ELEMENT LISTEXPLANATION
Introduction The Board of Directors of Saudi Industrial Services Co. is pleased to invite the valued shareholders to participate and vote in the General Assembly meeting No.31 (the first and second meeting after an hour) scheduled to be held through modern technology methods, and for shareholders safety , In support of preventive and precautionary efforts and measures by the competent and relevant health authorities to address the new coronavirus (COVID-19) and as an extension of the ongoing efforts of all government agencies in Saudi Arabia to take preventive measures to prevent its spread.
City and Location of the General Assembly's Meeting Head Office – Jeddah - through modern technology methods
URL for the Meeting Location www.tadawulaty.com.sa
Date of the General Assembly's Meeting 2021-11-03 Corresponding to 1443-03-28
Time of the General Assembly's Meeting 19:30
Attendance Eligibility Shareholders Registered in the Issuer’s Shareholders Registry in the Depository Centre At the End of the Trading Session Preceding the General Assembly’s Meeting as per Laws and Regulations.

Quorum for Convening the General Assembly's Meeting The General Assembly meeting shall be valid if attended by shareholders representing at least one-fourth of the Company’s capital. In the absence of a quorum required for holding the meeting, a second meeting will be held one hour after the end of the period specified for the first meeting. The second meeting shall be valid regardless of the number of shares represented.

General Assembly Meeting Agenda
1. Voting on the recommendation of the Board of Directors to distribute cash dividends to the Shareholders for the first half of the financial year 2021 with total amount of SAR 32.6 Million at SAR 0.40 per share, which represent 4 % of the par value; where the eligibility will be to the Shareholders owning shares on the General Assembly Meeting date, and those whose registered in the Company’s share registry at the Depository Center at the end of the second trading day following the due date. The date of dividends distribution will be announced later.

2. Voting on authorizing the Board of Directors to distribute interim dividends to the shareholders for the financial year 2021.

Proxy Form
E-Vote The company assures to all its shareholders that registration and voting are limited to the assembly's items through (electronic voting), which will be available to shareholders registered on the Tadawulaty Platform from 10:00 am on Saturday 24 Rabe1 1443 AH (30 Oct 2021 AD) until the end of the assembly time.

Registration and voting for Tadawulaty services will be available free of charge to all shareholders using the following link: (www.tadawulaty.com.sa)

Eligibility for Attendance Registration and Voting Eligibility for Registering the Attendance of the General Assembly’s Meeting Ends upon the Convenience of the General Assembly’s Meeting. Eligibility for Voting on the Business of the Meeting Agenda Ends upon the Counting Committee Concludes Counting the Votes.

Method of Communication In the event of an inquiry, we hope to contact the Shareholders Relations Department through Phone number: 0126619500

Email: Maqbool@sisco.com.sa


ELEMENT LISTEXPLANATION
Announcement Detail SISCO is pleased to announce the launch of its new corporate strategy to drive growth and achieve leadership positions in all three of its core segments of ports, logistics and water.

The newly updated strategy will see SISCO leverage existing capabilities in its core segments to invest in assets with a significant opportunity to be scaled up through its current portfolio network and accelerate the returns timeline for SISCO and its shareholders. The strategy’s growth objectives will be achieved through organic and inorganic investments, based on three key pillars:

• Expand logistics services with an emphasis on asset light model

• International expansion of the ports segment

• Drive the full potential of existing portfolio companies

Further details of the strategy are included in the attached press release.

SISCO will host an investor call to present the new strategy and the details thereof will be provided in due course.

Attached Documents    

ELEMENT LISTEXPLANATION
Introduction Saudi Industrial Services Company (SISCO) announces that its subsidiary, Kindasa Water Services Company (Kindasa) has signed a new five-year contract with the Saudi Ports Authority (Mawani)
Date of Announcement of the Award 2021-10-04 Corresponding to 1443-02-27
Contract Subject Matter Signing a new five-year contract with the Saudi Ports Authority (Mawani)
Date of Signing the Contract 2021-10-04 Corresponding to 1443-02-27
Contract Value Not Applicable
Contract Details Saudi Industrial Services Company (SISCO) is pleased to announce that its subsidiary, Kindasa Water Services Company (Kindasa) has signed a new five-year contract with the Saudi Ports Authority (Mawani) to continue their operations of the desalination plant in Jeddah Islamic Port with new terms and conditions. The new contract will be effective from 29 June 2022.
Contract Duration five-years
Financial Impact and the Relevant Period The financial and accounting impact of this contract on SISCO’s financial statements will be disclosed in due course following review by the external auditors.
Related Parties none

