SISCO net profit slumps 34% to SAR 54.7 mln in H1 2021

12/08/2021 Argaam Exclusive

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Saudi Industrial Services Co. (SISCO) reported a net profit after Zakat and tax of SAR 54.7 million for H1 2021, a decline of 34% from SAR 83.1 million in the year-ago period.

The profit drop followed a one-off reversal of provision of replacement cost recorded in Q2 2020, in addition to a one-off IFRS 9 gain of SAR 31.9 million recognised in Q2 2020.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	382.86	510.45	33.3 %
Gross Income	169.06	258.44	52.9 %
Operating Income	86.57	178.33	106.0 %
Net Income	83.12	54.75	(34.1 %)
Average Shares	81.60	81.60	-
EPS (Riyals)	1.02	0.67	(34.1 %)

In Q2 2021, net profit after Zakat and tax plunged 60% year-on-year (YoY) to SAR 22.5 million.

On a sequential basis, Q2 net profit tumbled 30.3% from SAR 32.3 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	215.57	252.15	17.0 %
Gross Income	115.88	123.56	6.6 %
Operating Income	73.16	83.58	14.2 %
Net Income	56.52	22.47	(60.2 %)
Average Shares	81.60	81.60	-
EPS (Riyals)	0.69	0.28	(60.2 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	258.30	252.15	(2.4 %)
Gross Income	134.88	123.56	(8.4 %)
Operating Income	94.75	83.58	(11.8 %)
Net Income	32.28	22.47	(30.4 %)
Average Shares	81.60	81.60	-
EPS (Riyals)	0.40	0.28	(30.4 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2012	107.73	36.0 %	47.39	50.6 %	6.49	927.4 %	0.08
Q2 2012	121.48	26.3 %	51.84	31.9 %	10.97	105.1 %	0.13
Q3 2012	122.98	11.0 %	54.91	4.6 %	11.92	70.4 %	0.15
Q4 2012	121.25	8.2 %	61.64	53.8 %	8.86	1823.0 %	0.11
2012	473.44	18.9 %	215.78	32.1 %	38.23	246.2 %	0.47
Q1 2013	123.55	14.7 %	61.47	29.7 %	13.44	107.2 %	0.16
Q2 2013	142.55	17.3 %	76.21	47.0 %	19.59	78.7 %	0.24
Q3 2013	128.33	4.3 %	62.64	14.1 %	11.25	(5.7 %)	0.14
Q4 2013	125.60	3.6 %	59.30	(3.8 %)	11.76	32.8 %	0.14
2013	520.02	9.8 %	259.62	20.3 %	56.04	46.6 %	0.69
Q1 2014	121.44	(1.7 %)	56.32	(8.4 %)	12.37	(8.0 %)	0.15
Q2 2014	143.10	0.4 %	71.87	(5.7 %)	21.72	10.8 %	0.27
Q3 2014	161.91	26.2 %	86.42	38.0 %	25.53	127.0 %	0.31
Q4 2014	147.29	17.3 %	73.75	24.4 %	18.46	57.0 %	0.23
2014	561.00	7.9 %	283.62	9.2 %	78.08	39.3 %	0.96
Q1 2015	146.31	20.5 %	74.16	31.7 %	18.47	49.3 %	0.23
Q2 2015	164.46	14.9 %	82.57	14.9 %	25.22	16.1 %	0.31
Q3 2015	153.25	(5.3 %)	71.23	(17.6 %)	24.79	(2.9 %)	0.30
Q4 2015	152.07	3.2 %	78.61	6.6 %	22.03	19.3 %	0.27
2015	616.08	9.8 %	295.81	4.3 %	90.51	15.9 %	1.11
Q1 2016	171.64	17.3 %	76.93	3.7 %	24.21	31.1 %	0.30
Q2 2016	182.51	11.0 %	85.56	3.6 %	29.04	15.1 %	0.36
Q3 2016	163.81	6.9 %	67.57	(5.1 %)	15.67	(36.8 %)	0.19
Q4 2016	172.82	13.6 %	62.65	(20.3 %)	21.34	(3.1 %)	0.26
2016	690.77	12.1 %	292.71	(1.0 %)	90.26	(0.3 %)	1.11
Q1 2017	171.96	0.2 %	75.20	(2.3 %)	22.13	(8.6 %)	0.27
Q2 2017	149.29	(18.2 %)	61.88	(27.7 %)	24.10	(17.0 %)	0.30
Q3 2017	123.35	(24.7 %)	39.42	(41.7 %)	5.68	(63.8 %)	0.07
Q4 2017	117.81	(31.8 %)	22.19	(64.6 %)	6.91	(67.6 %)	0.08
2017	562.41	(18.6 %)	198.69	(32.1 %)	58.81	(34.8 %)	0.72
Q1 2018	117.98	(31.4 %)	37.14	(50.6 %)	0.57	(97.4 %)	0.01
Q2 2018	150.93	1.1 %	55.83	(9.8 %)	12.04	(50.1 %)	0.15
Q3 2018	147.42	19.5 %	54.11	37.3 %	11.10	95.6 %	0.14
Q4 2018	148.38	25.9 %	74.99	238.0 %	23.04	233.5 %	0.28
2018	564.71	0.4 %	222.07	11.8 %	46.75	(20.5 %)	0.57
Q1 2019	166.52	41.1 %	72.67	95.7 %	16.90	2864.9 %	0.21
Q2 2019	180.69	19.7 %	77.55	38.9 %	21.34	77.3 %	0.26
Q3 2019	172.16	16.8 %	70.16	29.7 %	6.74	(39.3 %)	0.08
Q4 2019	156.52	5.5 %	39.92	(46.8 %)	5.94	(74.2 %)	0.07
2019	675.88	19.7 %	260.31	17.2 %	50.92	8.9 %	0.62
Q1 2020	167.29	0.5 %	53.17	(26.8 %)	26.60	57.4 %	0.33
Q2 2020	215.57	19.3 %	115.88	49.4 %	56.52	164.9 %	0.69
Q3 2020	259.67	50.8 %	132.15	88.4 %	28.16	317.6 %	0.35
Q4 2020	378.33	141.7 %	122.53	206.9 %	39.74	568.8 %	0.49
2020	1,020.87	51.0 %	423.74	62.8 %	151.03	196.6 %	1.85
Q1 2021	258.30	54.4 %	134.88	153.7 %	32.28	21.3 %	0.40
Q2 2021	252.15	17.0 %	123.56	6.6 %	22.47	(60.2 %)	0.28

