Sustained Infrastructure Holding Co. — Interim / Quarterly Report 2016

Oct 19, 2016

Saudi Industrial Services Co. announces the interim financial results for the period ending on 30-09-2016 (Nine Months)

2190 · 19/10/2016 16:43:31 · Announcement #44227 · View on Saudi Exchange

Saudi Industrial Services Co. announces the interim financial results for the period ending on 30-09-2016 (Nine Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	16,291	24,791	-	29,418	-
Gross profit (loss)	68,565	71,234	-	86,550	-
Operational profit (loss)	33,773	43,979	-	51,261	-
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	-
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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