ELEMENT LISTEXPLANATION
Announcement Detail Referring to the Company's announcements on the Saudi Exchange website dated 27/01/2021G corresponding to 14/06/1442 and 15/07/2021G corresponding to 05/12/1442, Saudi Industrial Services Company (“SISCO”) announces an update on the financial impact of the sale of a 21.2% direct equity stake, together with the sale of a 4% equity stake by subsidiary Saudi Trade and Export Development Company Limited (LogiPoint) (in which it owns 76%) in its subsidiary Red Sea Gateway Terminal Limited (“RSGT”) (the “Transaction”) following the finalization of associated transaction costs.

 

SISCO received a total gross consideration of SAR 556.5 million (before all transaction costs) for the divestment of its 21.2% equity stake in RSGT.

 

LogiPoint received a total gross consideration of SAR 105 million (before all transaction costs) for the divestment of its 4% equity stake in RSGT.

 

The Transaction was treated as a non-adjusting event during Q2 2021 and a disclosure of the transaction and its accounting treatment was included in the notes to the Q2 2021 financial statements.

 

Following the finalization of the transaction costs, the impact of the transaction on the Q3 2021 financial statements (subject to audit by the external auditors) is as follows:

• The transaction will only be recognized through the consolidated statement of financial position (balance sheet) and therefore no impact from the transaction will be recognized in the Group’s Q3 2021 consolidated income statement

• Combined unaudited net accounting impact of SAR 361.9 million (subject to audit by the external auditors) for both SISCO and LogiPoint transactions will be reflected in the equity in the Group’s Q3 2021 consolidated financial statements.

• SISCO’s effective share of RSGT Net Income will reduce from 60.6% to 36.36% in Q3 2021

From an accounting perspective, SISCO will continue to consolidate RSGT.


ELEMENT LISTEXPLANATION
Introduction Regarding to Saudi Industrial Services Company announcement “SISCO” on 18/01/1443 H corresponding to 26/08/2021 for selecting a consortium which is formed between International Water Distribution Company "Tawzea" (which SISCO owns 50% of its share capital of SAR 146 million in partnership with Saudi Arabian Amiantit Company) with the Spanish company "Acciona" and "Tamasuk” as the preferred bidder for Tabuk Independent Sewage Plant Project and Buraydah Independent Sewage Plant Project, the Saudi Industrial Services Company “SISCO” announces that the contract has been signed by the consortium with the Saudi Water Partnerships Company for plant development on 19/02/1443 H, corresponding to 26/09/2021.
Previous Announcement Saudi Industrial Services CO. Announces about choosing the consortium, which one of its associates participates in, as the preferred bidder for Buraydah and Tabuk plants
Date of Previous Announcement on Tadawul's Website 2021-08-26 Corresponding to 1443-01-18
Percentage of fulfilled achievement Not applicable
Event's Expected Completion Date Not applicable
The costs associated with the event, and if they have changed or not with indication of the reasons. Not applicable
Additional Information The project includes design, build, operate and maintain the plant and transfer the ownership of the project on (BOT) basis, along with the development of infrastructure and related facilities. The term of the contract is 25 years. The project will be financed through several banks. The objective of the project will be to develop wastewater treatment facilities with a capacity up to 150,000 cubic meters per day for Buraydah and 90,000 cubic meters per day for Tabuk.

Construction of the project is expected to start during the second quarter of 2022, once the financing agreements with the banks are finalized. Any updates regarding the cost of investment.

The financial impact will be reflected once the project is completed which is expected at the end of 2024 under SISCO's share of results of associates.

and other updates related to this project will be announced in due time.


