ELEMENT LISTEXPLANATION
Announcement Detail Saudi Industrial Services Co. (“SISCO” or “the Company”) announces

that its subsidiary Saudi Trade and Export Development Company (“LogiPoint”) (which is 76% owned by SISCO), has acquired Elite Group (“Elite”) through its affiliate company Green Dome Investments LLC (“Green Dome”) which is 31.7% owned by LogiPoint.

Green Dome has acquired 100% of the share capital of Elite.

The transaction was completed on 25 November 2021 corresponding to 20/04/1443. LogiPoint’s contribution to Green Dome to date is SAR 58 million.

The impact of the transaction will be reflected in SISCO’s Q4 2021 consolidated financial statements through SISCO’s subsidiary LogiPoint.

Elite is a leading fully integrated land freight and courier solutions providers in the Middle East. Elite has over 1000 staff, 600 trucks and 9,290 square meters (100,000 square feet) of warehouse capacity.

This acquisition gives SISCO and LogiPoint access to a highly specialized overland freight and courier services business with state-of-the-art operations and assets across Oman, Bahrain, Qatar and the United Arab Emirates, with its regional hub in Dubai.

The transaction is in line with SISCO’s new 5-year strategy which aims to expand its presence in logistics services with an emphasis on an asset light model to provide an end-to-end solution for the rapidly growing regional e-commerce sector.

The transaction is funded through a combination of debt and equity via Green Dome.

There are no related parties in this transaction.


AS part of out on going ESG initiatives SISCO, association with Andalusia Medical Services, facilitated a free medical checkup for all people, and their families working in the Saudi Business Center. The continued good health of all people is import to us and we are proud to initiate this program for anyone who needs it.


ELEMENT LISTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR%CHANGEPREVIOUS QUARTER% CHANGE
Sales/Revenue 223.3 259.7 -14.016 252.1 -11.424
Gross Profit (Loss) 97 132.2 -26.626 123.6 -21.521
Operational Profit (Loss) 54.1 91.7 -41.003 83.6 -35.287
Net Profit (Loss) after Zakat and Tax 4 28.2 -85.815 22.5 -82.222
Total Comprehensive Income 3.9 27.9 -86.021 25.2 -84.523
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT LISTCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR%CHANGE
Sales/Revenue 733.7 642.5 14.194
Gross Profit (Loss) 355.5 301.2 18.027
Operational Profit (Loss) 232.4 178.2 30.415
Net Profit (Loss) after Zakat and Tax 58.7 111.3 -47.259
Total Comprehensive Income 60.9 108.3 -43.767
Total Share Holders Equity (after Deducting Minority Equity) 1,518 1,150.5 31.942
Profit (Loss) per Share 0.72 1.36
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT LISTEXPLANATION
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The decrease in net profit during the current quarter compared to the same quarter of the previous year is due to the following reasons:

Decline in revenue of SAR 21.0 million, excluding accounting construction revenue, mainly due to lower gateway volumes in the port segment

The financial impact of SISCO’s and LogiPoint’s divestment of the 21.2% and 4% equity stakes in RSGT respectively and the resulting reduction in SISCO’s effective share of RSGT Net Income from 60.6% to 36.36% has been reflected in the financial statements for the current quarter

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The decrease in net profit for the current quarter as compared to the previous quarter is due to the following reasons:

Decline in revenue of SAR 26.6 million, excluding accounting construction revenue, mainly due to lower gateway volumes in the port segment

Reduction of share of RSGT Net Income from 60.6% to 36.36% in Q3 2021 following divestment of 21.2% stake in RSGT

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The decrease in net profit for the current period as compared to the previous period is due to the following reasons:

SISCO’s share of net income last year included one-off accounting adjustments amounting to SAR 106.9 million of which SISCO’s share was SAR 64.7 million

Reduction of share of RSGT Net Income from 60.6% to 36.36% in Q3 2021 following divestment of 21.2% stake in RSGT

Statement of the type of external auditor's report Unmodified conclusion
Reclassification of Comparison Items Financial Statements for the current period have been prepared according to International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia and based on that the presentation, measurement, recognition and disclosure for some of financial data has been changed to comply with IFRS accounting policies as adopted in the Kingdom.
Additional Information Revenue for the 9-month period, excluding accounting construction revenue, increased by 15.2% year-on-year to SAR 621.9 million driven by a strong performance in the ports and logistics segments. Revenue for the quarter decreased by 8.8% to SAR 217.9 million compared to Q3 2020, and by 10.9% compared to the previous quarter, a result of lower gateway volumes recorded by the ports segment.

