Saudi Industrial Services Company (SISCO) announces its interim financial results for the period ended 31 December 2011 (Twelve Months)

Saudi Industrial Services Company (SISCO) announces its interim financial results for the period ended 31 December 2011 as follows:

1. Net loss in the fourth quarter reached SR (567,596) compared to net loss of SR(3,771,451) in the comparable quarter of 2010 with decrease 85% , and compared to net profit of SR 6,993,548 in the second quarter of 2011 .

2.Gross profit in the fourth quarter reached SR 40,100,710 compared to SR 28,596,057 in the comparable quarter of 2010, with 40 % increase.

3.Operating profit in the fourth quarter reached SR 9,113,416 compared to SR 5,465,322 in the comparable quarter of 2010, with 67% increase.

4.Net profit for the twelve months ended 31/12/2011 reached SR 10,989,572 compared to net profit SR 2,126,784 for the same period of 2010 with 417% increase .

5.Earnings per share for the twelve months ended 31/12/2011 reached 0,16 compared to net profit per share of SR 0,03 in the comparable period of 2010.

6.Gross profit for the twelve months ended 31/12/2011 reached SR 163,358,356 compared to Gross profit of SR 108,497,036 in the comparable period of 2010, with 51% increase .

7.Operating profit for the twelve months ended 31/12/2011 reached SR 58,571,178 compared to operating profit of SR 35,117,963 in the comparable period of 2010, with 67% increase.

8.Net losses in the fourth quarter is due to the year-end provision for the amount of 6 million approximately for various projects related to expenses , net results for the twelve months ended 31 December 2011 is better due to improvement in operating results , which was mainly contributed by Red Sea Gateway Terminals improved operating activities in the beginning of the third quarter of the year 2011.




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