Interim Financial Results for the Period Ending on 2023-09-30 (Nine Months)

Saudi Industrial Services Co. announces its Interim Financial Results for the Period Ending on 2023-09-30 ( Nine Months )

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Interim Financial Results for the Period Ending on 2023-09-30 (Nine Months)

Saudi Industrial Services Co. announces its Interim Financial Results for the Period Ending on 2023-09-30 ( Nine Months )

Element List Current Quarter Similar Quarter For Previous Year % Change Previous Quarter % Change
Sales/Revenue 334.1 261 28.01 336 -0.56
Gross Profit (Loss) 147.7 105.8 39.6 135.8 8.76
Operational Profit (Loss) 97 60.4 60.6 81.7 18.73
Net Profit (Loss) after Zakat and Tax 23.7 14.4 64.58 21.2 11.79
Total Comprehensive Income 36.2 13.8 162.32 31 16.77
All figures are in (Millions) Saudi Arabia, Riyals
Element List Current Period Similar Period For Previous Year % Change
Sales/Revenue 1,105 717 54.11
Gross Profit (Loss) 412.7 295.7 39.57
Operational Profit (Loss) 262.6 159.6 64.54
Net Profit (Loss) after Zakat and Tax 64.4 18.3 251.91
Total Comprehensive Income 79.6 19.8 302.02
Total Share Holders Equity (after Deducting Minority Equity) 1,530 1,441 6.18
Profit (Loss) per Share 0.79 0.22  
All figures are in (Millions) Saudi Arabia, Riyals
Element List Explanation
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 net income for the Q3’23 was SAR 23.7 million compared to SAR 14.4 million for the Q3’22 due to the following:
  • Increase in revenue (excluding accounting construction revenue) from 214.7 million in Q3’22 to 276.1 million in Q3’23 on the back of strong performance in Ports and Logistics segment.
  • Ports segment showed improvement in the volumes as compared to same quarter last year and together with an improvement in the logistics segment open yard occupancy.
  • The gross profit for the period improved significantly, reaching SAR 147.7 million, up from SAR 105.8 million. Additionally, the gross profit margin for Q3'23 rose to 53.5%, showing an increase from 49.3% recorded in Q3FY22. This improvement is attributed to improvement in the gateway volumes.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is Net income for the third quarter improved by 11.8% from the previous quarter due to the following:
  • Increase in revenues for the third quarter of 2023, excluding accounting construction revenue, by 5.7% compared to the previous quarter mainly driven by the Ports and Logistics segments.
  • Ports segment showed improvements in the volumes as compared to last quarter together with an improvement in open yard storage facilities occupancy compared to last quarter.
  • The third quarter gross profit of SAR 147.7 million grew by 8.8% from the last quarter due to strong revenue growth and improvement in gross margins.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is For the 9M 2023 period reported net income increased by 252.1% as compared to previous year due to the following:
  • The nine-months revenue for 2023, excluding accounting construction revenue, grew by 24.4% from 9M 2022 on the back of overall improvement across all segments.
  • Gross profit for 9M 2023 was SAR 412.7 million, which grew by 39.6% from 9M 2022 due to more conducive market conditions and improved global supply chains as compared to 9M 2022. Additionally, last year Kindasa revenues were negatively affected due to a temporary decline in production.
  • Share of profit from equity accounted investees improved by 10.3% year on year.
Statement of the type of external auditor's report Unmodified conclusion
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) 12, the reported YTD revenue includes construction revenue of SAR 328.7 million. There is no impact on gross profit or net profit as there is a corresponding construction cost of SAR 328.7 million recognized in the cost of revenue.
Attached Documents
05 / 11 / 2023 Financial