Riyadh – Mubasher: Saudi Industrial Services Company (SISCO) registered net profits after Zakat and tax worth SAR 54.7 million in the first half (H1) of 2021, down by 34% from SAR 83.1 million in H1-20.
Earnings per share declined to SAR 0.67 in H1-21 from SAR 1.02 in H1-20, according to the income statements on Thursday.
Revenues increased annually by 33% to SAR 510.4 million in the January-June 2021 period from SAR 382.9 million in the same six months a year ago.
In the second quarter (Q2) of 2021, SISCO’s net profits plunged by 60% to SAR 22.5 million from SAR 56.5 million in Q2-20.
Revenues meanwhile increased by 16.9% to SAR 252.1 million in Q2-21 from SAR 215.6 million in Q2-20.
Quarter-on-quarter (QoQ), the net profits in Q2-21 were 30% lower than SAR 32.3 million in Q1-21, and the revenues decreased by 2.4% from SAR 258.3 million.
In a separate press release, the company’s CEO, Mohammed Al Mudarres, said: “Despite the positive port segment growth, overall gateway volumes across the Kingdom came under pressure during Q2 which led to a decline in total gateway volumes during the quarter compared to the previous quarter and prior year.”
He added, “Shortly after the end of the quarter, we completed the divestment of a 21.2% direct equity stake in our subsidiary Red Sea Gateway Terminal Limited (RSGT) to strategic partners PIF and COSCO. The financial impact of the transaction will be reflected in our Q3-21 financial statements.”
SISCO also announced the distribution of a cash dividend worth SAR 0.4 per share, accounting for 4% of the share’s par value, for H1-21.
The company will pay a total amount of SAR 32.64 million for 81.6 million shares eligible for the dividends. It will later announce the distribution date.
