SISCO loses SAR 10.6M in H1 2024, earns SAR 10.5M in Q2

04/08/2024 Argaam Exclusive

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Saudi Industrial Services Co. (SISCO) reported a loss of SAR 10.6 million for H1 2024, against a profit of SAR 40.7 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	770.91	605.42	(21.5 %)
Gross Income	264.94	289.68	9.3 %
Operating Income	165.58	176.93	6.9 %
Net Income	40.68	(10.64)	(126.1 %)
Average Shares	81.60	81.60	-
EPS (Riyals)	0.50	(0.13)	(126.1 %)

The second-quarter losses were due to higher depreciation and pre-operating costs in the international ports business and finance charges due to an increase in debt and borrowing rates. This was in addition to lower share of profit from equity accounted associates.

However, revenue, excluding accounting construction revenue, grew by 15.7% year-on-year (YoY) on the back of revenue improvement across all segments.

In Q2 2024, net profit dropped 50% to SAR 10.5 million from SAR 21.21 million a year earlier, mainly due to higher depreciation and pre-operating costs in the international ports business as well as finance charges.

On a sequential basis, the company turned profitable from a loss of SAR 21.18 million in Q1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	336.01	338.51	0.7 %
Gross Income	135.84	156.80	15.4 %
Operating Income	81.70	97.34	19.1 %
Net Income	21.21	10.54	(50.3 %)
Average Shares	81.60	81.60	-
EPS (Riyals)	0.26	0.13	(50.3 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	266.91	338.51	26.8 %
Gross Income	132.87	156.80	18.0 %
Operating Income	79.60	97.34	22.3 %
Net Income	(21.18)	10.54	149.8 %
Average Shares	81.60	81.60	-
EPS (Riyals)	(0.26)	0.13	149.8 %

Total shareholders’ equity, after minority interest, reached SAR 1.47 billion at the end of H1 2024, down from SAR 1.52 billion a year earlier.

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