Financial Results : SISCO reports 90% profit surge in 9M 2019

SISCO reports 90% profit surge in 9M 2019

30/10/2019 Argaam Exclusive

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Saudi Industrial Services Co. (SISCO) posted a rise of 89.9 percent year-on-year (YoY) in net profit after zakat and tax to SAR 45 million for the first nine months of 2019, driven by the port segment’s higher profitability.



Financials (M)

Item 9m 2018 9m 2019 Change‬
Revenues 416.32 519.37 24.8 %
Gross Income 147.08 220.39 49.8 %
Operating Income 46.18 91.54 98.2 %
Net Income 23.71 44.98 89.7 %
Average Shares 81.60 81.60 -
EPS (Riyals) 0.29 0.55 89.7 %

In Q3 2019, net profit after zakat and tax dropped 39.6 percent YoY to SAR 6.7 million, as the company allocated a provision worth SAR 16.6 million for trade receivables, of which SAR13.5 million were for one customer in the logistics segment with an additional general provision of SAR 3.1 million in the ports and logistics segments.

 

When compared to the previous quarter, net profit plunged 68.5 percent on a marginal decline in the port segment revenue and higher operating costs during the quarter. It was also hit by the SAR 16.6 million worth of provision.



Current Quarter Comparison (M)

Compared With The
Item Q3 2018 Q3 2019 Change‬
Revenues 147.42 172.16 16.8 %
Gross Income 54.11 70.16 29.7 %
Operating Income 17.75 14.91 (16.0 %)
Net Income 11.10 6.74 (39.3 %)
Average Shares 81.60 81.60 -
EPS (Riyals) 0.14 0.08 (39.3 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2010 55.16 57.3 % 20.58 25.1 % 6.39 43.6 %
Q2 2010 67.11 80.5 % 28.08 59.3 % 7.15 3248.5 %
Q3 2010 77.23 113.6 % 31.46 85.5 % 14.90 628.8 %
Q4 2010 82.34 170.1 % 28.37 104.2 % 6.68 132.3 %
Q1 2011 79.19 43.6 % 31.46 52.8 % 9.48 48.4 %
Q2 2011 96.20 43.3 % 39.31 40.0 % 17.56 145.8 %
Q3 2011 110.78 43.4 % 52.49 66.8 % 26.92 80.6 %
Q4 2011 112.09 36.1 % 40.08 41.3 % 5.22 (21.9 %)
Q1 2012 107.73 36.0 % 47.39 50.6 % 17.06 79.9 %
Q2 2012 121.48 26.3 % 51.84 31.9 % 28.58 62.7 %
Q3 2012 122.98 11.0 % 54.91 4.6 % 33.72 25.2 %
Q4 2012 121.25 8.2 % 61.64 53.8 % 32.04 514.3 %
Q1 2013 123.55 14.7 % 61.47 29.7 % 34.75 103.7 %
Q2 2013 142.55 17.3 % 76.21 47.0 % 44.07 54.2 %
Q3 2013 128.33 4.3 % 62.64 14.1 % 31.20 (7.5 %)
Q4 2013 125.60 3.6 % 59.30 (3.8 %) 33.37 4.2 %
Q1 2014 121.44 (1.7 %) 56.32 (8.4 %) 27.05 (22.2 %)
Q2 2014 143.10 0.4 % 71.87 (5.7 %) 40.99 (7.0 %)
Q3 2014 161.91 26.2 % 86.42 38.0 % 51.43 64.9 %
Q4 2014 147.29 17.3 % 73.75 24.4 % 39.56 18.5 %
Q1 2015 146.31 20.5 % 74.16 31.7 % 35.59 31.6 %
