Saudi Industrial Services Co. announces its Interim Financial Results for the Period Ending on 2023-09-30 ( Nine Months )

Saudi Industrial Services Co. announces its Interim Financial Results for the Period Ending on 2023-09-30 ( Nine Months )

All figures are in (Millions) Saudi Arabia, Riyals

Element List

Current Period

Similar period for previous year

%Change

Sales/Revenue

1,105

717

54.11

Gross Profit (Loss)

412.7

295.7

39.57

Operational Profit (Loss)

262.6

159.6

64.54

Net Profit (Loss) after Zakat and Tax

64.4

18.3

251.91

Total Comprehensive Income

79.6

19.8

302.02

Total Share Holders Equity (after Deducting Minority Equity)

1,530

1,441

6.18

Profit (Loss) per Share

0.79

0.22

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 Q3’23 was SAR 23.7 million compared to SAR 14.4 million for the Q3’22 due to the following.

• Increase in revenue (excluding accounting construction revenue) from 214.7 million in Q3’22 to 276.1 million in Q3’23 on the back of strong performance in Ports and Logistics segment.

• Ports segment showed improvement in the volumes as compared to same quarter last year and together with an improvement in the logistics segment open yard occupancy.

• The gross profit for the period improved significantly, reaching SAR 147.7 million, up from SAR 105.8 million. Additionally, the gross profit margin for Q3'23 rose to 53.5%, showing an increase from 49.3% recorded in Q3FY22. This improvement is attributed to improvement in the gateway volumes.

The reason of the increase (decrease) in the net profit during the current quarter