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Saudi Industrial Services Co. announces the interim financial results for the period ending on 30-06-2018 (Six Months)

ELEMENTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR% CHANGE CURRENTPREVIOUS QUARTER% CHANGE PREVIOUS
Net profit (loss) 12 24.1 -50.21 0.6 1,900
Gross profit (loss) 55.8 61.9 -9.85 37.1 50.4
Operational profit (loss) 24.6 31 -20.65 4.1 500
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENTCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR% CHANGE
Net profit (loss) 12.6 46.2 -72.73
Gross profit (loss) 93 137.1 -32.17
Operational profit (loss) 28.4 69.6 -59.2
Earning or loss per share, Riyals 0.15 0.57 -
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENTEXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year Key reasons for decline in Net Profit as compared to same quarter of last year are as under:- In same quarter last year, there was a one-off income of SR 11 million- Higher direct costs due to additional depreciation of port expansion assets that are now put in to operation.- Higher finance charges due to increasing SAIBOR rates.
Reasons of increase (decrease) for period compared with same period last year Key reasons for decline in Net Profit as compared to same period of last year are as under:- Revenue is lower by about SR 50 million mainly due to lower container volumes handled by port segment. Business activity in logistics segment has also slowed down.- In same period last year, there was a one-off income of SR 11 million- Higher direct costs due to additional depreciation of port expansion assets that are now put in to operation.- Higher finance charges due to increasing SAIBOR rates.
Reasons of increase (decrease) for quarter compared with previous quarter Key reason for increase in Net Profit as compared with the previous quarter was increase in revenue in all operating segments, especially ports and terminal, as company signed up new customers for its container terminal during the quarter
Reclassifications in quarterly financial results 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.
Other notes Total revenue for the current quarter ending 30 June 2018 amounted to 154.0 million riyals compared to 149.2 million riyals for the same quarter last year, a increase of 3.2% and total revenue for the current period ending June 30, 2018 amounted to 272.0 million riyals compared to 321.2 million riyals for the same period last year, a decrease of 15.3%.Earnings per share reduced to SAR 0.15 compared to SAR 0.30 same quarter last year and earning per share for the period is reduced to SAR 0.15 compared to SAR 0.57 same period last year. Total shareholders' equity (after minority interests) as at 30 June 2018 amounted to 1,053 million riyals, compared to 1,060 million riyals for the same period last year, a decrease of 0.7% and with decrease of 1.4% compared to previous quarter due to payment of dividend in Q2-2018. Total Comprehensive income for second quarter amounted to SAR 13.5 million compared to SAR 37.9 million in same quarter of 2017, a decrease of 64.3% and Total Comprehensive income for current period amounted to SAR 12.3 million as compared to SAR 71.5 million in the same period last year, a decrease of 82.8%.

The External Auditors reviewed the Financial Statements and issued an unmodified report



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