 61.3 % |
| Gross Income | 416.15 | 538.13 | 29.3 % |
| Operating Income | 230.00 | 319.36 | 38.9 % |
| Net Income | 36.73 | 71.20 | 93.9 % |
| Average Shares | 81.60 | 81.60 | - |
| EPS (Riyals) | 0.45 | 0.87 | 93.9 % |
The profit surge was fueled by the 12-month topline, excluding construction revenues, grew by 23.1% from 2022 on the back of overall improvement across all segments.
The 2023 gross profit stood at SAR 538.1 million, a rise of 29.3% from 2022 due to an increase in revenue and improved gross margins across all segments.
Additionally, Kindasa Water Services revenues were negatively affected due to a decline in production.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 276.83 | 498.40 | 80.0 % |
| Gross Income | 120.44 | 125.45 | 4.2 % |
| Operating Income | 70.40 | 56.76 | (19.4 %) |
| Net Income | 18.44 | 6.81 | (63.1 %) |
| Average Shares | 81.60 | 81.60 | - |
| EPS (Riyals) | 0.23 | 0.08 | (63.1 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 334.12 | 498.40 | 49.2 % |
| Gross Income | 147.74 | 125.45 | (15.1 %) |
| Operating Income | 97.03 | 56.76 | (41.5 %) |
| Net Income | 23.72 | 6.81 | (71.3 %) |
| Average Shares | 81.60 | 81.60 | - |
| EPS (Riyals) | 0.29 | 0.08 | (71.3 %) |
SISCO’s Q4 2023 net profit dropped 63% year-on-year (YoY) to SAR 6.8 million from SAR 18.44 million in a prior-year period.
On a quarterly basis, net profit slumped 71.3% from SAR 23.72 million.
Total shareholders’ equity, after minority interest, stood at SAR 1.50 billion by Dec. 31, 2023, compared to SAR 1.51 billion a year earlier.
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