Saudi Industrial Services Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )

Saudi Industrial Services Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )

All figures are in (Millions) Saudi Arabia, Riyals

Element List

Current Period

Similar period for previous year

%Change

Sales/Revenue

770.9

455.9

69.09

Gross Profit (Loss)

264.9

189.9

39.49

Operational Profit (Loss)

165.6

99.2

66.94

Net Profit (Loss) after Zakat and Tax

40.7

3.9

943.59

Total Comprehensive Income

43.5

625

Total Share Holders Equity (after Deducting Minority Equity)

1,527

1,459

4.66

Profit (Loss) per Share

0.5

0.05

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

Reported net income for the Q2’23 was SAR 21.2 million compared to SAR 3.1 million for the Q2’22 due to the following.

• Increase in revenue (excluding accounting construction revenue) from 213.2 million in Q2’22 to 261.4 million in Q2’23 due to the logistics and ports segments mainly driven by improved volumes.

• The gross profit for the period improved significantly, reaching SAR 135.8 million, up from SAR 99.7 million. Additionally, the gross profit margin for Q2'23 rose to 52.0%, showing an increase from 46.8% recorded in Q2FY22. This improvement can be attributed to progress across all segments.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is

Net income for the second quarter improved by 8.9% from the previous quarter due to the