SISCO profit plunges to SAR 57.9 mln in 2021, posts SAR 831,000 loss in Q4

02/03/2022 Argaam Exclusive

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Saudi Industrial Services Co. (SISCO) reported a net profit after Zakat and tax of SAR 57.9 million for 2021, down 58.5% from SAR 139.4 million in the previous year.

Financials (M)

Item	2020	2021	Change‬
Revenues	1,020.87	985.41	(3.5 %)
Gross Income	423.74	446.47	5.4 %
Operating Income	256.24	278.35	8.6 %
Net Income	151.03	57.88	(61.7 %)
Average Shares	81.60	81.60	-
EPS (Riyals)	1.85	0.71	(61.7 %)

SISCO said in 2020 its net profit included one-off gains and reversal of provisions and liabilities, which resulted in a positive impact of SAR 72.9 million.

In addition, SISCO’s share of Red Sea Gateway Terminal (RSGT) net income reduced from 60.6% to 36.36% during the period, following the strategic divestment of its direct equity stake.

The firm also attributed the profit decline to lower gateway volumes due to headwinds in global logistics, and a number of one-off items incurred in 2021.

In Q4 2021, SISCO swung to net loss of SAR 831,000, compared to a profit of SAR 28.13 million in Q4 2020.

The firm had posted a profit of SAR 3.98 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	378.33	251.69	(33.5 %)
Gross Income	122.53	91.01	(25.7 %)
Operating Income	78.01	45.90	(41.2 %)
Net Income	39.74	(0.85)	(102.1 %)
Average Shares	81.60	81.60	-
EPS (Riyals)	0.49	(0.01)	(102.1 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	223.27	251.69	12.7 %
Gross Income	97.02	91.01	(6.2 %)
Operating Income	54.11	45.90	(15.2 %)
Net Income	3.98	(0.85)	(121.4 %)
Average Shares	81.60	81.60	-
EPS (Riyals)	0.05	(0.01)	(121.4 %)

Shareholders’ equity, after minority interest, rose to SAR 1.486 billion in 2021, from SAR 1.174 billion a year earlier.

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