Q2 2015 164.46 14.9 % 82.57 14.9 % 50.08 22.2 %
Q3 2015 153.25 (5.3 %) 71.23 (17.6 %) 42.98 (16.4 %)
Q4 2015 152.07 3.2 % 78.61 6.6 % 43.50 9.9 %
Q1 2016 171.64 17.3 % 76.93 3.7 % 41.78 17.4 %
Q2 2016 182.51 11.0 % 85.56 3.6 % 50.73 1.3 %
Q3 2016 163.81 6.9 % 67.57 (5.1 %) 32.79 (23.7 %)
Q4 2016 172.82 13.6 % 62.65 (20.3 %) 32.69 (24.8 %)
Q1 2017 171.96 0.2 % 75.20 (2.3 %) 38.76 (7.2 %)
Q2 2017 149.29 (18.2 %) 61.88 (27.7 %) 30.98 (38.9 %)
Q3 2017 123.35 (24.7 %) 39.42 (41.7 %) 10.12 (69.1 %)
Q4 2017 117.81 (31.8 %) 22.19 (64.6 %) (5.84) (117.9 %)
Q1 2018 117.98 (31.4 %) 37.14 (50.6 %) 3.85 (90.1 %)
Q2 2018 150.93 1.1 % 55.83 (9.8 %) 24.59 (20.6 %)
Q3 2018 147.42 19.5 % 54.11 37.3 % 17.75 75.4 %
Q4 2018 148.38 25.9 % 74.99 238.0 % 41.90 817.3 %
Q1 2019 166.52 41.1 % 72.67 95.7 % 33.31 765.8 %
Q2 2019 180.69 19.7 % 77.55 38.9 % 43.31 76.2 %
Q3 2019 172.16 16.8 % 70.16 29.7 % 14.91 (16.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2010 2.10 201.7 % 0.03 - 2.10 0.03
Q2 2010 2.21 211.1 % 0.03 - 2.21 0.03
Q3 2010 0.23 (70.0 %) 0.00 - 0.23 0.00
Q4 2010 (2.42) (236.4 %) (0.03) - (2.42) (0.03)
Q1 2011 (0.78) (137.4 %) (0.01) - (0.78) (0.01)
Q2 2011 5.35 141.5 % 0.07 - 5.35 0.07
Q3 2011 7.00 2915.1 % 0.09 - 7.00 0.09
Q4 2011 (0.51) 78.7 % (0.01) - (0.51) (0.01)
Q1 2012 6.49 927.4 % 0.08 10.00 (3.51) (0.04)
Q2 2012 10.97 105.1 % 0.13 - 10.97 0.13
Q3 2012 11.92 70.4 % 0.15 - 11.92 0.15
Q4 2012 8.86 1823.0 % 0.11 (0.17) 9.03 0.11
Q1 2013 13.44 107.2 % 0.16 (0.05) 13.49 0.17
Q2 2013 19.59 78.7 % 0.24 (0.19) 19.79 0.24
Q3 2013 11.25 (5.7 %) 0.14 (0.12) 11.37 0.14
Q4 2013 11.76 32.8 % 0.14 (1.12) 12.88 0.16
Q1 2014 12.37 (8.0 %) 0.15 5.74 6.63 0.08
Q2 2014 21.72 10.8 % 0.27 - 21.72 0.27
Q3 2014 25.53 127.0 % 0.31 - 25.53 0.31
Q4 2014 18.46 57.0 % 0.23 - 18.46 0.23
Q1 2015 18.47 49.3 % 0.23 - 18.47 0.23
Q2 2015 25.22 16.1 % 0.31 - 25.22 0.31
Q3 2015 24.79 (2.9 %) 0.30 - 24.79 0.30
Q4 2015 22.03 19.3 % 0.27 - 22.03 0.27
Q1 2016 24.21 31.1 % 0.30 2.50 21.71 0.27
Q2 2016 29.04 15.1 % 0.36 - 29.04 0.36
Q3 2016 15.67 (36.8 %) 0.19 - 15.67 0.19
Q4 2016 21.34 (3.1 %) 0.26 6.88 14.46 0.18
Q1 2017 22.13 (8.6 %) 0.27 - 22.13 0.27
Q2 2017 24.10 (17.0 %) 0.30 11.19 12.91 0.16
Q3 2017 5.68 (63.8 %) 0.07 - 5.68 0.07
Q4 2017 6.91 (67.6 %) 0.08 12.80 (5.89) (0.07)
Q1 2018 0.57 (97.4 %) 0.01 - 0.57 0.01
Q2 2018 12.04 (50.1 %) 0.15 - 12.04 0.15
Q3 2018 11.10 95.6 % 0.14 - 11.10 0.14
Q4 2018 23.04 233.5 % 0.28 3.10 19.94 0.24
Q1 2019 16.90 2864.9 % 0.21 - 16.90 0.21
Q2 2019 21.34 77.3 % 0.26 - 21.34 0.26
Q3 2019 6.74 (39.3 %) 0.08 - 6.74 0.08

