| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Q3 2024 revenue, excluding accounting construction revenue, grew by 23.8% compared to Q3FY23 to reach SAR 341.8 million, driven by a strong performance 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 Q3FY24 Net loss of SAR 9.4 million, compared to a Net Profit of SAR 23.7 million for Q3FY23. 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, operating costs in the international ports business and an increase in finance charges due to higher debt and borrowing rates.
• Decline in share of profit from Green Dome Holdings, an equity accounted associates, due to a one-off non-recurring loss of SAR 8 million
• One-off charge for Zakat for SAR 17.4 million for the FY 2021 and 2022 and an additional zakat provision of SAR 8.0 million for FY 2023. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Q3 2024 revenue, excluding accounting construction revenue, grew by 13.0% compared to Q2FY24, due to another strong performance from the Ports and Logistics segment. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The decrease in net profit for Q3FY24 by -189.4% compared to Q2FY24 is due to:
• One-off charge for Zakat of SAR 17.4 million for the FY 2021 and 2022 and an additional zakat provision of SAR 8.0 million for FY 2023.
• One-off non-recurring loss in Green Dome Holding, an equity accounted associate, of SAR 8 million.
• Increase in operating costs in International Ports business. |
| 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, increased by 16.2% to SAR 901.9 million compared to 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 a net loss of SAR 20.1 million for 9M FY24, compared to the Net Profit of SAR 64.4 million. The decrease of 131.2% in net profit is due to the following:
• An increase in depreciation, operating costs for the international ports business
• increase in finance charges due to higher debt and borrowing rates which adversely affected net profit during the period.
• One-off charge of Zakat SAR 17.4 million for the FY 2021 and 2022 and an additional zakat provision of SAR 8.0 million for FY 2023.
• Decline in share of profit from equity accounted investees due to a one-off non-recurring 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 and one off total non-recurring loss in Green Dome Holding for the 9 months ended 30 September 2024, an equity accounted associate, of SAR 12 million. |
| 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 49.9 million. There is no impact on gross profit or net profit as there is a corresponding accounting construction cost of SAR 49.9 million recognized in the cost of revenue. |
| Attached Documents |  |
