CISCO profits fell to SR4 mln during the 3Q by 86%

Saudi Industrial Services Company (SISCO) net profit after zakat and tax decreased to SR4 million during the third quarter, compared to SR28.2 million during the same quarter of the previous year, by 85.8%.

This comes after Saudi Industrial Services Co. announced on Wednesday its interim financial results for the period ending on 2021-09-30 (nine months).

The operational profit amounted to SR54.1 million during the third quarter, compared to SR91.7 million riyals during the same quarter of the previous year, down 41%.

The total profit amounted to SR97 million during the third quarter, compared to SR132.2 million during the same quarter of the previous year, an increase of 26.6%.

The net profit after zakat and tax during the current period amounted to SR58.7 million, compared to SR111.3 million during the same period of the previous year, a decrease of 47.26%.

Profits per share during the current period amounted to SR0.72, compared to SR1.36 during the same period of the previous year.

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 SR 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 decrease in net profit for the current quarter as compared to the previous quarter is due to the following reasons: Decline in revenue of SR 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 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 SR 106.9 million of which SISCO’s share was SR 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