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 43.44 % 28.07 % 1.67 %
Q2 2010 42.09 % 33.58 % 3.63 %
Q3 2010 40.88 % 37.29 % 2.74 %
Q4 2010 38.50 % 38.46 % 0.76 %
Q1 2011 39.03 % 39.26 % (0.25 %)
Q2 2011 38.99 % 40.90 % 0.71 %
Q3 2011 41.15 % 42.44 % 2.48 %
Q4 2011 41.01 % 39.13 % 2.77 %
Q1 2012 42.00 % 38.90 % 1.95 %
Q2 2012 42.43 % 39.65 % 3.08 %
Q3 2012 41.83 % 40.81 % 4.06 %
Q4 2012 45.58 % 45.44 % 6.00 %
Q1 2013 46.98 % 47.60 % 9.28 %
Q2 2013 49.82 % 48.95 % 10.63 %
Q3 2013 50.80 % 47.87 % 10.41 %
Q4 2013 49.93 % 47.92 % 11.06 %
Q1 2014 49.13 % 46.89 % 9.78 %
Q2 2014 48.24 % 46.63 % 10.14 %
Q3 2014 49.62 % 47.59 % 12.09 %
Q4 2014 50.26 % 46.83 % 12.61 %
Q1 2015 51.15 % 46.51 % 14.06 %
Q2 2015 51.12 % 46.37 % 14.14 %
Q3 2015 49.36 % 45.78 % 14.22 %
Q4 2015 49.76 % 46.55 % 14.69 %
Q1 2016 48.23 % 46.11 % 14.62 %
Q2 2016 47.36 % 45.41 % 14.79 %
Q3 2016 46.07 % 43.57 % 13.20 %
Q4 2016 42.37 % 41.45 % 11.71 %
Q1 2017 42.10 % 41.23 % 11.76 %
Q2 2017 40.63 % 40.77 % 9.90 %
Q3 2017 38.73 % 40.08 % 8.93 %
Q4 2017 35.33 % 37.63 % 6.19 %
Q1 2018 31.59 % 35.74 % 2.61 %
Q2 2018 30.31 % 34.95 % 2.43 %
Q3 2018 31.69 % 35.54 % 3.34 %
Q4 2018 39.32 % 42.14 % 7.73 %
Q1 2019 42.01 % 43.79 % 9.78 %
Q2 2019 43.44 % 44.42 % 10.77 %
Q3 2019 44.23 % 42.45 % 9.72 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 81.60 0.03 0.03 9.02
Q2 2010 81.60 0.08 0.08 9.02
Q3 2010 81.60 0.08 0.08 9.04
Q4 2010 81.60 0.03 0.03 8.89
Q1 2011 81.60 (0.01) (0.01) 8.88
Q2 2011 81.60 0.03 0.03 8.94
Q3 2011 81.60 0.11 0.11 9.03
Q4 2011 81.60 0.14 0.14 9.02
Q1 2012 81.60 0.22 0.10 9.06
Q2 2012 81.60 0.29 0.17 9.14
Q3 2012 81.60 0.35 0.23 9.21
Q4 2012 81.60 0.47 0.35 9.39
Q1 2013 81.60 0.55 0.56 9.51
Q2 2013 81.60 0.66 0.66 9.83
Q3 2013 81.60 0.65 0.66 9.93
Q4 2013 81.60 0.69 0.70 10.13
Q1 2014 81.60 0.67 0.62 10.25
Q2 2014 81.60 0.70 0.64 10.53
Q3 2014 81.60 0.87 0.82 10.94
Q4 2014 81.60 0.96 0.89 11.19
Q1 2015 81.60 1.03 1.03 11.37
Q2 2015 81.60 1.07 1.07 11.28
Q3 2015 81.60 1.07 1.07 11.58
Q4 2015 81.60 1.11 1.11 11.91
Q1 2016 81.60 1.18 1.15 12.07
Q2 2016 81.60 1.23 1.20 11.98
Q3 2016 81.60 1.11 1.08 12.17
Q4 2016 81.60 1.11 0.99 12.36
Q1 2017 81.60 1.08 1.00 12.68
Q2 2017 81.60 1.02 0.80 12.99
Q3 2017 81.60 0.90 0.68 13.07
Q4 2017 81.60 0.72 0.43 13.08
Q1 2018 81.60 0.46 0.16 13.09
Q2 2018 81.60 0.31 0.15 12.90
Q3 2018 81.60 0.38 0.22 13.06
Q4 2018 81.60 0.57 0.53 13.34
Q1 2019 81.60 0.77 0.73 13.50
Q2 2019 81.60 0.89 0.85 13.31
Q3 2019 81.60 0.83 0.80 13.37

