SISCO net profit slumps 34% to SAR 54.7 mln in H1 2021

12/08/2021 Argaam Exclusive

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Saudi Industrial Services Co. (SISCO) reported a net profit after Zakat and tax of SAR 54.7 million for H1 2021, a decline of 34% from SAR 83.1 million in the year-ago period.

The profit drop followed a one-off reversal of provision of replacement cost recorded in Q2 2020, in addition to a one-off IFRS 9 gain of SAR 31.9 million recognised in Q2 2020.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	382.86	510.45	33.3 %
Gross Income	169.06	258.44	52.9 %
Operating Income	86.57	178.33	106.0 %
Net Income	83.12	54.75	(34.1 %)
Average Shares	81.60	81.60	-
EPS (Riyals)	1.02	0.67	(34.1 %)

In Q2 2021, net profit after Zakat and tax plunged 60% year-on-year (YoY) to SAR 22.5 million.

On a sequential basis, Q2 net profit tumbled 30.3% from SAR 32.3 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	215.57	252.15	17.0 %
Gross Income	115.88	123.56	6.6 %
Operating Income	73.16	83.58	14.2 %
Net Income	56.52	22.47	(60.2 %)
Average Shares	81.60	81.60	-
EPS (Riyals)	0.69	0.28	(60.2 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	258.30	252.15	(2.4 %)
Gross Income	134.88	123.56	(8.4 %)
Operating Income	94.75	83.58	(11.8 %)
Net Income	32.28	22.47	(30.4 %)
Average Shares	81.60	81.60	-
EPS (Riyals)	0.40	0.28	(30.4 %)

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