Gross profit of SAR 355.5 million increased by 18.0% for 9M 2021 predominantly driven by revenue growth in the ports and logistics segment and efficiencies across segments. Net income for the 9-month period decreased by 47.3% year-on-year to SAR 58.7 million, as last year SISCO net income included one-off accounting adjustments amounting to SAR 106.9 million of which SISCO’s share was SAR 64.7 million. Additionally, SISCO’s share of RSGT net income reduced from 60.6% to 36.36% in Q3 2021 following the divestment of the equity stake in RSGT which further impacted the net income.

Outlook and strategy

SISCO continues to implement its newly updated strategy and will provide further updates on developments in due course.

     

ELEMENT LISTEXPLANATION
Introduction The Board of Directors of Saudi Industrial Services Co. is pleased to invite the valued shareholders to participate and vote in the General Assembly meeting No.31 (the first and second meeting after an hour) scheduled to be held through modern technology methods, and for shareholders safety , In support of preventive and precautionary efforts and measures by the competent and relevant health authorities to address the new coronavirus (COVID-19) and as an extension of the ongoing efforts of all government agencies in Saudi Arabia to take preventive measures to prevent its spread.
City and Location of the General Assembly's Meeting Head Office – Jeddah - through modern technology methods
URL for the Meeting Location www.tadawulaty.com.sa
Date of the General Assembly's Meeting 2021-11-03 Corresponding to 1443-03-28
Time of the General Assembly's Meeting 19:30
Attendance Eligibility Shareholders Registered in the Issuer’s Shareholders Registry in the Depository Centre At the End of the Trading Session Preceding the General Assembly’s Meeting as per Laws and Regulations.

Quorum for Convening the General Assembly's Meeting The General Assembly meeting shall be valid if attended by shareholders representing at least one-fourth of the Company’s capital. In the absence of a quorum required for holding the meeting, a second meeting will be held one hour after the end of the period specified for the first meeting. The second meeting shall be valid regardless of the number of shares represented.

General Assembly Meeting Agenda
1. Voting on the recommendation of the Board of Directors to distribute cash dividends to the Shareholders for the first half of the financial year 2021 with total amount of SAR 32.6 Million at SAR 0.40 per share, which represent 4 % of the par value; where the eligibility will be to the Shareholders owning shares on the General Assembly Meeting date, and those whose registered in the Company’s share registry at the Depository Center at the end of the second trading day following the due date. The date of dividends distribution will be announced later.

2. Voting on authorizing the Board of Directors to distribute interim dividends to the shareholders for the financial year 2021.

Proxy Form
E-Vote The company assures to all its shareholders that registration and voting are limited to the assembly's items through (electronic voting), which will be available to shareholders registered on the Tadawulaty Platform from 10:00 am on Saturday 24 Rabe1 1443 AH (30 Oct 2021 AD) until the end of the assembly time.

Registration and voting for Tadawulaty services will be available free of charge to all shareholders using the following link: (www.tadawulaty.com.sa)

Eligibility for Attendance Registration and Voting Eligibility for Registering the Attendance of the General Assembly’s Meeting Ends upon the Convenience of the General Assembly’s Meeting. Eligibility for Voting on the Business of the Meeting Agenda Ends upon the Counting Committee Concludes Counting the Votes.

Method of Communication In the event of an inquiry, we hope to contact the Shareholders Relations Department through Phone number: 0126619500

Email: Maqbool@sisco.com.sa


ELEMENT LISTEXPLANATION
Announcement Detail SISCO is pleased to announce the launch of its new corporate strategy to drive growth and achieve leadership positions in all three of its core segments of ports, logistics and water.

The newly updated strategy will see SISCO leverage existing capabilities in its core segments to invest in assets with a significant opportunity to be scaled up through its current portfolio network and accelerate the returns timeline for SISCO and its shareholders. The strategy’s growth objectives will be achieved through organic and inorganic investments, based on three key pillars:

• Expand logistics services with an emphasis on asset light model

• International expansion of the ports segment

• Drive the full potential of existing portfolio companies

Further details of the strategy are included in the attached press release.

SISCO will host an investor call to present the new strategy and the details thereof will be provided in due course.

