No translation, please see the arabic version
No translation, please see the arabic version
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) | 16,291 | 24,791 | -34.29 | 29,418 | -44.62 |
| Gross profit (loss) | 68,565 | 71,234 | -3.75 | 86,550 | -20.78 |
| Operational profit (loss) | 33,773 | 43,979 | -23.21 | 51,261 | -34.12 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 70,201 | 68,482 | 2.51 |
| Gross profit (loss) | 233,011 | 227,968 | 2.21 |
| Operational profit (loss) | 127,363 | 128,646 | -1 |
| Earning or loss per share, Riyals | 1.03 | 1.01 | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | The operating profit decreased mainly due to increase in energy and G&A expenses. Net Profit decreased further due to additional Zakat expense. |
| Reasons of increase (decrease) for period compared with same period last year | Revenue from port business increased but growth in other group companies remained flat. But in the increase in revenue was off-set by increase in energy and G&A costs. Net Profit is slightly increased due to better performance of associated companies and increase in other income due to compensation of SAR 2.5 million received for claims from prior years. |
| Reasons of increase (decrease) for quarter compared with previous quarter | The revenue in port business declined by SAR 14 million due to lower import volume. Revenue from other segments and overall costs remained flat hence the overall Net Profit is lower. |
| Reclassifications in quarterly financial results | Certain comparative figures have been reclassified to conform to the presentation in the current period. |
| Other notes | Total revenue for the current quarter ending September 30, 2016 amounted to 152,009 thousand riyals compared to 153,249 thousand riyals for the same quarter last year, a decrease of 0.8%. Total revenue for the nine months period ending September 30, 2016 amounted to 479,994 thousand riyals, compared with 464,015 thousand riyals for the same period last year, an increase of 3.4%. Total shareholders' equity (after minority interests) as at September 30, 2016 amounted to 1,000,027 thousand riyals, compared to 944,976 thousand riyals, an increase of 6.2%. |
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Further to the announcement published on Tadawul's website on 24-02-2016 related to THE APPROVAL FROM THE SAUDI PORTS AUTHORITY FOR BERTH EXPANSION PROGRAM OF RED SEA GATEWAY TERMINAL CO. Saudi Industrial Services Co.(SISCO) announces :That the Red Sea Gateway Terminal Limited Company subsidiary of Saudi Industrial Services Companies (SISCO) has ssigned today on 09/01/2016 corresponding to 29/11/1437 H with Al Rajhi Bank and Banque Saudi Fransi Islamic financing agreement with a value of SAR 260 million for 8 years, which will be employed to develop project expansion of Red Sea gateway terminal in Jeddah Islamic Port, the expansion is expected to be completed in the fourth quarter of 2017 year.
Reference to Capital Market Authority CMA announcement dated 21/08/2016, for the transition plan to adopt the International Financial Reporting Standards (IFRS), Saudi Industrial Services Company (SISCO) would like to announce IFRS transition progress as follows:
- A complete IFRS transition plan has been prepared to assure the transition to the IFRS.
- (SRCO Professional Corporation ) were assigned as external consultant to support the implementation stages of the transition to IFRS.
- An internal team, headed by Chief Financial Officer is formed, in order to be responsible for the implementation of the transition plan and to provide the external consultant with all the requirements to complete the transition plan.
- The accounting policies will be approved by the board before end of 2016 to assure the transition to the IFRS before 01/01/2017.
- Currently SISCO does not face any difficulties in IFRS Transition Plan.
- The first financial statements to be prepared in accordance with IFRS will be for the first quarter of 2017 (with comparatives for 2016) and is expected to be released in line with the normal deadline.
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) | 29,418 | 25,224 | 16.63 | 24,492 | 20.11 |
| Gross profit (loss) | 86,550 | 82,572 | 4.82 | 77,895 | 11.11 |
| Operational profit (loss) | 51,261 | 50,078 | 2.36 | 42,328 | 21.1 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 53,911 | 43,691 | 23.39 |
| Gross profit (loss) | 164,445 | 156,734 | 4.92 |
| Operational profit (loss) | 93,589 | 85,668 | 9.25 |
| Earning or loss per share, Riyals | 0.79 | 0.64 | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | Improvement in Net Profit results is mainly due to the better performance of Port development and operations business. Also, the improvement in Net profit is due to share of results of associated companies by SR 1 million and lower Zakat by SR 1.4 million. Results of other segments were similar to same quarter last year. |
| Reasons of increase (decrease) for period compared with same period last year | Due to improvement in operating results and performance of Water desalination and distribution business and results from associated companies. In Water segment, other income is higher as the group received remaining portion of the SR 2.5 million as final settlement of a claim from 2013. Also, 2015 had included a provision for operations in Yemen which is not there in the same period in 2016. |
| Reasons of increase (decrease) for quarter compared with previous quarter | Improvement in operating results is mainly due to better performance of Port development and operations business due to seasonal demand. |
| Reclassifications in quarterly financial results | Certain comparative figures have been reclassified to conform to the presentation in the current period. |
Available only on Arabic
Saudi Industrial Services Co. ” SISCO” arranged annual Iftar party for its employees on 09 of Ramadan 1437AH .the ceremony was also attended by Chairman of the Board Mr. Mohamed Ahmed Zainal Ali Reza , CEO Eng. Mohammed Al-Mudarres, and other senior executives from SISCO and its group of companies with friendly moments .
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Saudi Industrial Services Announces (SISCO) to shareholders that the process of dividend distribution for the year 2015 through the Saudi British Bank (SABB) shall start on Wednesday, 25/8/1437 H corresponding to 01/06/2016 AD at the rate of SAR 0.50 (fifty halalas) per-share, equivalent to 5 % of the authorized capital with total dividend amounting to SAR 34 million . Note that the shareholders registered at the end of trading records of the day of the AGM number (24) held on Monday, 25 Rajab 1437 AH corresponding to 02May 2016 are eligible for this dividend and the distribution will be done direct to the bank accounts linked with their investment portfolios in local banks. Company requests the esteemed shareholders to update their bank/account data to ensure dividend is deposit into their accounts. In case there are any questions, please call the company on toll free number 920001808 or (0126619500 or 0126574455 ext. 102) or e-mail infos@sisco.com.sa
Available only in Arabic
Available only in Arabic
SISCO announces entering in to a Share Sale & Purchase agreement on 2 May 2016 to increase its shareholding in its subsidiary Kindasa Water Services Company (a Closed Joint Stock Company with a share capital of SAR 77.3 million) from 60% to 65% by buying additional 5% shares from other shareholders for SAR 15 million from Company,s cash
Completion of this deal is subject to fulfilling certain conditions, obtaining required approvals, and finishing all legal formalities. After completion of required conditions and legal formalities, the new shareholding of Kindasa Water Services Company shall be as under:
1.Saudi Industrial Services Company 65%
2.Mohammed Abdul Lateef Jameel Company 35%
And it is expected to increase SISCO,s Net Profit for year 2016 by approximately SAR 0.7 million.