Sustained Infrastructure Holding Co. — Earnings Release 2015

Feb 24, 2016

Saudi Industrial Services Co. announces the annual financial results for the period ending on 31-12-2015

2190 · 24/02/2016 08:21:07 · Announcement #41370 · View on Saudi Exchange

Saudi Industrial Services Co. announces the annual financial results for the period ending on 31-12-2015

Element	Current year	Previous year	% Change
Net profit (loss)	90,509	78,077	15.92
Earning or loss per share, Riyals	1.33	1.15	-
Gross profit (loss)	304,867	283,624	7.49
Operational profit (loss)	170,437	159,203	7.06

*All figures are in (Thousands) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of annual financial results	Key drivers for the growth in revenue were ports development and water desalination segments where revenue increased by 11.8% and 15.7% respectively. Top line of Logistics and re-export zone decreased by 2.2% as fewer new leases were signed during the year. Company continued to face an upward pressure on costs. mainly due to higher operating expenses. During the year. water desalination business made a provision of SAR 6.3 million (2014: SAR 5 million). which is the remaining carrying value of its assets in Yemen. Consequently.. operating profit increased by slightly lower percentage of 7.1% to SAR 170.4 million from SAR 159.2 million in 2014.Net results of associated companies significantly improved as compared to last year with a positive contribution of over SAR 9 million as compared negative contribution of SAR 0.3 million in 2014. Other income normalized to SAR 2.1 million as 2014 had included one-off items of SAR 5.7 million against claims from prior years and SAR 0.9 million dividend from Available for Sale investments. Consequently, Income from continued operations reached SAR 149 million registering an increase of 14.3%. During last quarter of 2015. Companys last legacy business of a fuel station in Riyadh operated under ISNAD was closed down and its results were re-classified as discontinued operations.
Reclassifications in annual financial results	Certain comparative figures have been regrouped / reclassified to conform to the presentation in the current period. Furthermore.. The comparative interim consolidated statement of income has been re-presented as if an operation that was discontinued during the current year had been discontinued from the beginning of the comparative year

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.