SISCO net profit surges to SAR 139.4 mln for 2020

28/02/2021 Argaam Exclusive

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Saudi Industrial Services Co. (SISCO) reported net profit after Zakat and tax of SAR 139.4 million, a more than two-fold increase for 2020, from SAR 50.9 million a year earlier.

Financials (M)

Item	2019	2020	Change‬
Revenues	675.88	1,020.87	51.0 %
Gross Income	260.31	423.74	62.8 %
Operating Income	93.41	256.24	174.3 %
Net Income	50.92	151.03	196.6 %
Average Shares	81.60	81.60	-
EPS (Riyals)	0.62	1.85	196.6 %

The profit increase was driven by higher revenues from the ports segment related to the takeover of NCT terminal in Jeddah Islamic Port and higher other income.

SISCO also cited lower financial charges on external debt financing of SAR 9 million and gains from IFRS9 of SAR 31.9 million.

The profit increase was offset by higher port segment operating expenses and lower profit from associate companies.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	156.52	378.33	141.7 %
Gross Income	39.92	122.53	206.9 %
Operating Income	1.87	78.01	4069.5 %
Net Income	5.94	39.74	568.8 %
Average Shares	81.60	81.60	-
EPS (Riyals)	0.07	0.49	568.8 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	259.67	378.33	45.7 %
Gross Income	132.15	122.53	(7.3 %)
Operating Income	91.66	78.01	(14.9 %)
Net Income	28.16	39.74	41.2 %
Average Shares	81.60	81.60	-
EPS (Riyals)	0.35	0.49	41.2 %

Q4 2020 profit stood at SAR 28.1 million, a more than four-fold hike, from SAR 5.94 million in prior-year period.

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