SISCO net profit jumps 94% to SAR 71.2M in 2023, Q4 at SAR 6.8M

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.

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.

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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