Sustained Infrastructure Holding Co. — Interim / Quarterly Report 2018

Oct 28, 2018

Saudi Industrial Services Co. announces its interim Financial results for the period ending on 2018-09-30 ( Nine Months )

2190 · 28/10/2018 15:21:32 · Announcement #52408 · View on Saudi Exchange

Saudi Industrial Services Co. announces its interim Financial results for the period ending on 2018-09-30 ( Nine Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	149.3	123.3	21.086	154	-3.051
Total Profit (Loss)	54.1	39.4	37.309	55.8	-3.046
Profit (Loss) Operational	17.7	10.1	75.247	24.6	-28.048
Net Profit (Loss) after Zakat and Tax	11.1	5.7	94.736	12	-7.5
Total Comprehensive Income	12.6	5.8	117.241	9.4	34.042
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	421.3	444.6	-5.24
Total Profit (Loss)	147	176.5	-16.713
Profit (Loss) Operational	46.2	79.8	-42.105
Net Profit (Loss) after Zakat and Tax	23.7	51.9	-54.335
Total Comprehensive Income	22.7	54.4	-58.272
Total Share Holders Equity (after deducting minority equity)	1,065.5	1,066.2	-0.065
Profit (Loss) per Share	0.29	0.64
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year	Key reason for improvement in Net Profit is due to the higher container volume handled by Ports Segment. Business at water segment has marginally slowed down due to the temporary pipeline damage which led to the suspension of service for several days. Despite higher operating expenses as well as finance charges due to increasing SAIBOR rates, the net profit is still higher due to the better performance of associate companies and cost rationalization in all subsidiaries during the third quarter.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter	Key reason for the marginal decrease in Net Profit as compared with the previous quarter was due to decrease in revenue in Logistics and Water segments.
Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year	Key reasons for decline in Net Profit as compared to same period of last year are as under:- Revenue is lower by about SR 23 million mainly due to decrease in inspection tariff by the port authority. Business activity in logistics segment has also slowed down.- Higher direct costs due to additional depreciation of port expansion completed at the end of 2017 and increase in government levies. Financial charges this year are higher and there was a one-off income of SR 11 million last year.
Type of the external auditor's opinion	Unmodified opinion
Reclassifications in quarter financial result	Financial Statements for the current period have been prepared according to the International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia and based on that the presentation, measurement, recognition and disclosure for some of financial data has been changed to comply with IFRS accounting policies as adopted in the Kingdom.

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