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2011	398.25	41.3 %	163.34	50.5 %	11.04	419.0 %	0.14
2012	473.44	18.9 %	215.78	32.1 %	38.23	246.2 %	0.47
2013	520.02	9.8 %	259.62	20.3 %	56.04	46.6 %	0.69
2014	561.00	7.9 %	283.62	9.2 %	78.08	39.3 %	0.96
2015	616.08	9.8 %	295.81	4.3 %	90.51	15.9 %	1.11
2016	690.77	12.1 %	292.71	(1.0 %)	90.26	(0.3 %)	1.11
2017	562.41	(18.6 %)	198.69	(32.1 %)	58.81	(34.8 %)	0.72
2018	564.71	0.4 %	222.07	11.8 %	46.75	(20.5 %)	0.57
2019	675.88	19.7 %	260.31	17.2 %	50.92	8.9 %	0.62
2020	1,020.87	51.0 %	423.74	62.8 %	151.03	196.6 %	1.85

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	42.00 %	38.90 %	1.95 %
Q2 2012	42.43 %	39.65 %	3.08 %
Q3 2012	41.83 %	40.81 %	4.06 %
Q4 2012	45.58 %	45.44 %	6.00 %
2012	45.58 %	45.44 %	6.00 %
Q1 2013	46.98 %	47.60 %	9.28 %
Q2 2013	49.82 %	48.95 %	10.63 %
Q3 2013	50.80 %	47.87 %	10.41 %
Q4 2013	49.93 %	47.92 %	11.06 %
2013	49.93 %	47.92 %	11.06 %
Q1 2014	49.13 %	46.89 %	9.78 %
Q2 2014	48.24 %	46.63 %	10.14 %
Q3 2014	49.62 %	47.59 %	12.09 %
Q4 2014	50.26 %	46.83 %	12.61 %
2014	50.56 %	47.92 %	12.89 %
Q1 2015	51.15 %	46.51 %	14.06 %
Q2 2015	51.12 %	46.37 %	14.14 %
Q3 2015	49.36 %	45.78 %	14.22 %
Q4 2015	49.76 %	46.55 %	14.69 %
2015	48.01 %	46.55 %	14.69 %
Q1 2016	48.23 %	46.11 %	14.62 %
Q2 2016	47.36 %	45.41 %	14.79 %
Q3 2016	46.07 %	43.57 %	13.20 %
Q4 2016	42.37 %	41.45 %	11.71 %
2016	42.37 %	41.45 %	11.71 %
Q1 2017	42.10 %	41.23 %	11.76 %
Q2 2017	40.63 %	40.77 %	9.90 %
Q3 2017	38.73 %	40.08 %	8.93 %
Q4 2017	35.33 %	37.63 %	6.19 %
2017	35.33 %	37.61 %	6.19 %
Q1 2018	31.59 %	35.74 %	2.61 %
Q2 2018	30.31 %	34.95 %	2.43 %
Q3 2018	31.69 %	35.54 %	3.34 %
Q4 2018	39.32 %	42.14 %	7.73 %
2018	39.32 %	42.14 %	7.73 %
Q1 2019	42.01 %	43.79 %	9.78 %
Q2 2019	43.44 %	44.42 %	10.77 %
Q3 2019	44.23 %	42.45 %	9.72 %
Q4 2019	38.51 %	37.19 %	7.53 %
2019	38.51 %	37.19 %	7.53 %
Q1 2020	35.59 %	34.31 %	6.11 %
Q2 2020	39.23 %	36.37 %	4.35 %
Q3 2020	42.69 %	42.51 %	6.55 %
Q4 2020	41.51 %	41.15 %	8.44 %
2020	41.51 %	41.15 %	8.44 %
Q1 2021	45.46 %	45.55 %	10.00 %
Q2 2021	44.68 %	46.11 %	10.68 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2011	41.01 %	39.13 %	2.77 %
2012	45.58 %	45.44 %	6.00 %
2013	49.93 %	47.92 %	11.06 %
2014	50.56 %	47.92 %	12.89 %
2015	48.01 %	46.55 %	14.69 %
2016	42.37 %	41.45 %	11.71 %
2017	35.33 %	37.61 %	6.19 %
2018	39.32 %	42.14 %	7.73 %
2019	38.51 %	37.19 %	7.53 %
