‎SISCO has enough liquidity to expand locally, overseas: CEO to Argaam

‎SISCO has enough liquidity to expand locally, overseas: CEO to Argaam

Mohammed Al-Mudarres, the Chief Executive Officer of Saudi Industrial Services Co. (SISCO) said that the surge in global cargo shipping costs heavily weighed on the rates of import and export, as several traders moved away from importing goods and built regular stockpile until prices subside, which reflected negatively on the company's revenues.

The CEO stressed that his company has a well-diversified portfolio that maintained its value despite these changes.

He told Argaam that his company has enough liquidity to expand and invest in the local market and overseas.

Commenting on the financial results of Q4 2021, Al-Modarres said that the net income generated from the ports segment saw a drop due to the decline in the volume of handling of local goods, and the decrease in SISCO's share after the partial sale of its stake in Red Sea Gateway Co. and the attraction of strategic partners, the Public Investment Fund and Cosco Shipping Port Limited.

The improvement in revenues compared to the same period a year earlier was driven by the strong performance of the ports segment and the acquisition of the northern terminal in Jeddah Islamic Port under the new franchise contract, in addition to other revenues during the year as a result