1443/03/28 Wed Nov 3, 2021 08:25:57
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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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Saudi Industrial Services Co. SJSC published this content on 03 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2021 05:41:07 UTC.