SISCO's net profit more than doubles to SAR 83.1 mln in H1 2020

24/08/2020 Argaam Exclusive

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Saudi Industrial Services Co. (SISCO) reported net profit after Zakat and tax of SAR 83.1 million for the first half of 2020, an increase of more than two-fold year-on-year (YoY), driven by recording SAR 32 million in gains from implementing the IFRS9. The company also cited increased other income and improved performance of ports segment.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	347.21	382.86	10.3 %
Gross Income	150.23	169.06	12.5 %
Operating Income	76.62	86.57	13.0 %
Net Income	38.24	83.12	117.4 %
Average Shares	81.60	81.60	-
EPS (Riyals)	0.47	1.02	117.4 %

Net profit after Zakat and tax for the second quarter increased by more than two-fold YoY to SAR 56.5 million, due to improved performance of ports segment.

On a quarter-on-quarter basis, the profit for the current quarter more than doubled.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	180.69	215.57	19.3 %
Gross Income	77.55	115.88	49.4 %
Operating Income	43.31	73.16	68.9 %
Net Income	21.34	56.52	164.9 %
Average Shares	81.60	81.60	-
EPS (Riyals)	0.26	0.69	164.9 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	167.29	215.57	28.9 %
Gross Income	53.17	115.88	117.9 %
Operating Income	13.41	73.16	445.6 %
Net Income	26.60	56.52	112.5 %
Average Shares	81.60	81.60	-
EPS (Riyals)	0.33	0.69	112.5 %

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