Sustained Infrastructure Holding Co. — Interim / Quarterly Report 2016

Jul 19, 2016

Saudi Industrial Services Co. announces the interim financial results for the period ending on 30-06-2016 (Six Months)

2190 · 19/07/2016 16:05:02 · Announcement #43186 · View on Saudi Exchange

Saudi Industrial Services Co. announces the interim financial results for the period ending on 30-06-2016 (Six Months)

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.

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