SISCO net profit slumps 93% to SAR 3.9 mln in H1 2022, Q2 falls 86% to SAR 3.1 mln

11/08/2022 Argaam Exclusive

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Saudi Industrial Services Co. (SISCO) reported a net profit after Zakat and tax of SAR 3.9 million for H1 2022, a drop of 93% from SAR 54.7 million in the year-ago period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	510.45	455.98	(10.7 %)
Gross Income	258.44	189.90	(26.5 %)
Operating Income	178.33	99.16	(44.4 %)
Net Income	54.75	3.91	(92.9 %)
Average Shares	81.60	81.60	-
EPS (Riyals)	0.67	0.05	(92.9 %)

The profit decline was due to a fall in ports revenues and gross margins as a result of continued pressure on gateway volumes, coupled with a decline in water segment revenues and gross margins.

In Q2 2022, net profit after Zakat and tax plunged 86% year-on-year (YoY) to SAR 3.1 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	252.15	243.43	(3.5 %)
Gross Income	123.56	99.69	(19.3 %)
Operating Income	83.58	52.72	(36.9 %)
Net Income	22.47	3.13	(86.1 %)
Average Shares	81.60	81.60	-
EPS (Riyals)	0.28	0.04	(86.1 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	212.56	243.43	14.5 %
Gross Income	90.21	99.69	10.5 %
Operating Income	46.44	52.72	13.5 %
Net Income	0.78	3.13	302.5 %
Average Shares	81.60	81.60	-
EPS (Riyals)	0.01	0.04	302.5 %

The second-quarter fall was due to the continued impact of global supply chain disruptions, which affected gateway and transshipment volumes in the ports segment. Consequently, gross profit dropped to SAR 99.7 million in Q2 2022, from SAR 123.6 million a year earlier. In addition, market challenges in the global port and logistics sectors impacted margins during the quarter.

On a sequential basis, Q2 2022 net profit was more than three times higher than SAR 800,000.

Total shareholders’ equity, after minority interest, reached SAR 1.459 billion at the end of H1 2022, compared with SAR 1.166 billion a year earlier.

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