ELEMENT LISTEXPLANATION
Introduction Regarding to Saudi Industrial Services Company announcement “SISCO” on 18/01/1443 H corresponding to 26/08/2021 for selecting a consortium which is formed between International Water Distribution Company "Tawzea" (which SISCO owns 50% of its share capital of SAR 146 million in partnership with Saudi Arabian Amiantit Company) with the Spanish company "Acciona" and "Tamasuk” as the preferred bidder for Medina Independent Sewage Plant Project, the Saudi Industrial Services Company “SISCO” announces that the contract has been signed by the consortium with the Saudi Water Partnerships Company for plant development on 19/02/1443 H, corresponding to 26/09/2021.
Previous Announcement Saudi Industrial Services CO. Announces about choosing the consortium, which one of its associates participates in, as the preferred bidder for Madina plant
Date of Previous Announcement on Tadawul's Website 2021-08-26 Corresponding to 1443-01-18
Percentage of fulfilled achievement Not applicable
Event's Expected Completion Date Not applicable
The costs associated with the event, and if they have changed or not with indication of the reasons. Not applicable
Additional Information The project includes design, build, operate, and maintain the plant and transfer the ownership of the project on (BOT) basis, along with the development of infrastructure and related facilities. The term of the contract is 25 years. The project will be financed through several banks. The objective of the project will be to develop a wastewater treatment facility with a capacity up to 200,000 cubic meters per day which expandable to 375,000 cubic meters.

Construction of the project is expected to start during the second quarter of 2022, once the financing agreements with the banks are finalized. Any updates regarding the cost of investment.

The financial impact will be reflected once the project is completed which is expected at the end of 2024 under SISCO's share of results of associates. and other updates related to this project will be announced in due time.


ELEMENT LISTEXPLANATION
Announcement Detail

Saudi Industrial Services Company (SISCO) announces about one of its associates, International Water Distribution Company “Tawzea” which SISCO owns 50% of its share capital of SAR 146 million in partnership with Saudi Arabian Amiantit Company. A consortium between “Tawzea" with 35%, a Spanish international company "Acciona "with 35% and "Tamasuk" with 30% was chosen as the preferred bidder for Buraydah and Tabuk Independent Sewage Plant Project on 25/08/2021 by the Saudi Water Partnership Company.

Upon final award of the project, the consortium will finance, develop, design, build, operate and maintain the two plants and then transfer, on (BOT) basis, along with the development of infrastructure and related facilities. The term of the contract is 25 years. The company which will be established for the project will treat the full capacity of the wastewater supplied to the company with capacity up to 150,000 cubic meters per-day for Buraydah and 90,000 cubic meter for Tabuk.

SISCO will announce any updates regarding the project and financial impact on its financials once the contract is awarded.


ELEMENT LISTEXPLANATION
Announcement Detail

Saudi Industrial Services Company (SISCO) announces about one of its associates, International Water Distribution Company “Tawzea” which SISCO owns 50% of its share capital of SAR 146 million in partnership with Saudi Arabian Amiantit Company. A consortium between “Tawzea" with 35%, a Spanish international company "Acciona "with 35% and "Tamasuk" with 30% was chosen as the preferred bidder for Medina Independent Sewage Plant Project on 25/08/2021 by the Saudi Water Partnership Company.

Upon final award of the project, the consortium will finance, develop, design, build, operate and maintain the plant and then transfer, on (BOT) basis, along with the development of infrastructure and related facilities. The term of the contract is 25 years. The company which will be established for the project will treat the full capacity of the wastewater supplied to the company with capacity up to 200,000 cubic meters per-day

SISCO will announce any updates regarding the project and financial impact on its financials once the contract is awarded.