2020	41.51 %	41.15 %	8.44 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	43.99 %	39.61 %	(3.26 %)
Q2 2012	42.68 %	44.15 %	9.03 %
Q3 2012	44.65 %	50.09 %	9.69 %
Q4 2012	50.84 %	47.19 %	7.45 %
Q1 2013	49.75 %	48.94 %	10.92 %
Q2 2013	53.46 %	49.50 %	13.88 %
Q3 2013	48.81 %	45.68 %	8.86 %
Q4 2013	47.22 %	47.41 %	10.25 %
Q1 2014	46.37 %	44.59 %	5.46 %
Q2 2014	50.23 %	48.52 %	15.18 %
Q3 2014	53.38 %	49.15 %	15.77 %
Q4 2014	50.07 %	44.46 %	12.53 %
Q1 2015	50.69 %	43.68 %	12.62 %
Q2 2015	50.21 %	47.73 %	15.34 %
Q3 2015	46.48 %	46.95 %	16.18 %
Q4 2015	51.69 %	47.62 %	14.48 %
Q1 2016	44.82 %	42.48 %	12.65 %
Q2 2016	46.88 %	45.04 %	15.91 %
Q3 2016	41.25 %	39.33 %	9.57 %
Q4 2016	36.25 %	38.63 %	8.36 %
Q1 2017	43.73 %	41.61 %	12.87 %
Q2 2017	41.45 %	43.87 %	8.65 %
Q3 2017	31.96 %	35.42 %	4.60 %
Q4 2017	18.83 %	26.22 %	(5.00 %)
Q1 2018	31.48 %	35.32 %	0.48 %
Q2 2018	36.99 %	41.11 %	7.97 %
Q3 2018	36.71 %	37.45 %	7.53 %
Q4 2018	50.54 %	53.26 %	13.44 %
Q1 2019	43.64 %	43.39 %	10.15 %
Q2 2019	42.92 %	43.81 %	11.81 %
Q3 2019	40.75 %	30.80 %	3.92 %
Q4 2019	25.50 %	29.98 %	3.80 %
Q1 2020	31.78 %	31.70 %	4.36 %
Q2 2020	53.76 %	49.07 %	5.09 %
Q3 2020	50.89 %	51.59 %	10.84 %
Q4 2020	32.39 %	33.65 %	10.51 %
Q1 2021	52.22 %	53.96 %	12.50 %
Q2 2021	49.00 %	51.13 %	8.91 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2012	81.60	0.22	0.10	9.06
Q2 2012	81.60	0.29	0.17	9.14
Q3 2012	81.60	0.35	0.23	9.21
Q4 2012	81.60	0.47	0.35	9.39
Q1 2013	81.60	0.55	0.56	9.51
Q2 2013	81.60	0.66	0.66	9.83
Q3 2013	81.60	0.65	0.66	9.93
Q4 2013	81.60	0.69	0.70	10.13
Q1 2014	81.60	0.67	0.62	10.25
Q2 2014	81.60	0.70	0.64	10.53
Q3 2014	81.60	0.87	0.82	10.94
Q4 2014	81.60	0.96	0.89	11.19
Q1 2015	81.60	1.03	1.03	11.37
Q2 2015	81.60	1.07	1.07	11.28
Q3 2015	81.60	1.07	1.07	11.58
Q4 2015	81.60	1.11	1.11	11.91
Q1 2016	81.60	1.18	1.15	12.07
Q2 2016	81.60	1.23	1.20	11.98
Q3 2016	81.60	1.11	1.08	12.17
Q4 2016	81.60	1.11	0.99	12.36
Q1 2017	81.60	1.08	1.00	12.68
Q2 2017	81.60	1.02	0.80	12.99
Q3 2017	81.60	0.90	0.68	13.07
Q4 2017	81.60	0.72	0.43	13.08
Q1 2018	81.60	0.46	0.16	13.09
Q2 2018	81.60	0.31	0.15	12.90
Q3 2018	81.60	0.38	0.22	13.06
Q4 2018	81.60	0.57	0.53	13.34
Q1 2019	81.60	0.77	0.73	13.50
Q2 2019	81.60	0.89	0.85	13.31
Q3 2019	81.60	0.83	0.80	13.37
Q4 2019	81.60	0.62	0.62	13.37
Q1 2020	81.60	0.74	0.51	13.65
Q2 2020	81.60	1.17	0.38	13.76
Q3 2020	81.60	1.44	0.64	14.10
Q4 2020	81.60	1.85	1.06	14.39
Q1 2021	81.60	1.92	1.36	14.79
Q2 2021	81.60	1.50	1.50	14.29