Attached Documents    

ELEMENT LISTEXPLANATION
Introduction Saudi Industrial Services Company (SISCO) announces that its subsidiary, Kindasa Water Services Company (Kindasa) has signed a new five-year contract with the Saudi Ports Authority (Mawani)
Date of Announcement of the Award 2021-10-04 Corresponding to 1443-02-27
Contract Subject Matter Signing a new five-year contract with the Saudi Ports Authority (Mawani)
Date of Signing the Contract 2021-10-04 Corresponding to 1443-02-27
Contract Value Not Applicable
Contract Details Saudi Industrial Services Company (SISCO) is pleased to announce that its subsidiary, Kindasa Water Services Company (Kindasa) has signed a new five-year contract with the Saudi Ports Authority (Mawani) to continue their operations of the desalination plant in Jeddah Islamic Port with new terms and conditions. The new contract will be effective from 29 June 2022.
Contract Duration five-years
Financial Impact and the Relevant Period The financial and accounting impact of this contract on SISCO’s financial statements will be disclosed in due course following review by the external auditors.
Related Parties none

ELEMENT LISTEXPLANATION
Announcement Detail Referring to the Company's announcements on the Saudi Exchange website dated 27/01/2021G corresponding to 14/06/1442 and 15/07/2021G corresponding to 05/12/1442, Saudi Industrial Services Company (“SISCO”) announces an update on the financial impact of the sale of a 21.2% direct equity stake, together with the sale of a 4% equity stake by subsidiary Saudi Trade and Export Development Company Limited (LogiPoint) (in which it owns 76%) in its subsidiary Red Sea Gateway Terminal Limited (“RSGT”) (the “Transaction”) following the finalization of associated transaction costs.

 

SISCO received a total gross consideration of SAR 556.5 million (before all transaction costs) for the divestment of its 21.2% equity stake in RSGT.

 

LogiPoint received a total gross consideration of SAR 105 million (before all transaction costs) for the divestment of its 4% equity stake in RSGT.

 

The Transaction was treated as a non-adjusting event during Q2 2021 and a disclosure of the transaction and its accounting treatment was included in the notes to the Q2 2021 financial statements.

 

Following the finalization of the transaction costs, the impact of the transaction on the Q3 2021 financial statements (subject to audit by the external auditors) is as follows:

• The transaction will only be recognized through the consolidated statement of financial position (balance sheet) and therefore no impact from the transaction will be recognized in the Group’s Q3 2021 consolidated income statement

• Combined unaudited net accounting impact of SAR 361.9 million (subject to audit by the external auditors) for both SISCO and LogiPoint transactions will be reflected in the equity in the Group’s Q3 2021 consolidated financial statements.

• SISCO’s effective share of RSGT Net Income will reduce from 60.6% to 36.36% in Q3 2021

From an accounting perspective, SISCO will continue to consolidate RSGT.


ELEMENT LISTEXPLANATION
Introduction Regarding to Saudi Industrial Services Company announcement “SISCO” on 18/01/1443 H corresponding to 26/08/2021 for selecting a consortium which is formed between International Water Distribution Company "Tawzea" (which SISCO owns 50% of its share capital of SAR 146 million in partnership with Saudi Arabian Amiantit Company) with the Spanish company "Acciona" and "Tamasuk” as the preferred bidder for Tabuk Independent Sewage Plant Project and Buraydah Independent Sewage Plant Project, the Saudi Industrial Services Company “SISCO” announces that the contract has been signed by the consortium with the Saudi Water Partnerships Company for plant development on 19/02/1443 H, corresponding to 26/09/2021.
Previous Announcement Saudi Industrial Services CO. Announces about choosing the consortium, which one of its associates participates in, as the preferred bidder for Buraydah and Tabuk plants
Date of Previous Announcement on Tadawul's Website 2021-08-26 Corresponding to 1443-01-18
Percentage of fulfilled achievement Not applicable
Event's Expected Completion Date Not applicable
The costs associated with the event, and if they have changed or not with indication of the reasons. Not applicable
Additional Information The project includes design, build, operate and maintain the plant and transfer the ownership of the project on (BOT) basis, along with the development of infrastructure and related facilities. The term of the contract is 25 years. The project will be financed through several banks. The objective of the project will be to develop wastewater treatment facilities with a capacity up to 150,000 cubic meters per day for Buraydah and 90,000 cubic meters per day for Tabuk.

