SISCO profit slumps 37% to SAR 36.7 mln in 2022; Q4 at SAR 18.4 mln

28/02/2023 Argaam Exclusive

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Saudi Industrial Services Co. (SISCO) reported a net profit after Zakat and tax of SAR 36.7 million for 2022, a decline of 37% from SAR 57.9 million in a year-earlier period.

Financials (M)

Item	2021	2022	Change‬
Revenues	985.41	993.84	0.9 %
Gross Income	446.47	416.15	(6.8 %)
Operating Income	278.35	230.00	(17.4 %)
Net Income	57.88	36.73	(36.5 %)
Average Shares	81.60	81.60	-
EPS (Riyals)	0.71	0.45	(36.5 %)

This was triggered by a decline in the revenues from the ports segment on the gateway volumes, the water segment on an unplanned plant shutdown, and the logistics business division on lower service and open yard revenue.

Meanwhile, SISCO managed to maintain a gross profit margin at 48.7% in 2022, compared to 48.5% last year.

SISCO reported a net income after Zakat and tax of SAR 18.4 million in Q4 2022 versus a net loss after Zakat and tax of SAR 0.85 million in the year-earlier period.

The company’s Q4 2022 net profit after Zakat and tax increased by 28% from SAR 14.38 million in Q3 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	251.69	276.83	10.0 %
Gross Income	91.01	120.44	32.3 %
Operating Income	45.90	70.40	53.4 %
Net Income	(0.85)	18.44	2261.7 %
Average Shares	81.60	81.60	-
EPS (Riyals)	(0.01)	0.23	2261.7 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	261.02	276.83	6.1 %
Gross Income	105.81	120.44	13.8 %
Operating Income	60.44	70.40	16.5 %
Net Income	14.38	18.44	28.2 %
Average Shares	81.60	81.60	-
EPS (Riyals)	0.18	0.23	28.2 %

Total shareholders’ equity, excluding minority interest, stood at SAR 1.51 billion by the end of 2022, compared to SAR 1.48 billion in the corresponding period.

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