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

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 %)

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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