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.


ELEMENT LISTEXPLANATION
Introduction SISCO Board of Directors is pleased to announce the results of the 30th ordinary general assembly meeting (First Meeting)
City and Location of the General Assembly's Meeting Head Office – Jeddah - through modern technology methods
Date of the General Assembly's Meeting 2021-05-05 Corresponding to 1442-09-23
Time of the General Assembly's Meeting 22:30
Percentage of Attending Shareholders 56.42%
Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees 1- AAMER ABDULLAH ALIREZA (Chairman)

 

2- ADNAN ABDULFATTAH SOUFI (Vice Chairman)

3- SALEH AHMAD HEFNI (Board Member)

4- MUNEERAH HEJAB ALDOSSARY (Board Member)

5- TALAL NASSER ALDAKHIL (Board Member)

6- AHMED MOHAMMED ALRABIAH (Board Member)

The Following Board Member have apologized for attending the General Assembly:

1. ABDULAZIZ ABDULATIF JAZAR (Board Member)

Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf 1- ADNAN ABDULFATTAH SOUFI (Chairman of the Investment Committee)
Voting Results on the Items of the General Assembly's Meeting Agenda's Attached
Attached Documents    

ELEMENT LISTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR%CHANGEPREVIOUS QUARTER% CHANGE
Sales/Revenue 258.3 167.3 54.393 378.3 -31.72
Gross Profit (Loss) 134.9 53.2 153.571 122.5 10.122
Operational Profit (Loss) 94.8 13.4 607.462 78 21.538
Net Profit (Loss) after Zakat and Tax 32.3 26.6 21.428 28.1 14.946
Total Comprehensive Income 32 23.1 38.528 24.1 32.78
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT LISTCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR%CHANGE
Total Share Holders Equity (after Deducting Minority Equity) 1,206.5 1,114.2 8.283
Profit (Loss) per Share 0.4 0.33
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 increase in net profit during the current quarter compared to the same quarter of the previous year is due to the following reasons:

- Strong revenue growth of 54.4%, driven primarily by strong top-line performance by the Company’s ports segment, predominantly driven by stronger volumes, efficiencies and other new concession terms that came into effect from 1 January 2021 and an improvement in service revenue in the logistics segment;

- Gross profit increased by 153.7% compared to Q1 2020, due to the revenue growth and capitalisation of fixed and variable fee; and

- Share of results of associate companies increased by 55.7% due to better performance in Q1 2021.

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 increase in net profit for the current quarter as compared to the previous quarter is due to the following reasons:

- Compared to the previous quarter, revenue declined by 31.7%. However, excluding the impact of accounting construction revenue which does not impact gross profit or net income, revenue grew by 5.8%. This was driven by strong top-line performance by the Company’s ports segment;

- Gross Profit increased by 10% mainly due to the above factors and a decrease in direct costs; and

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

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 Net income for the quarter grew 21.4% with a net income margin (excluding accounting construction revenue) of 12.7%. Total assets reached SAR 4.4 billion, and investment income of SAR 5.8 million increased by 55.7% compared to SAR 3.7 million in Q1 2020. Operating expenses remained broadly in line with last year.

Strategy and outlook:

SISCO will continue to invest in assets and companies in the ports, logistics and water segments, where significant potential earnings opportunities exist, and where the Company’s management can provide oversight on operational and growth strategies. Meanwhile, the Group will build on its current portfolio of subsidiaries, to take advantage of emerging market opportunities. The Company is currently undergoing a strategic review exercise, for which it has appointed an external consultant, and expects to announce further developments to its strategy in due course.

Attached Documents    

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 (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 2021-05-05 Corresponding to 1442-09-23
Time of the General Assembly's Meeting 22:30
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 Attached
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 19 Ramadan 1442 AH (01 May 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: IR@sisco.com.sa

Attached Documents                


SISCO’s CEO and Tawzea board member Mohammed Al Mudarres attended the Corner stone lying Ceremony for the Taif Independent Sewage Treatment Project on Thursday the 25th February 2021.

