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.


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.


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