Construction of the project is expected to start during the second quarter of 2022, once the financing agreements with the banks are finalized. Any updates regarding the cost of investment.

The financial impact will be reflected once the project is completed which is expected at the end of 2024 under SISCO's share of results of associates.

and other updates related to this project will be announced in due time.


ELEMENT LISTEXPLANATION
Introduction Regarding to Saudi Industrial Services Company announcement “SISCO” on 18/01/1443 H corresponding to 26/08/2021 for selecting a consortium which is formed between International Water Distribution Company "Tawzea" (which SISCO owns 50% of its share capital of SAR 146 million in partnership with Saudi Arabian Amiantit Company) with the Spanish company "Acciona" and "Tamasuk” as the preferred bidder for Medina Independent Sewage Plant Project, the Saudi Industrial Services Company “SISCO” announces that the contract has been signed by the consortium with the Saudi Water Partnerships Company for plant development on 19/02/1443 H, corresponding to 26/09/2021.
Previous Announcement Saudi Industrial Services CO. Announces about choosing the consortium, which one of its associates participates in, as the preferred bidder for Madina plant
Date of Previous Announcement on Tadawul's Website 2021-08-26 Corresponding to 1443-01-18
Percentage of fulfilled achievement Not applicable
Event's Expected Completion Date Not applicable
The costs associated with the event, and if they have changed or not with indication of the reasons. Not applicable
Additional Information The project includes design, build, operate, and maintain the plant and transfer the ownership of the project on (BOT) basis, along with the development of infrastructure and related facilities. The term of the contract is 25 years. The project will be financed through several banks. The objective of the project will be to develop a wastewater treatment facility with a capacity up to 200,000 cubic meters per day which expandable to 375,000 cubic meters.

Construction of the project is expected to start during the second quarter of 2022, once the financing agreements with the banks are finalized. Any updates regarding the cost of investment.

The financial impact will be reflected once the project is completed which is expected at the end of 2024 under SISCO's share of results of associates. and other updates related to this project will be announced in due time.


ELEMENT LISTEXPLANATION
Announcement Detail

Saudi Industrial Services Company (SISCO) announces about one of its associates, International Water Distribution Company “Tawzea” which SISCO owns 50% of its share capital of SAR 146 million in partnership with Saudi Arabian Amiantit Company. A consortium between “Tawzea" with 35%, a Spanish international company "Acciona "with 35% and "Tamasuk" with 30% was chosen as the preferred bidder for Buraydah and Tabuk Independent Sewage Plant Project on 25/08/2021 by the Saudi Water Partnership Company.

Upon final award of the project, the consortium will finance, develop, design, build, operate and maintain the two plants and then transfer, on (BOT) basis, along with the development of infrastructure and related facilities. The term of the contract is 25 years. The company which will be established for the project will treat the full capacity of the wastewater supplied to the company with capacity up to 150,000 cubic meters per-day for Buraydah and 90,000 cubic meter for Tabuk.

SISCO will announce any updates regarding the project and financial impact on its financials once the contract is awarded.


ELEMENT LISTEXPLANATION
Announcement Detail

Saudi Industrial Services Company (SISCO) announces about one of its associates, International Water Distribution Company “Tawzea” which SISCO owns 50% of its share capital of SAR 146 million in partnership with Saudi Arabian Amiantit Company. A consortium between “Tawzea" with 35%, a Spanish international company "Acciona "with 35% and "Tamasuk" with 30% was chosen as the preferred bidder for Medina Independent Sewage Plant Project on 25/08/2021 by the Saudi Water Partnership Company.

Upon final award of the project, the consortium will finance, develop, design, build, operate and maintain the plant and then transfer, on (BOT) basis, along with the development of infrastructure and related facilities. The term of the contract is 25 years. The company which will be established for the project will treat the full capacity of the wastewater supplied to the company with capacity up to 200,000 cubic meters per-day

SISCO will announce any updates regarding the project and financial impact on its financials once the contract is awarded.