 

 


ELEMENT LISTCURRENT YEARPREVIOUS YEAR%CHANGE
Sales/Revenue 1,020.8 675.9 51.028
Gross Profit (Loss) 423.7 260.3 62.773
Operational Profit (Loss) 256.2 93.4 174.304
Net Profit (Loss) after Zakat and Tax 139.4 50.9 173.87
Total Comprehensive Income 132.4 35.5 272.957
Total Share Holders Equity (after Deducting Minority Equity) 1,174.6 1,091 7.662
Profit (Loss) per Share 1.71 0.62  
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT LISTEXPLANATION
The reason of the increase (decrease) in the net profit during the current year compared to the last year is Net income for the current year has increased by SAR 88.5 million compared to last year mainly due to:

 - Improvement in revenues mainly due to the Ports Segment related to the takeover of NCT terminal in Jeddah Islamic Port under new concession contract.

 - an improvement in the Ports segment gross profit and margins during the year.

 - increase in other income due to, reversal of provision of asset replacement cost of SAR 75 million and old liabilities no longer required of SAR 11.6 million.

 - decrease in financial charges on external debt financing of SAR 9 million and an IFRS 9 gain of SAR 31.9 million recognised due to the extension of port segment's existing ijara facility.

 
The increase in net profit is offset by the following:

 - An increase in port segment operating expenses during the current year due to an increase in employee and other admin costs related to the takeover of NCT terminal in Jeddah Islamic Port under new concession contract. 

- Increase in financial charges of SAR 126.5 million due to the recognition of a financial liability in respect of the fixed and guaranteed variable fee.

- Decline in the results from associate companies of SAR 5.7 million due to COVID-19 economic challenges

Statement of the type of external auditor's report Unmodified opinion
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 financial data has been changed to comply with IFRS accounting policies as adopted in the Kingdom.
Additional Information Reported revenue and cost of revenue includes construction revenue of SAR 159.23 million. 

In accordance with IFRIC 12, the Group has recorded construction revenue of SR 159.23 million on construction of a container terminal for the period from 1 April 2020 (i.e. the effective date of the new concession agreement) to 31 December 2020.

There is no impact on gross profit or net profit as there is a corresponding construction cost of SAR 159.23 million recognized in the cost of revenue.


ELEMENT LISTEXPLANATION
Introduction The Board of Directors of Saudi Industrial Services Company in their meeting on 27th February 2021 corresponding to [15 Rajab 1442H] recommended a cash dividend distribution to the shareholders of the company for the financial year 2020 as following:
Date of the board’s decision 2021-02-27 Corresponding to 1442-07-15
The Total amount distributed 65,280,000
Number of Shares Eligible for Dividends 81,600,000
Dividend per share 0.80
Percentage of Dividend to the Share Par Value (%) 8 %
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 announcement of dividend distribution date shall be made after the General Assembly meeting of the Company.
Additional Information The proposed recommended dividend is the ordinary dividend for fiscal year ended 31 December 2020.

The utilization of the proceeds expected from the sale of the 21.2% direct equity stake in RSGT and any additional potential distribution to the shareholders will be announced in due course following a careful assessment by the Board on SISCO’s ongoing investment requirements and the short term and long-term interests of both SISCO and its shareholders.



ELEMENT LISTEXPLANATION
Introduction Regarding to Saudi Industrial Services Company “SISCO” announcement on 01/27/2021 AD regarding the agreement of the Public Investment Fund (“PIF”) And COSCO Shipping Ports Limited (“CSPL”) To Acquire Strategic Minority Equity Stake In Red Sea Gateway Terminal Limited (“RSGT”), A Sisco Subsidiary.
Date of Posting the Previous Announcement of Development on Tadawul's Website 2021-01-27 Corresponding to 1442-06-14
URL of the Previous Announcement Click Here
Change on the Development The Saudi Industrial Services Company would like to clarify to the shareholders that SISCO`s direct and indirect share in the Red Sea Gateway Terminal Company before finalizing the agreement is 60.6% and after is 36.36%
Financial Impact on the change The financial impact will be reflected before end of 2021.
Additional Information Regarding the investment plan after receiving the proceeds on completion of the transaction, The Board of Directors through the Investment Committee will study several options to utilize the proceeds from the transaction, with the ultimate objective of maximizing shareholders returns. The Company will announce about any resolution on due time.

