Saudi Industrial Services Company (“SISCO”, the “Company” or the “Group”), Saudi Arabia’s leading strategic investor in ports and terminals, logistics parks and services, and water solutions, has announced its financial results for the 3-month period ended 31 March 2021. The following analysis and commentary on revenue growth and margins excludes accounting construction revenue, which has no impact on gross profit or net income.
First quarter revenue (excluding accounting construction revenue) increased by 51.6% year-on-year to SAR 253.6 million, and 5.8% on the previous quarter driven by strong top-line growth across the ports and logistics segments. Gross profit of SAR 134.9 million increased by 153.7% from Q1 2020 and by 10.1% from the previous quarter, predominantly driven by stronger volumes in the ports segment, efficiencies and other new concession terms that came into effect from 1 January 2021.
First quarter net income grew 21.4% year-on-year and increased by 14.9% on the previous quarter, to reach SAR 32.3 million.
Year-on-year bottom line growth...read more...