ELEMENT LISTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR%CHANGEPREVIOUS QUARTER% CHANGE
Sales/Revenue 252.1 215.6 16.929 258.3 -2.4
Gross Profit (Loss) 123.6 115.9 6.643 134.9 -8.376
Operational Profit (Loss) 83.6 73.1 14.363 94.8 -11.814
Net Profit (Loss) after Zakat and Tax 22.5 56.5 -60.176 32.3 -30.34
Total Comprehensive Income 25.2 57.4 -56.097 32 -21.25
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT LISTCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR%CHANGE
Sales/Revenue 510.4 382.9 33.298
Gross Profit (Loss) 258.4 169 52.899
Operational Profit (Loss) 178.3 86.6 105.889
Net Profit (Loss) after Zakat and Tax 54.7 83.1 -34.175
Total Comprehensive Income 57.1 80.5 -29.068
Total Share Holders Equity (after Deducting Minority Equity) 1,166.4 1,122.6 3.901
Profit (Loss) per Share 0.67 1.02
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT LISTEXPLANATION
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The decrease in net profit during the current quarter compared to the same quarter of the previous year is due to the following reasons:

 

 

- One-off reversal of provision of replacement cost (SAR 75 million) was recorded in Q2 2020

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The decrease in net profit for the current quarter as compared to the previous quarter is due to the following reasons:

 

 

- Decline in revenue by SAR 9 million mainly due to lower volumes in the port segment

- One off reversal of old liabilities of SAR 4.6 million recorded in Q1 2021

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The decrease in net profit during the current period compared to the same period of the previous year is due to the following reasons:

 

 

- One-off reversal of provision of replacement cost (SAR 75 million) was recorded in in Q2 2020

- A one-off IFRS 9 gain of SAR 31.9 million recognised in Q2 2020 due to the extension of port segment's existing Ijara facility

Statement of the type of external auditor's report Unmodified conclusion
Reclassification of Comparison Items Financial Statements for the current period have been prepared according to International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia and based on that the presentation, measurement, recognition and disclosure for some of financial data has been changed to comply with IFRS accounting policies as adopted in the Kingdom.
Additional Information First half revenue, excluding accounting construction revenue, increased by 30.1% year-on-year to SAR 498 million, and by 13.4% to SAR 244 million in the second quarter compared to Q2 2020, driven by strong performance in the ports and logistics segments. Gross profit of SAR 123 million increased by 6.6% from Q2 2020 predominantly driven by revenue growth in the ports and logistics segment and efficiencies across segments. Revenue decreased by 8.4% from the previous quarter a result of lower gateway volumes recorded by the port segment.

 

First half net income decreased by 34.2% year-on-year to SAR 54.8 million, as SISCO recorded a one-off SAR 31.9 million IFRS 9 gain and a SAR 75 million reversal of provision for replacement costs in H1 2020.

Attached Documents   

"سيسكو" للعربية: خفض حصتنا بـ"البحر الأحمر" بهدف جذب الاستثمار الأجنبي


رئيس "سيسكو" لـ"العربية": حصتنا في "بوابة البحر الأحمر" تقلصت إلى %36


الرئيس التنفيذى لـ "سيسكو" لـ CNBC عربية


Saudi Arabia’s SISCO completes 21.2% RSGT stake sale to PIF and CSPL.


SISCO Group CSR Initiative Ramadan Gift Boxes


Taif Independent Sewage Treatment Project - Corner stone lying Ceremony


SISCO's profit increased by 174% to 139.4 million riyals in 2020


SISCO signs an agreement with the Public Investment Fund and COSCO, worth 557 million riyals


Public Investment Fund (PIF) and COSCO Shipping Ports Limited (CSPL) have agreed to acquire strategic minority equity stake in RSGT


أعلى نسبة للمناولة بلغت ما يتجاوز 3 ملايين حاوية قياسية في الأشهر التسعة الأولى من 2020


Saudi SISCO CEO, CNBC Arabia: We may return our estimates for 2020 due to what is happening in the world


Latest Developments on Taif Independent Sewerage Plant Project


أرباح "سيسكو" السعودية تتراجع 40% بالربع الثالث من 2019


أرباح "سيسكو" السعودية تنمو 77% بالربع الثاني 2019


2018/10/29 - An interview on CNBCARABIA with SISCO CEO


2017/12/16 - SISCO Making a Difference - Dive In CSR Activity


2017/07/12 - An interview on CNBCARABIA with SISCO CEO


2015/05/31 - An interview on CNBCARABIA with SISCO CEO



2015/03/15 - An interview on CNBCARABIA with SISCO CEO


2015/03/15 - Jeddah port receives the largest container carrier in the world - Video


2015/01/20 - SISCO CEO Interview with CNBC Arabia