Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 180.7 150.9 19.748 166.5 8.528
Total Profit (Loss) 77.5 55.8 38.888 72.7 6.602
Profit (Loss) Operational 43.3 24.6 76.016 33.3 30.03
Net Profit (Loss) after Zakat and Tax 21.3 12 77.5 16.9 26.035
Total Comprehensive Income 16.4 9.4 74.468 13.8 18.84

 All figures are in (Millions) Saudi Arabia, Riyals

Element ListCurrent PeriodSimilar period for previous year
Sales/Revenue 347.2 268.9
Total Profit (Loss) 150.2 93
Profit (Loss) Operational 76.6 28.4
Net Profit (Loss) after Zakat and Tax 38.2 12.6
Total Comprehensive Income 30.2 10.1
Total Share Holders Equity (after deducting minority equity) 1,085.8 1,052.9
Profit (Loss) per Share 0.47 0.15

 All figures are in (Millions) Saudi Arabia, Riyals

Element ListExplanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year Key reasons for the improvement in the Net Profit during the current quarter compared to the same quarter of the previous year, is due to an increase in the profitability of port segment which was mainly driven by higher volumes and improvement in tariffs. Although there was a limited increase in operating expenses and finance charges due to increasing SAIBOR rates and finance charges related to lease liabilities “as per IFRS 16”, the net profit improved further due to better share of results of associate companies and income on Murabaha deposits.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter Key reasons for the improvement in the Net Profit during the current quarter compared to the previous quarter of the same year mainly due to an increase in volumes handled by the port segment. Net profit further improved due to better share of results of associate companies.
Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year Key reasons for the improvement in the Net Profit during the current period compared to the same period of the previous year, is due to an increase in the profitability of port segment which was mainly driven by higher volumes and improvement in tariffs. Despite limited increase in operating expenses, higher finance charges due to increasing SAIBOR rates and finance charges due to lease liabilities “as per IFRS 16”, the net profit further improved due to share of results of associate companies and income on Murabaha deposits.
Type of the external auditor's opinion Unmodified opinion
Reclassifications in quarter financial result Financial Statements for the current period have been prepared according to the 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 Port Authority has unified the Customs Inspection Charges effective from 1 March 2019 to provide transparency and cost certainty to importers. This will improve the revenue for the port segment for the year 2019 but the financial impact will be dependent on the total container volume handled in the year.

From January 1, 2019, the Company has adopted IFRS 16 (Leases). For further information on the impact of this standard, refer to note number (4) to the interim financial statements for the period ended 31 March 2019.


As a part of SISCO CSR activities, SISCO employees distributed 780 Iftar Meal for poor and needy people on this holy month of Ramadan 2019.

 

sisco iftar meal

 

sisco iftar meal

  





Element ListExplanation
Date on which the incorrect announcement was published on Tadawul`s website 2019-04-30 Corresponding to 1440-08-25
Incorrect statements in the previous announcement All figures in announcement are in thousands
Correct Statement The correction is all figures are in millions

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 166.5 118 41.101 143.4 16.108
Total Profit (Loss) 72.7 37.1 95.956 75 -3.066
Profit (Loss) Operational 33.3 3.8 776.315 41.9 -20.525
Net Profit (Loss) after Zakat and Tax 16.9 0.6 2,716.666 23.1 -26.839
Total Comprehensive Income 13.8 0.7 1,871.428 22.7 -39.207
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after deducting minority equity) 1,102 1,068 3.183
Profit (Loss) per Share 0.21 0.01
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year Key reasons for the improvement in the Net Profit during the current quarter compared to the same quarter of the previous year, is due to an increase in Revenue by the Ports and the Logistics segment despite of decline in revenue from water segment. Although there was an increase in operating expenses and higher finance charges due to increasing SAIBOR rates, the Group was able to absorb this impact due to the strong operating performance resulting in an increase in Net Profit compared to the same quarter of the previous year.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter The decline in Net Profit as compared to the previous quarter was due to a reversal of a provision of asset replacement cost and a positive one-off item in other income of SR 6 million that were recorded in the previous quarter.
Type of the external auditor's opinion Unmodified opinion
Reclassifications in quarter financial result Financial Statements for the current period have been prepared according to the 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 Port Authority has unified the Customs Inspection Charges effective from 1 March 2019 to provide transparency and cost certainty to importers. This will improve the revenue for the port segment for the year 2019 but the financial impact will be dependent on the total container volume handled in the year.