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 More than 100 More than 100 1.47
Q2 2010 More than 100 More than 100 1.15
Q3 2010 More than 100 More than 100 1.52
Q4 2010 More than 100 More than 100 1.41
Q1 2011 NEG NEG 1.23
Q2 2011 More than 100 More than 100 1.36
Q3 2011 89.96 89.96 1.12
Q4 2011 81.57 81.57 1.22
Q1 2012 71.82 More than 100 1.78
Q2 2012 37.06 63.66 1.19
Q3 2012 35.46 54.26 1.36
Q4 2012 24.27 32.67 1.21
Q1 2013 22.34 22.23 1.30
Q2 2013 17.24 17.11 1.16
Q3 2013 19.26 19.06 1.26
Q4 2013 20.44 19.92 1.39
Q1 2014 22.01 23.89 1.45
Q2 2014 20.89 22.68 1.39
Q3 2014 18.60 19.89 1.49
Q4 2014 13.14 14.18 1.12
Q1 2015 13.49 13.49 1.22
Q2 2015 14.12 14.12 1.34
Q3 2015 12.22 12.22 1.12
Q4 2015 11.02 11.02 1.03
Q1 2016 9.10 9.34 0.89
Q2 2016 8.95 9.18 0.92
Q3 2016 9.73 10.00 0.89
Q4 2016 11.22 12.52 1.00
Q1 2017 11.61 12.59 0.99
Q2 2017 11.64 14.86 0.91
Q3 2017 13.60 18.06 0.93
Q4 2017 15.82 26.72 0.87
Q1 2018 28.43 79.86 0.99
Q2 2018 47.94 97.47 1.15
Q3 2018 34.27 58.90 0.98
Q4 2018 18.92 20.27 0.81
Q1 2019 17.85 18.78 1.02
Q2 2019 16.28 17.01 1.09
Q3 2019 18.24 19.11 1.14

Business Segments (Million)

Compared With The
Period Port development and operation Logistics spaces and support services Water desalination and distriution Industrial support service
Q1 2010 17.07 9.62 19.02 9.46
Q2 2010 26.99 9.43 20.87 9.82
Q3 2010 38.43 10.26 19.19 9.34
Q4 2010 38.80 14.44 19.58 9.53
Q1 2011 41.06 10.72 17.98 9.44
Q2 2011 56.92 11.02 18.08 10.18
Q3 2011 71.30 10.80 18.94 9.73
Q4 2011 70.48 12.27 18.92 10.43
Q1 2012 65.58 13.96 18.05 10.15
Q2 2012 77.66 15.32 17.82 10.67
Q3 2012 80.89 17.25 15.26 9.57
Q4 2012 81.33 18.56 14.56 6.81
Q1 2013 81.71 17.89 17.10 6.86
Q2 2013 97.91 17.70 19.94 7.00
Q3 2013 90.45 18.80 12.11 6.97
Q4 2013 82.45 21.26 18.56 3.32
Q1 2014 74.88 22.26 19.29 5.01
Q2 2014 91.09 23.88 23.63 4.49
Q3 2014 103.17 29.55 24.82 4.37
Q4 2014 97.38 26.12 23.74 -
Q1 2015 96.48 25.11 24.72 -
Q2 2015 110.85 25.18 28.43 -
Q3 2015 100.36 25.61 27.28 -
Q4 2015 102.03 24.57 25.47 -
Q1 2016 119.74 25.79 26.11 -
Q2 2016 130.38 24.93 27.20 -
Q3 2016 113.35 24.63 25.82 -
Q4 2016 119.94 26.23 26.65 -
Q1 2017 119.03 28.18 24.75 -
Q2 2017 102.75 21.56 24.98 -
Q3 2017 75.63 22.91 24.81 -
Q4 2017 71.64 22.28 23.89 -
Q1 2018 76.21 17.54 24.22 -
Q2 2018 100.74 24.14 26.06 -
Q3 2018 101.92 21.50 24.00 -
Q4 2018 109.49 20.26 18.64 -
Q1 2019 124.60 20.30 21.61 -
Q2 2019 139.26 19.43 22.00 -
Q3 2019 126.30 21.90 23.95 -

Analysts Estimates (Million)

Item Q3 2019 (e) Q3 2019 (a) Change‬
Average 18.50 6.74 (63.6 %)

Estimates vs Actual (Million)

Item Q3 2019 (e) Q3 2019 (a) Change
OSOOL AND BAKHEET 18.50 6.74 (63.6) %

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 )

Share Price

Sustained Infrastructure Holding Co. (SISCO HOLDING)


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