SISCO H1 2023 profit surges to SAR 40.7 mln; Q2 at SAR 21.2 mln

10/08/2023 Argaam Exclusive

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Saudi Industrial Services Co. (SISCO) reported a net profit of SAR 40.7 million for H1 2023, soaring from SAR 3.9 million in the year-ago period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	455.98	770.91	69.1 %
Gross Income	189.90	264.94	39.5 %
Operating Income	99.16	165.58	67.0 %
Net Income	3.91	40.68	940.1 %
Average Shares	81.60	81.60	-
EPS (Riyals)	0.05	0.50	940.1 %

Gross profit reached SAR 264.9 million, up 39.5% YoY. Global supply chain disruptions had a significant impact on last year's results, particularly affecting gateway and transshipment volumes in the ports segment.

Additionally, Kindasa revenues were negatively affected due to a temporary decline in production.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	243.43	336.01	38.0 %
Gross Income	99.69	135.84	36.3 %
Operating Income	52.72	81.70	55.0 %
Net Income	3.13	21.21	577.0 %
Average Shares	81.60	81.60	-
EPS (Riyals)	0.04	0.26	577.0 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	434.90	336.01	(22.7 %)
Gross Income	129.10	135.84	5.2 %
Operating Income	83.88	81.70	(2.6 %)
Net Income	19.47	21.21	8.9 %
Average Shares	81.60	81.60	-
EPS (Riyals)	0.24	0.26	8.9 %

In Q2 2023, net profit surged to SAR 21.2 million, compared to SAR 3.13 million a year earlier.

The second-quarter revenue, excluding accounting construction revenue, increased to SAR 261.4 million from SAR 213.2 million in Q2 2022.

Gross profit improved in Q2 2023 to SAR 135.8 million from SAR 99.7 million in Q2 2022.

On a sequential basis, Q2 2023 net profit rose 8.9% from SAR 19.47 million.

Total shareholders’ equity, after minority interest, reached SAR 1.52 billion at the end of H1 2023, compared with SAR 1.45 billion a year earlier.

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q3 2021	223.27	(14.0 %)	97.02	(26.6 %)	3.98	(85.9 %)	0.05
Q4 2021	251.69	(33.5 %)	91.01	(25.7 %)	(0.85)	(102.1 %)	(0.01)
2021	985.41	(3.5 %)	446.47	5.4 %	57.88	(61.7 %)	0.71
Q1 2022	212.56	(17.7 %)	90.21	(33.1 %)	0.78	(97.6 %)	0.01
Q2 2022	243.43	(3.5 %)	99.69	(19.3 %)	3.13	(86.1 %)	0.04
Q3 2022	261.02	16.9 %	105.81	9.1 %	14.38	260.9 %	0.18
Q4 2022	276.83	10.0 %	120.44	32.3 %	18.44	2261.7 %	0.23
2022	993.84	0.9 %	416.15	(6.8 %)	36.73	(36.5 %)	0.45
Q1 2023	434.90	104.6 %	129.10	43.1 %	19.47	2401.7 %	0.24
Q2 2023	336.01	38.0 %	135.84	36.3 %	21.21	577.0 %	0.26

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2021	985.41	(3.5 %)	446.47	5.4 %	57.88	(61.7 %)	0.71
2022	993.84	0.9 %	416.15	(6.8 %)	36.73	(36.5 %)	0.45

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2021	42.98 %	44.17 %	8.86 %
Q4 2021	45.31 %	45.88 %	5.87 %
2021	45.31 %	45.88 %	5.87 %
Q1 2022	42.76 %	43.12 %	2.81 %
Q2 2022	40.60 %	40.14 %	0.76 %
Q3 2022	39.92 %	39.26 %	1.80 %
Q4 2022	41.87 %	41.26 %	3.70 %
2022	41.87 %	41.26 %	3.70 %
Q1 2023	37.42 %	36.80 %	4.56 %
Q2 2023	37.53 %	36.75 %	5.62 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2021	45.31 %	45.88 %	5.87 %
2022	41.87 %	41.26 %	3.70 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2021	43.45 %	42.81 %	1.78 %
Q4 2021	36.16 %	35.06 %	(0.34 %)
Q1 2022	42.44 %	43.46 %	0.37 %
Q2 2022	40.95 %	40.03 %	1.29 %
Q3 2022	40.54 %	39.16 %	5.51 %
Q4 2022	43.51 %	42.62 %	6.66 %
Q1 2023	29.69 %	29.88 %	4.48 %
Q2 2023	40.43 %	38.94 %	6.31 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2021	81.60	1.21	1.21	18.60
Q4 2021	81.60	0.71	0.71	18.21
Q1 2022	81.60	0.32	0.32	17.83
Q2 2022	81.60	0.09	0.09	17.89
Q3 2022	81.60	0.21	0.21	17.65
Q4 2022	81.60	0.45	0.45	18.58
Q1 2023	81.60	0.68	0.68	18.73
Q2 2023	81.60	0.90	0.90	18.71

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2021	81.60	0.71	0.71	18.21
2022	81.60	0.45	0.45	18.58

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2021	35.51	35.51	2.30
Q4 2021	43.28	43.28	1.69
Q1 2022	88.01	88.01	1.60
Q2 2022	More than 100	More than 100	1.15
Q3 2022	More than 100	More than 100	1.21
Q4 2022	45.10	45.10	1.09
Q1 2023	41.45	41.45	1.50
Q2 2023	32.09	32.09	1.54

Period	P/E	Adjusted P/E	Price/book
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
2021	43.28	43.28	1.69
2022	45.10	45.10	1.09

Business Segments (Million)

Compared With The

Period	Port development and operation	Logistics spaces and support services	Water desalination and distriution	Industrial support service
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	-
Q3 2021	170.52	26.68	26.07	-
Q4 2021	205.72	23.62	22.35	-
Q1 2022	172.74	22.91	16.91	-
Q2 2022	195.94	22.08	25.41	-
Q3 2022	213.37	25.30	22.35	-
Q4 2022	230.87	23.18	22.78	-
Q1 2023	390.30	21.79	22.81	-
Q2 2023	284.55	28.80	22.66	-

Period	Port development and operation	Logistics spaces and support services	Water desalination and distriution	Industrial support service
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	-
2021	788.09	100.98	96.34	-
2022	812.93	93.46	87.45	-

Analysts Estimates (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change‬
Average	20.00	21.21	6.05 %

Estimates vs Actual (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change
Al Rajhi Capital	20.00	21.21	6.0 %

Financial Ratios

	Current
Market Cap (M Riyal)	3,002.88
Enterprise Value (EV) (M)	4,180.14
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)	49.92
P/E (TTM)	More than 100
Price/book	2.01
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 H1 2023 profit surges to SAR 40.7 mln; Q2 at SAR 21.2 mln

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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)

Revenue by Business Segment (Latest) 2023 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 H1 2023 profit surges to SAR 40.7 mln; Q2 at SAR 21.2 mln

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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 2023

Revenue by Business Segment (Latest) 2023 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)