 

From January 1, 2019, the Company has adopted IFRS 16 (Leases). For further information on the impact of this standard, refer to note number (4) to the interim consolidated financial statements for the period ended 31 March 2019.


Element ListExplanation
Introduction No English translation, kindly refer to the Arabic version
City and Location of the General Meeting No English translation, kindly refer to the Arabic version
Hyperlink of the meeting location No English translation, kindly refer to the Arabic version
Date of the General Meeting 2019-05-07 Corresponding to 1440-09-02
Time of the General Meeting 22:30
shareholding Eligibility to attend general assembly meeting No English translation, kindly refer to the Arabic version
Quorum as percentage of shareholding No English translation, kindly refer to the Arabic version
General Meeting Agenda No English translation, kindly refer to the Arabic version
E-Vote No English translation, kindly refer to the Arabic version
Additional Information No English translation, kindly refer to the Arabic version
Attached Documents

SISCO has organized the First Football Championship event with the participation of 8 teams from our Group Companies on Friday, 22 February 2019 in Jeddah. The tournament brought togetherness and created a platform to expose talents from the employees. The final match has been played between S.A. Talke and LogiPoint, and the game was energetic and entertaining.
 
S.A. Talke won the title of “SISCO Intergroup Football Championship 2019”.
 

Element ListCurrent YearPrevious Year%Change
Sales/Revenue 564.7 562.4 0.408
Total Profit (Loss) 222 198.6 11.782
Profit (Loss) Operational 88.1 73.9 19.215
Net Profit (Loss) after Zakat and Tax 46.7 58.8 -20.578
Total Comprehensive Income 45.4 58.9 -22.92
Total Share Holders Equity (after deducting minority equity) 1,088.2 1,067.2 1.967
Profit (Loss) per Share 0.57 0.72
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
Reason for increase (decrease) in net profit for current year compared to last year Revenue of the port segment increased by only 5% despite more than 16% increase in the volume. This was primarily due to reduction in inspection tariff as implemented by Mawani in Dec 2017. Additionally, Revenue increase in port segment is off-set by decline in revenues of logistics and water segments due to lower occupancy and temporary plant shutdown because of adverse weather, respectively.

 

Gross profit is 12% better than last year due to better cost control and revision in estimates for Asset Replacement Provision. However, despite the increase in share of results from equity accounted associates, Net Profit declined due to following:

- Higher financial charges to increasing interest rates

- Last year's other income included one off item amounting to SAR 24 million.

Type of the external auditor's opinion Unmodified opinion
Reclassifications in annual financial results Certain figures for the prior period have been reclassified to conform with presentation in the current period.
Additional Information Port Authority has unified the Customs Inspection Charges effective from 1 March 2019 to provide transparency and cost certainty to importers. This will improve the revenue for the port segment for the year 2019 but the financial impact will depend on the total container volume handled in the year.

 

 

From January 1, 2018, the Company has adopted IFRS 9 (Financial Instruments) and IFRS 15 (Revenue from Contracts with Customers) with no material impact on the annual consolidated financial statements.


Element ListExplanation
Introduction Board of Directors of Saudi Industrial Services Co. in their meeting held on 26 Feb 2019 corresponding to 21 Jumada II recommended a cash dividend distribution to the shareholders of the company for the financial year 2018, as following:
Board Resolution Date 2019-02-26 Corresponding to 1440-06-21
Total Amount of Dividend Distributed SAR 32,640,000
Number of eligible shares 81,600,000
Dividend per share 0.4
Percentage of Dividend to the share book value 4 %
Eligibility date All the shareholders registered with Securities Depository Center as the shareholders of the Company at the end of second trading day of holding of General Assembly meeting shall be eligible for the dividend. The date of the General Assembly meeting shall be announced after getting requisite approvals from regulatory bodies.
Dividend distribution date The announcement of dividend distribution date shall be made after the General Assembly meeting of the Company.

 

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.


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