| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Q2 2024 revenue, excluding accounting construction revenue, grew by 15.7% from the same quarter last year on the back of revenue improvement across all segments. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Reported Q2FY24 Net Income of SAR 10.5 million, compared to a Net Income of SAR 21.2 million for Q2FY23. The decrease in net profit in the current quarter compared to the same quarter last year is due to the following:
• An increase in depreciation, pre-operating costs in the international ports business and finance charges due to an increase in debt and borrowing rates which adversely affected net profit during the quarter.
• Decline in share of profit from equity accounted associates. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Q2 2024 revenue, excluding accounting construction revenue, grew by 17.4% compared to the previous quarter, was due to an increase in the ports segment on the back of strong growth in gateway volumes. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The increase in net profit for Q2FY24 by 149.8% compared to Q1FY24 is due to:
• Increase in port segment revenue due to an improvement in gateway volumes and revenue mix.
• The previous quarter was impacted by a one-off exceptional net loss of SAR 59.2 million in Tawzea (SISCO Holding’s share SAR 29.6 million) arising from a one-off provision for additional costs in three EPC (Engineering, procurement and construction) projects. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | Revenue, excluding accounting construction revenue, grew by 12.0% from the same period last year on the back of overall improvement across all segments. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Reported 1H FY24 Net Loss of SAR 10.6 million, compared to a Net Income of SAR 40.7 million for 1H FY23. The decrease of 126.1% in net profit is due to the following:
• An increase in depreciation, pre-operating costs for the international ports business and finance charges due to an increase in debt and borrowing rates which adversely affected net profit during the quarter.
• Decline in share of profit from equity accounted investees mainly due to a one-off exceptional net loss of SAR 59.2 million in Tawzea (SISCO Holding’s share SAR 29.6 million) arising from a one-off provision for additional costs in three EPC (Engineering, procurement and construction) projects. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | 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 the financial data has been changed to comply with IFRS accounting policies as adopted in the Kingdom. |
| Additional Information | In accordance with IFRIC 12 (IFRS Interpretations Committee), the reported revenue includes accounting construction revenue of SAR 45.3 million. There is no impact on gross profit or net profit as there is a corresponding accounting construction cost of SAR 45.3 million recognized in the cost of revenue. |
| Attached Documents |  |