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2011	81.60	0.14	0.14	9.02
2012	81.60	0.47	0.35	9.39
2013	81.60	0.69	0.70	10.13
2014	81.60	0.96	0.89	11.19
2015	81.60	1.11	1.11	11.91
2016	81.60	1.11	0.99	12.36
2017	81.60	0.72	0.43	13.08
2018	81.60	0.57	0.53	13.34
2019	81.60	0.62	0.62	13.37
2020	81.60	1.85	1.06	14.39

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2012	71.82	More than 100	1.78
Q2 2012	37.06	63.66	1.19
Q3 2012	35.46	54.26	1.36
Q4 2012	24.27	32.67	1.21
Q1 2013	22.34	22.23	1.30
Q2 2013	17.24	17.11	1.16
Q3 2013	19.26	19.06	1.26
Q4 2013	20.44	19.92	1.39
Q1 2014	22.01	23.89	1.45
Q2 2014	20.89	22.68	1.39
Q3 2014	18.60	19.89	1.49
Q4 2014	13.14	14.18	1.12
Q1 2015	13.49	13.49	1.22
Q2 2015	14.12	14.12	1.34
Q3 2015	12.22	12.22	1.12
Q4 2015	11.02	11.02	1.03
Q1 2016	9.10	9.34	0.89
Q2 2016	8.95	9.18	0.92
Q3 2016	9.73	10.00	0.89
Q4 2016	11.22	12.52	1.00
Q1 2017	11.61	12.59	0.99
Q2 2017	11.64	14.86	0.91
Q3 2017	13.60	18.06	0.93
Q4 2017	15.82	26.72	0.87
Q1 2018	28.43	79.86	0.99
Q2 2018	47.94	97.47	1.15
Q3 2018	34.27	58.90	0.98
Q4 2018	18.92	20.27	0.81
Q1 2019	17.85	18.78	1.02
Q2 2019	16.28	17.01	1.09
Q3 2019	18.24	19.11	1.14
Q4 2019	31.41	31.41	1.47
Q1 2020	23.23	34.08	1.26
Q2 2020	17.72	54.82	1.51
Q3 2020	18.48	41.37	1.88
Q4 2020	17.51	30.68	2.25
Q1 2021	20.05	28.26	2.60
Q2 2021	31.30	31.30	3.29