ELEMENT LISTEXPLANATION
Announcement Detail Saudi Industrial Services Company (“SISCO”) announces that the Public Investment Fund (“PIF”) and COSCO SHIPPING Ports Limited (“CSPL”) (through its wholly-owned subsidiary Sound Joyce Enterprises Limited) have signed separate Sale and Purchase Agreements (“SPA”) on 27 January 2021 (corresponding to 14/06/1442 Hijri) to acquire SISCO’s 21.2% direct equity stake in its subsidiary Red Sea Gateway Terminal Limited (“RSGT”) for a total consideration of SAR 556.5 million (the “Transaction”). The Transaction implies an Enterprise Value for RSGT of SAR 3.3 billion.

 

Upon completion of the Transaction, PIF and CSPL will own a combined 40% equity stake (respectively 20% each) by acquiring SISCO’s 21.2% direct equity stake and 18.8% equity stake of RSGT’s other minority shareholders, on a pro rata basis. The Transaction is all secondary capital, with the proceeds distributed to the existing shareholders on a pro-rata basis.

 

SISCO will continue to consolidate (from an accounting perspective) RSGT, through its remaining ownership in the company.

This landmark Transaction demonstrates the strength and attractiveness of SISCO’s portfolio and strategy, both commercially and financially. It further highlights the market’s confidence in the Kingdom’s investment climate and in one of SISCO’s key assets. The Transaction also affirms SISCO’s long-standing strategy of strengthening and growing its portfolio businesses through strategic alliances and partnerships in order to enhance overall shareholder value.

 

SISCO’s strategic priorities remain focused on expanding its presence in its core segments of ports, logistics and water through planned development and expansion with the ultimate objective of providing long-term value to our shareholders. The Transaction is a key component of this strategy and will enable SISCO to diversify and optimise its portfolio.

 

For RSGT, the strategic partnership with PIF and CSPL will accelerate its growth and expansion plans. The Transaction will further enhance RSGT’s value proposition to its customers in one of the Middle East’s main Hub Ports and beyond, as a true manifestation of the Kingdom’s Vision of connecting three continents.

 

The completion of the Transaction is expected in H1 2021, subject to certain agreed contractual conditions, including obtaining the approval of the Saudi Ports Authority (“Mawani”) as well as other customary regulatory and third party approvals.

 

Advising SISCO and the other minority shareholders on the Transaction were J.P. Morgan acting as financial advisor and Legal Advisors Abdulaziz Alajlan & Partners in association with Baker & McKenzie Limited acting as legal advisor.

 

Any further developments in respect of the Transaction will be announced in due course.


SISCO Group CSR Initiative Ramadan Gift Boxes


Taif Independent Sewage Treatment Project - Corner stone lying Ceremony


SISCO's profit increased by 174% to 139.4 million riyals in 2020


SISCO signs an agreement with the Public Investment Fund and COSCO, worth 557 million riyals


Public Investment Fund (PIF) and COSCO Shipping Ports Limited (CSPL) have agreed to acquire strategic minority equity stake in RSGT


أعلى نسبة للمناولة بلغت ما يتجاوز 3 ملايين حاوية قياسية في الأشهر التسعة الأولى من 2020


Saudi SISCO CEO, CNBC Arabia: We may return our estimates for 2020 due to what is happening in the world


Latest Developments on Taif Independent Sewerage Plant Project


أرباح "سيسكو" السعودية تتراجع 40% بالربع الثالث من 2019


أرباح "سيسكو" السعودية تنمو 77% بالربع الثاني 2019


2018/10/29 - An interview on CNBCARABIA with SISCO CEO


2017/12/16 - SISCO Making a Difference - Dive In CSR Activity


2017/07/12 - An interview on CNBCARABIA with SISCO CEO


2015/05/31 - An interview on CNBCARABIA with SISCO CEO



2015/03/15 - An interview on CNBCARABIA with SISCO CEO


2015/03/15 - Jeddah port receives the largest container carrier in the world - Video


2015/01/20 - SISCO CEO Interview with CNBC Arabia