SISCO net profit jumps 94% to SAR 71.2M in 2023, Q4 at SAR 6.8M

12/03/2024 Argaam Exclusive

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Sustained Infrastructure Holding Co. (SISCO Holding) reported a net profit of SAR 71.2 million for 2023, a surge of 94% from SAR 36.7 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	993.84	1,603.43	61.3 %
Gross Income	416.15	538.13	29.3 %
Operating Income	230.00	319.36	38.9 %
Net Income	36.73	71.20	93.9 %
Average Shares	81.60	81.60	-
EPS (Riyals)	0.45	0.87	93.9 %

The profit surge was fueled by the 12-month topline, excluding construction revenues, grew by 23.1% from 2022 on the back of overall improvement across all segments.

The 2023 gross profit stood at SAR 538.1 million, a rise of 29.3% from 2022 due to an increase in revenue and improved gross margins across all segments.

Additionally, Kindasa Water Services revenues were negatively affected due to a decline in production.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	276.83	498.40	80.0 %
Gross Income	120.44	125.45	4.2 %
Operating Income	70.40	56.76	(19.4 %)
Net Income	18.44	6.81	(63.1 %)
Average Shares	81.60	81.60	-
EPS (Riyals)	0.23	0.08	(63.1 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	334.12	498.40	49.2 %
Gross Income	147.74	125.45	(15.1 %)
Operating Income	97.03	56.76	(41.5 %)
Net Income	23.72	6.81	(71.3 %)
Average Shares	81.60	81.60	-
EPS (Riyals)	0.29	0.08	(71.3 %)

SISCO’s Q4 2023 net profit dropped 63% year-on-year (YoY) to SAR 6.8 million from SAR 18.44 million in a prior-year period.

On a quarterly basis, net profit slumped 71.3% from SAR 23.72 million.

Total shareholders’ equity, after minority interest, stood at SAR 1.50 billion by Dec. 31, 2023, compared to SAR 1.51 billion a year earlier.

Attached Documents

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