Sustained Infrastructure Holding Co. — Earnings Release 2018

Mar 3, 2019

Saudi Industrial Services Co. announces its Annual financial results for the period ending on 2018-12-31

2190 · 03/03/2019 08:17:33 · Announcement #53635 · View on Saudi Exchange

Saudi Industrial Services Co. announces its Annual financial results for the period ending on 2018-12-31

Element List	Current Year	Previous Year	%Change
Sales/Revenue	564.7	562.4	0.408
Total Profit (Loss)	222	198.6	11.782
Profit (Loss) Operational	88.1	73.9	19.215
Net Profit (Loss) after Zakat and Tax	46.7	58.8	-20.578
Total Comprehensive Income	45.4	58.9	-22.92
Total Share Holders Equity (after deducting minority equity)	1,088.2	1,067.2	1.967
Profit (Loss) per Share	0.57	0.72
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
Reason for increase (decrease) in net profit for current year compared to last year	Revenue of the port segment increased by only 5% despite more than 16% increase in the volume. This was primarily due to reduction in inspection tariff as implemented by Mawani in Dec 2017. Additionally, Revenue increase in port segment is off-set by decline in revenues of logistics and water segments due to lower occupancy and temporary plant shutdown because of adverse weather, respectively.

Gross profit is 12% better than last year due to better cost control and revision in estimates for Asset Replacement Provision. However, despite the increase in share of results from equity accounted associates, Net Profit declined due to following:

- Higher financial charges to increasing interest rates

- Last year's other income included one off item amounting to SAR 24 million. Type of the external auditor's opinion Unmodified opinion Reclassifications in annual financial results Certain figures for the prior period have been reclassified to conform with presentation in the current period. Additional Information Port Authority has unified the Customs Inspection Charges effective from 1 March 2019 to provide transparency and cost certainty to importers. This will improve the revenue for the port segment for the year 2019 but the financial impact will depend on the total container volume handled in the year.

From January 1, 2018, the Company has adopted IFRS 9 (Financial Instruments) and IFRS 15 (Revenue from Contracts with Customers) with no material impact on the annual consolidated financial statements.

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.