اعلان الشركة السعودية للخدمات الصناعية عن النتائج المالية الأولية للفترة المنتهية 

A2190 SISCO-1.05 (-3.08 %)
1443/03/28 Wed Nov 3, 2021 08:25:57

Saudi Industrial Services Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

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Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	223.3	259.7	-14.016	252.1	-11.424
Gross Profit (Loss)	97	132.2	-26.626	123.6	-21.521
Operational Profit (Loss)	54.1	91.7	-41.003	83.6	-35.287
Net Profit (Loss) after Zakat and Tax	4	28.2	-85.815	22.5	-82.222
Total Comprehensive Income	3.9	27.9	-86.021	25.2	-84.523
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	733.7	642.5	14.194
Gross Profit (Loss)	355.5	301.2	18.027
Operational Profit (Loss)	232.4	178.2	30.415
Net Profit (Loss) after Zakat and Tax	58.7	111.3	-47.259
Total Comprehensive Income	60.9	108.3	-43.767
Total Share Holders Equity (after Deducting Minority Equity)	1,518	1,150.5	31.942
Profit (Loss) per Share	0.72	1.36
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The decrease in net profit during the current quarter compared to the same quarter of the previous year is due to the following reasons: Decline in revenue of SAR 21.0 million, excluding accounting construction revenue, mainly due to lower gateway volumes in the port segment The financial impact of SISCO's and LogiPoint's divestment of the 21.2% and 4% equity stakes in RSGT respectively and the resulting reduction in SISCO's effective share of RSGT Net Income from 60.6% to 36.36% has been reflected in the financial statements for the current quarter
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is	The decrease in net profit for the current quarter as compared to the previous quarter is due to the following reasons: Decline in revenue of SAR 26.6 million, excluding accounting construction revenue, mainly due to lower gateway volumes in the port segment Reduction of share of RSGT Net Income from 60.6% to 36.36% in Q3 2021 following divestment of 21.2% stake in RSGT
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	The decrease in net profit for the current period as compared to the previous period is due to the following reasons: SISCO's share of net income last year included one-off accounting adjustments amounting to SAR 106.9 million of which SISCO's share was SAR 64.7 million Reduction of share of RSGT Net Income from 60.6% to 36.36% in Q3 2021 following divestment of 21.2% stake in RSGT
Statement of the type of external auditor's report	Unmodified conclusion
Reclassification of Comparison Items	Financial Statements for the current period have been prepared according to International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia and based on that the presentation, measurement, recognition and disclosure for some of financial data has been changed to comply with IFRS accounting policies as adopted in the Kingdom.
Additional Information	Revenue for the 9-month period, excluding accounting construction revenue, increased by 15.2% year-on-year to SAR 621.9 million driven by a strong performance in the ports and logistics segments. Revenue for the quarter decreased by 8.8% to SAR 217.9 million compared to Q3 2020, and by 10.9% compared to the previous quarter, a result of lower gateway volumes recorded by the ports segment. Gross profit of SAR 355.5 million increased by 18.0% for 9M 2021 predominantly driven by revenue growth in the ports and logistics segment and efficiencies across segments. Net income for the 9-month period decreased by 47.3% year-on-year to SAR 58.7 million, as last year SISCO net income included one-off accounting adjustments amounting to SAR 106.9 million of which SISCO's share was SAR 64.7 million. Additionally, SISCO's share of RSGT net income reduced from 60.6% to 36.36% in Q3 2021 following the divestment of the equity stake in RSGT which further impacted the net income. Outlook and strategy SISCO continues to implement its newly updated strategy and will provide further updates on developments in due course.
Attached Documents	[Link]

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