Period	P/E	Adjusted P/E	Price/book
2011	81.57	81.57	1.22
2012	24.27	32.67	1.21
2013	20.44	19.92	1.39
2014	13.14	14.18	1.12
2015	11.02	11.02	1.03
2016	11.22	12.52	1.00
2017	15.82	26.72	0.87
2018	18.92	20.27	0.81
2019	31.41	31.41	1.47
2020	17.51	30.68	2.25

Business Segments (Million)

Compared With The

Period	Port development and operation	Logistics spaces and support services	Water desalination and distriution	Industrial support service
Q1 2012	65.58	13.96	18.05	10.15
Q2 2012	77.66	15.32	17.82	10.67
Q3 2012	80.89	17.25	15.26	9.57
Q4 2012	81.33	18.56	14.56	6.81
Q1 2013	81.71	17.89	17.10	6.86
Q2 2013	97.91	17.70	19.94	7.00
Q3 2013	90.45	18.80	12.11	6.97
Q4 2013	82.45	21.26	18.56	3.32
Q1 2014	74.88	22.26	19.29	5.01
Q2 2014	91.09	23.88	23.63	4.49
Q3 2014	103.17	29.55	24.82	4.37
Q4 2014	97.38	26.12	23.74	-
Q1 2015	96.48	25.11	24.72	-
Q2 2015	110.85	25.18	28.43	-
Q3 2015	100.36	25.61	27.28	-
Q4 2015	102.03	24.57	25.47	-
Q1 2016	119.74	25.79	26.11	-
Q2 2016	130.38	24.93	27.20	-
Q3 2016	113.35	24.63	25.82	-
Q4 2016	119.94	26.23	26.65	-
Q1 2017	119.03	28.18	24.75	-
Q2 2017	102.75	21.56	24.98	-
Q3 2017	75.63	22.91	24.81	-
Q4 2017	71.64	22.28	23.89	-
Q1 2018	76.21	17.54	24.22	-
Q2 2018	100.74	24.14	26.06	-
Q3 2018	101.92	21.50	24.00	-
Q4 2018	109.49	20.26	18.64	-
Q1 2019	124.60	20.30	21.61	-
Q2 2019	139.26	19.43	22.00	-
Q3 2019	126.30	21.90	23.95	-
Q4 2019	114.20	18.12	24.20	-
Q1 2020	123.83	19.28	24.19	-
Q2 2020	175.33	19.36	20.87	-
Q3 2020	214.80	21.66	23.20	-
Q4 2020	329.56	24.79	23.98	-
Q1 2021	211.46	23.98	22.86	-
Q2 2021	200.39	26.70	25.06	-

Period	Port development and operation	Logistics spaces and support services	Water desalination and distriution	Industrial support service
2011	239.76	44.79	73.92	39.78
2012	305.46	65.09	65.70	37.20
2013	352.52	75.65	67.71	24.14
2014	366.52	101.81	91.47	1.19
2015	409.71	100.48	105.90	-
2016	483.41	101.58	105.78	-
2017	369.06	94.93	98.42	-
2018	388.35	83.43	92.92	-
2019	504.36	79.76	91.77	-
2020	843.52	85.09	92.25	-

Analysts Estimates (Million)

Item	Q2 2021 (e)	Q2 2021 (a)	Change‬
Average	30.00	22.47	(25.1 %)

Estimates vs Actual (Million)

Item	Q2 2021 (e)	Q2 2021 (a)	Change
Al Rajhi Capital	30.00	22.47	(25.1) %

Financial Ratios

	Current
Market Cap (M Riyal)	2,994.72
Enterprise Value (EV) (M)	4,171.98
Shares Outstanding ((M))	81.60
EPS ( Riyal) (TTM)	0.37
Book Value (BV) ( Riyal)	18.32
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	49.78
P/E (TTM)	More than 100
Price/book	2.00
Return on Average Assets (%) (TTM)	0.5
Return on Average Equity (%) (TTM)	2.0

Sustained Infrastructure Holding Co. (SISCO HOLDING)

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SISCO net profit slumps 34% to SAR 54.7 mln in H1 2021

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2021 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Sustained Infrastructure Holding Co. (SISCO HOLDING)

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SISCO net profit slumps 34% to SAR 54.7 mln in H1 2021

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2021

Revenue by Business Segment (Latest) 2021 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Sustained Infrastructure Holding Co. (SISCO HOLDING)

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Business Segments (Million)