SISCO Holding loses SAR 740,000 in 2024, earns SAR 19.4M in Q4

Sustained Infrastructure Holding Co. (SISCO Holding) swung to a net loss of SAR 740,000 in 2024 against a net profit of SAR 71.2 million in 2023.

The annual losses were ascribed to a decrease in the profit share from equity-accounted investees due to a non-recurring loss (SAR 68 million, of which SISCO Holding's share stood at SAR 34 million) resulting from a one-time provision for additional costs in three EPC (engineering, procurement, and construction) projects.

In addition, the company reported a one off non-recurring loss in Green Dome Holding of SAR 12 million in 2024.

SISCO Holding recorded a one-time provision for Zakat amounting to SAR 17.4 million for the fiscal years 2021 and 2022, and an additional Zakat provision of SAR 9 million for 2023.

It also cited higher depreciation costs on new capital investments, which weighed on profitability.

The company also noted an increase in the investment and operation costs of Patenga Container Terminal (PCT) in Bangladesh.

In Q4 2024, the company generated a net profit of SAR 19.4 million, an increase of over twofold from SAR 6.8 million in Q4 2023.

In the previous quarter, SISCO Holding sustained net losses of SAR 9.4 million.

Shareholders’ equity, after minority interest, reached SAR 1.47 billion as of Dec. 31, 2024, compared to SAR 1.50 billion a year earlier.

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