SISCO Holding logs SAR 20.1M loss in 9M 2024; Q3 loss at SAR 9.4M

Sustained Infrastructure Holding Co. (SISCO Holding) logged a net loss of SAR 20.1 million for the first nine months of 2024, compared to a SAR 64.4 million profit a year earlier.

The 9M loss was attributed to a rise in depreciation and operating costs in the international ports segment, as well as an increase in financial charges due to higher debt and borrowing rates.

The company also noted a one-time provision for Zakat amounting to SAR 17.4 million for the fiscal years 2021 and 2022, and an additional Zakat provision of SAR 8 million for 2023.

The decrease in the profit share from equity-accounted investee companies is primarily attributable to a non-recurring net loss of SAR 59.2 million in a distribution company (SISCO Holding's share: SAR 29.6 million) resulting from a one-time provision for additional costs in three EPC (engineering, procurement, and construction) projects.

Additionally, there was a total non-recurring loss of SAR 12 million in Green Dome Holding, an associate company accounted for using the equity method, during the nine-month period.

The loss was posted, notwithstanding a 16.2% increase in overall revenues, excluding those generated from construction accounting, which amounted to SAR 901.9 million compared to the previous year.

The company swung to a net loss of SAR 9.4 million in Q3 2024 from a net profit of SAR 23.72 million in Q3 2023, mainly due to higher depreciation and operating costs in the international ports segment.

On quarterly basis, the company turned to loss from a net profit of SAR 10.54 million in Q2 2024.

Total shareholders’ equity, excluding minority interest, declined to SAR 1.45 billion as of Sept. 30, 2024, from SAR 1.53 billion in the year-earlier period.

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