‎SISCO posts strong revenue growth, plans expansions: CEO

‎SISCO posts strong revenue growth, plans expansions: CEO

Saudi Industrial Services Co. (SISCO) recorded strong revenue growth and improved margins on the back of strong performance from the ports and water segments in Q1 2023, CEO Khalid Suleimani told Argaam in an interview.

SISCO delivered robust financial performance following last year’s challenging first half, which reflects improved economic conditions and the strong operational performance of the group’s portfolio companies.

The ports segment had the biggest growth contribution to the first-quarter results, mainly driven by growth in gateway volumes, Suleimani said, expecting the robust ports performance to continue with volumes returning to pre-COVID levels.

The water sector segment witnessed better performance, as its volumes increased during the year, leading to a 35% increase in revenues. The company also reduced direct costs to record a gross profit margin of over 50%.

Further, Kindasa Water Services Co.’s license with MAWANI was extended for an additional five years, extending the duration for the water desalination plant operation in Jeddah Islamic Port until 2032.

He added that the logistics segment showed consistent results and is expected to maintain growth on new warehousing capacities in the coming period.

Other portfolio companies also outperformed, compared to the previous year.

“Our strong results indicate that the supply chain constraints and container shortages have