SISCO's Q3 shows ‘tangible’ sectoral growth: CEO

Khalid Suleimani, CEO of Saudi Industrial Services Co. (SISCO)

Saudi Industrial Services Co.’s (SISCO) CEO Khalid Suleimani said the company reported a tangible improvement across all segments in Q3 2023, compared to the previous year.

The ports sector was the key growth driver in Q3 2023, marking a significant year-on-year (YoY) increase in operations due to additional cargo handling capacity. The improved revenue mix was also reflected positively in gross profit growth during the quarter, along with a substantial uptick in net profit, Suleimani noted in a company statement today, Nov. 5.

He also emphasized the logistics sector's notable input to the YoY hike in the company’s Q3 2023 gross revenues and net profits. Meanwhile, the water sector's modest YoY revenue contribution for the three-month period stemmed from enhanced volumes of operations and business activities.

He noted that the water sector's robust performance persisted through the quarter, despite a minor dip in gross profit margins to 47.2%, from 47.6% in Q3 2022. This was attributed mainly to SISCO’s sales mix and pricing adjustments.

He highlighted that SISCO’s affiliates, notably Sisco-Aljabr-Talke Limited Co. (S.A. Talke) and the International Water Distribution Co. Ltd. (Tawzea), recorded strong results in the third quarter of the current year.

SISCO's earnings climbed to SAR 64.4 million in the first three quarters of 2023, versus SAR 18.3 million in the same period of 2022. The third-quarter profits posted a 65% YoY boost to SAR 23.7 million, according to data compiled by Argaam.