ELEMENT LISTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR%CHANGEPREVIOUS QUARTER% CHANGE
Sales/Revenue 252.1 215.6 16.929 258.3 -2.4
Gross Profit (Loss) 123.6 115.9 6.643 134.9 -8.376
Operational Profit (Loss) 83.6 73.1 14.363 94.8 -11.814
Net Profit (Loss) after Zakat and Tax 22.5 56.5 -60.176 32.3 -30.34
Total Comprehensive Income 25.2 57.4 -56.097 32 -21.25
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT LISTCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR%CHANGE
Sales/Revenue 510.4 382.9 33.298
Gross Profit (Loss) 258.4 169 52.899
Operational Profit (Loss) 178.3 86.6 105.889
Net Profit (Loss) after Zakat and Tax 54.7 83.1 -34.175
Total Comprehensive Income 57.1 80.5 -29.068
Total Share Holders Equity (after Deducting Minority Equity) 1,166.4 1,122.6 3.901
Profit (Loss) per Share 0.67 1.02
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT LISTEXPLANATION
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The decrease in net profit during the current quarter compared to the same quarter of the previous year is due to the following reasons:

 

 

- One-off reversal of provision of replacement cost (SAR 75 million) was recorded in Q2 2020

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The decrease in net profit for the current quarter as compared to the previous quarter is due to the following reasons:

 

 

- Decline in revenue by SAR 9 million mainly due to lower volumes in the port segment

- One off reversal of old liabilities of SAR 4.6 million recorded in Q1 2021

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The decrease in net profit during the current period compared to the same period of the previous year is due to the following reasons:

 

 

- One-off reversal of provision of replacement cost (SAR 75 million) was recorded in in Q2 2020

- A one-off IFRS 9 gain of SAR 31.9 million recognised in Q2 2020 due to the extension of port segment's existing Ijara facility

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 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.
Additional Information First half revenue, excluding accounting construction revenue, increased by 30.1% year-on-year to SAR 498 million, and by 13.4% to SAR 244 million in the second quarter compared to Q2 2020, driven by strong performance in the ports and logistics segments. Gross profit of SAR 123 million increased by 6.6% from Q2 2020 predominantly driven by revenue growth in the ports and logistics segment and efficiencies across segments. Revenue decreased by 8.4% from the previous quarter a result of lower gateway volumes recorded by the port segment.

 

First half net income decreased by 34.2% year-on-year to SAR 54.8 million, as SISCO recorded a one-off SAR 31.9 million IFRS 9 gain and a SAR 75 million reversal of provision for replacement costs in H1 2020.

Attached Documents   

ELEMENT LISTEXPLANATION
Introduction Saudi Industrial Services Co. announces the recommendation by the Board of Directors to distribute an interim a cash dividend to shareholders of SAR 0.40 per share for the first half of fiscal year ending 31 December 2021, subject to AGM approval.
Date of the board’s decision 2021-08-11 Corresponding to 1443-01-03
The Total amount distributed 32,640,000
Number of Shares Eligible for Dividends 81,600,000
Dividend per share 0.40
Percentage of Dividend to the Share Par Value (%) 4 %
Eligibility date All the shareholders registered with Securities Depository Center as the shareholders of the Company at the end of second trading day of holding of General Assembly meeting shall be eligible for the dividend. The date of the General Assembly meeting shall be announced after getting requisite approvals from regulatory bodies.
Distribution Date The Distribution Date will be confirmed on due time and subject to approval at the Company’s AGM.
Additional Information The proposed recommended interim dividend is the ordinary dividend for the first half of fiscal year ending 31 December 2021.

ELEMENT LISTEXPLANATION
Introduction Referring to the Company's announcement on the Saudi Exchange website dated 27/01/2021G corresponding to 14/06/1442, Saudi Industrial Services Company (“SISCO”) announces that it has concluded the sale of its 21.2% direct equity stake together with the sale of 18.8% equity stake of other minority shareholders (the “Transaction”) in its subsidiary Red Sea Gateway Terminal Limited (“RSGT”) to the Public Investment Fund (“PIF”) and COSCO SHIPPING Ports Limited (“CSPL”) (through its wholly-owned subsidiary Sound Joyce Enterprises Limited) on a pro-rata basis. The date of the completion of the transaction is 14 July 2021 (corresponding to 4-Dhu al-Hijjah-1442).
Transaction Details The Transaction involves the sale of SISCO’s 21.2% direct equity stake in RSGT, SISCO’s subsidiary Saudi Trade and Export Development Company Limited’s (“LogiPoint’) (of which SISCO owns 76%) sale of a 4% direct equity stake, and the 14.8% equity stake of other minority shareholders of RSGT to both PIF and CSPL on a pro-rata basis.

