Financial Results : SISCO 9M 2023 profit rises to SAR 64.4 mln; Q3 at SAR 23.7 mln

SISCO 9M 2023 profit rises to SAR 64.4 mln; Q3 at SAR 23.7 mln

05/11/2023 Argaam Exclusive

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Saudi Industrial Services Co. (SISCO) posted a net profit of SAR 64.4 million for the first nine months of 2023, compared to SAR 18.3 million a year earlier.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 717.01 1,105.03 54.1 %
Gross Income 295.71 412.68 39.6 %
Operating Income 159.61 262.60 64.5 %
Net Income 18.29 64.40 252.1 %
Average Shares 81.60 81.60 -
EPS (Riyals) 0.22 0.79 252.1 %

The nine-month revenue, excluding accounting construction revenue, grew by 24.4% year-on-year (YoY) on the back of overall improvement across all segments.

 

In addition, gross profit for 9M 2023 reached SAR 412.7 million, up 39.6% YoY due to more conducive market conditions and improved global supply chains. Last year, the revenue of the company’s subsidiary, Kindasa Water Services Co., was negatively affected by a temporary decline in production. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 261.02 334.12 28.0 %
Gross Income 105.81 147.74 39.6 %
Operating Income 60.44 97.03 60.5 %
Net Income 14.38 23.72 64.9 %
Average Shares 81.60 81.60 -
EPS (Riyals) 0.18 0.29 64.9 %

In Q3 2023, net profit amounted to SAR 23.7 million, leaping 64.8% from SAR 14.3 million in Q3 2022. 

 

This was driven by the three-month revenue, excluding accounting construction revenue, which increased from SAR 214.7 million to SAR 276.1 million on the back of overall improvement across all segments. Gross profit for Q3 2023 reached SAR 147.7 million, up from SAR 105.8 a year before.

 

Compared to the previous quarter, Q3 net profit rose 11.7% from SAR 21.21 million.

 

Shareholders’ equity, excluding minority interest, amounted to SAR 1.53 billion as of Sept. 30, 2023, from SAR 1.44 billion in the year-ago period.

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