SISCO 9M 2021 profit drops 47% to SAR 58.7 mln

03/11/2021 Argaam Exclusive

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Saudi Industrial Services Co. (SISCO) reported a net profit after Zakat and tax of SAR 58.7 million for the first nine months of 2021, down 47% from SAR 111.3 million in the same period a year ago.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	642.53	733.72	14.2 %
Gross Income	301.21	355.46	18.0 %
Operating Income	178.23	232.45	30.4 %
Net Income	111.28	58.73	(47.2 %)
Average Shares	81.60	81.60	-
EPS (Riyals)	1.36	0.72	(47.2 %)

The company attributed the profit decline to reduction of share of net income from 60.6% to 36.36% following divestment of 21.2% stake in Red Sea Gateway Terminal Ltd. (RSGT).

SISCO’s share of net income last year included one-off accounting adjustments of SAR 106.9 million, of which SISCO’s share was SAR 64.7 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	259.67	223.27	(14.0 %)
Gross Income	132.15	97.02	(26.6 %)
Operating Income	91.66	54.11	(41.0 %)
Net Income	28.16	3.98	(85.9 %)
Average Shares	81.60	81.60	-
EPS (Riyals)	0.35	0.05	(85.9 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	252.15	223.27	(11.5 %)
Gross Income	123.56	97.02	(21.5 %)
Operating Income	83.58	54.11	(35.3 %)
Net Income	22.47	3.98	(82.3 %)
Average Shares	81.60	81.60	-
EPS (Riyals)	0.28	0.05	(82.3 %)

The company reported a net profit of SAR 4 million for Q3 2021, declining 86% year-on-year (YoY), on lower revenue.

When compared to previous quarter, Q3 net profit fell 82.2% due to reduction of share of net income from 60.6% to 36.36% following divestment of 21.2% stake in RSGT.

Shareholders’ equity, after minority interest, rose to SAR 1.518 billion in 9M 2021, from SAR 1.1505 billion a year earlier.

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