 

 

SISCO’s 21.2% direct equity stake sale has been made for a total consideration of SAR 556.5 million.

Transaction Value The Transaction implies an Enterprise Value for RSGT of SAR 3.3 billion.

 

 

SISCO will receive total gross proceeds of SAR 556.5 million (before all transaction costs) for the Transaction.

 

In addition, LogiPoint will receive total gross proceeds of SAR 105 million (before all transaction costs) for the divestment of its 4% equity stake in RSGT.

Transaction Terms All the necessary terms and conditions of the Transaction have been met, including obtaining the approval of the Saudi Ports Authority (“Mawani”) and all other regulatory and third-party approvals.
Parties of the Transaction Saudi Industrial Services Company (seller)

 

Saudi Trade and Export Development Company Limited (a subsidiary of SISCO) (seller)

Other minority shareholders of RSGT (sellers)

Public Investment Fund (buyer)

COSCO SHIPPING Ports Limited (through its wholly-owned subsidiary Sound Joyce Enterprises Limited) (buyer)

Red Sea Gateway Terminal Limited (target)

JP Morgan (Financial Advisor)

Legal Advisors Abdulaziz Alajlan & Partners in association with Baker & McKenzie Limited (Legal Advisor)

Transaction Execution Date 2021-07-14 Corresponding to 1442-12-04
Description of the Business of the Asset forming the Subject Matter of the Transaction RSGT is engaged in the development, construction, operation, and maintenance of container terminals, handling and unloading services and shipping, navigation and marine support services necessary to provide ships with water, energy, sewage treatment and the excavation and backfill, and investment in these activities. Headquartered in Jeddah, RSGT is the largest container port operator in Saudi Arabia.
Asset Book Value Not applicable
Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction Not applicable
Transaction reasons The Transaction will benefit and enhance RSGT’s value proposition, a key asset within SISCO’s portfolio of subsidiaries, by bringing on board world-class strategic investors (PIF and CSPL) who will help drive the future growth of the business. The Transaction is in line with SISCO’s long-standing strategy of strengthening and optimizing its portfolio with the ultimate objective of providing long-term value to shareholders. The Transaction also demonstrates SISCO’s track record for developing its assets, and its ability to create value for shareholders.
Expected Impact of the Transaction on the Company and Its Operations The impact from the Transaction, which will be calculated subject to the finalisation of Q2 2021 financial results and the final payment of costs associated with the Transaction, will be reflected in SISCO’s Q3 2021 financial statements. In addition, the impact of LogiPoint’s divestment of 4% direct equity stake in RSGT will also be reflected in SISCO’s Q3 2021 financial statements subject to the same conditions.

 

PIF and CSPL now each own a 20% equity stake in RSGT with the remaining 60% shares being held by SISCO’s subsidiary Red Sea Ports Development Company Limited (RSPD) (SISCO owns 53% of RSPD).

SISCO’s effective shareholding has reduced from 60.6% to 36.36%. From an accounting perspective, SISCO will continue to consolidate RSGT through its subsidiary RSPD.

The impact of the reduction in effective shareholding will also be reflected in Q3 2021 financial statements.

A further announcement quantifying the impact of the above adjustments will be made following the release of Q2 2021 financial statements. A full disclosure of the impact on Q3 2021 financial statements will also be included in the notes to the Q2 2021 financial statements.

Details of Using The Proceeds of the Asset Sale The application of the net proceeds, which is currently under review, is expected to be announced by the end of Q3 2021.
Related Parties Not applicable
Attached Documents    

ELEMENT LISTEXPLANATION
Announcement Detail Saudi Industrial Services Company “SISCO” announces that it will hold its Q1 2021 Earnings Call for institutional investors and analysts at 15:00 (Saudi time) on Thursday 27 May 2021.

 

SISCO executive management will discuss the highlights of the Company’s performance for the first quarter.

The Earnings Call aims to promote transparency through sustained disclosure and engagement with the investment community.

The earnings call presentation will be made available on the Company’s website at: http://sisco.com.sa/poverview.php

Institutional investors and analysts who wish to join the Earnings Call can request the dial-in details by contacting the Investor Relations team at: IR@sisco.com.sa.


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