Financial Results : SISCO H1 2023 profit surges to SAR 40.7 mln; Q2 at SAR 21.2 mln

SISCO H1 2023 profit surges to SAR 40.7 mln; Q2 at SAR 21.2 mln

10/08/2023 Argaam Exclusive

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Saudi Industrial Services Co. (SISCO) reported a net profit of SAR 40.7 million for H1 2023, soaring from SAR 3.9 million in the year-ago period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 455.98 770.91 69.1 %
Gross Income 189.90 264.94 39.5 %
Operating Income 99.16 165.58 67.0 %
Net Income 3.91 40.68 940.1 %
Average Shares 81.60 81.60 -
EPS (Riyals) 0.05 0.50 940.1 %

Gross profit reached SAR 264.9 million, up 39.5% YoY. Global supply chain disruptions had a significant impact on last year's results, particularly affecting gateway and transshipment volumes in the ports segment.

 

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



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 243.43 336.01 38.0 %
Gross Income 99.69 135.84 36.3 %
Operating Income 52.72 81.70 55.0 %
Net Income 3.13 21.21 577.0 %
Average Shares 81.60 81.60 -
EPS (Riyals) 0.04 0.26 577.0 %

In Q2 2023, net profit surged to SAR 21.2 million, compared to SAR 3.13 million a year earlier.

 

The second-quarter revenue, excluding accounting construction revenue, increased to SAR 261.4 million from SAR 213.2 million in Q2 2022.

 

Gross profit improved in Q2 2023 to SAR 135.8 million from SAR 99.7 million in Q2 2022.

 

On a sequential basis, Q2 2023 net profit rose 8.9% from SAR 19.47 million.

 

Total shareholders’ equity, after minority interest, reached SAR 1.52 billion at the end of H1 2023, compared with SAR 1.45 billion a year earlier.

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