SISCO Holding incurs SAR 21.2M loss in Q1 2024 on one-off provision

16/05/2024 Argaam Exclusive

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Sustained Infrastructure Holding Co. (SISCO Holding) ) turned to a net loss of SAR 21.2 million in Q1 2024, against a net profit of SAR 19.4 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	434.90	266.91	(38.6 %)
Gross Income	129.10	132.87	2.9 %
Operating Income	83.88	79.60	(5.1 %)
Net Income	19.47	(21.18)	(208.8 %)
Average Shares	81.60	81.60	-
EPS (Riyals)	0.24	(0.26)	(208.8 %)

Item	Q4 2023	Q1 2024	Change‬
Revenues	498.40	266.91	(46.4 %)
Gross Income	125.45	132.87	5.9 %
Operating Income	56.76	79.60	40.2 %
Net Income	6.81	(21.18)	(411.1 %)
Average Shares	81.60	81.60	-
EPS (Riyals)	0.08	(0.26)	(411.1 %)

The company cited a contraction in gross profit margins to 51.6% in Q1 2024, from SAR 54.1% in Q1 2023. This was due to an increase in direct costs amid higher amortization and depreciation as well as capital expenditure in Q4 2023.

SISCO Holding also reported a rise in operating and finance costs for Q1 2024 amid higher interest rates.

Moreover, the company’s profit share from equity investees also declined year-on-year (YoY) during the first three months of 2024 on a one-off loss worth SAR 59.2 million from International Water Distribution Co. (Tawzea), of which SISCO Holding’s share reached SAR 29.6 million. The loss arose from a one-off provision for the additional costs in three engineering, procurement, and construction (EPC) projects.

On the other hand, SISCO Holding’s revenues, excluding accounting construction revenue, rose by 7.9% YoY in Q1 2024 amid overall improvement in segment operations.

It also sustained losses in the first three months of 2024 versus a net profit of SAR 6.8 million in Q4 2023. This came as revenues, excluding accounting construction revenue, slumped 6.7% quarter-on-quarter (QoQ) in Q1 2024 on the disruption of the Red Sea supply chain. Margins also decreased during the current quarter on higher direct costs.

Total shareholders’ equity, after minority interest, slid to SAR 1.49 billion as of March 31, 2024, from SAR 1.52 billion in the corresponding period a year ago.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q3 2023	334.12	28.0 %	147.74	39.6 %	23.72	64.9 %	0.29
Q4 2023	498.40	80.0 %	125.45	4.2 %	6.81	(63.1 %)	0.08
2023	1,603.43	61.3 %	538.13	29.3 %	71.20	93.9 %	0.87
Q1 2024	266.91	(38.6 %)	132.87	2.9 %	(21.18)	(208.8 %)	(0.26)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2023	1,603.43	61.3 %	538.13	29.3 %	71.20	93.9 %	0.87

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2023	38.58 %	38.36 %	5.99 %
Q4 2023	33.56 %	32.28 %	4.44 %
2023	33.56 %	32.28 %	4.44 %
Q1 2024	37.75 %	36.64 %	4.19 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2023	33.56 %	32.28 %	4.44 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2023	44.22 %	45.27 %	7.10 %
Q4 2023	25.17 %	21.17 %	1.37 %
Q1 2024	49.78 %	51.85 %	3.16 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2023	81.60	1.02	1.02	18.75
Q4 2023	81.60	0.87	0.87	18.49
Q1 2024	81.60	0.37	0.74	18.32

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2023	81.60	0.87	0.87	18.49

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2023	25.76	25.76	1.39
Q4 2023	35.18	35.18	1.66
Q1 2024	More than 100	52.77	2.12

Period	P/E	Adjusted P/E	Price/book
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
2023	35.18	35.18	1.66

Business Segments (Million)

Compared With The

Period	Port development and operation	Logistics spaces and support services	Water desalination and distriution	Industrial support service
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	-
Q3 2023	278.62	32.19	23.32	-
Q4 2023	442.28	32.15	23.97	-
Q1 2024	217.63	26.19	23.09	-

Period	Port development and operation	Logistics spaces and support services	Water desalination and distriution	Industrial support service
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	-
2023	1,395.75	114.94	92.75	-

Analysts Estimates (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change‬
Average	15.00	(21.18)	(241.2 %)

Estimates vs Actual (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change
Al Rajhi Capital	15.00	(21.18)	(241.2) %

Financial Ratios

	Current
Market Cap (M Riyal)	3,011.04
Enterprise Value (EV) (M)	4,188.30
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)	More than 100
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 Holding incurs SAR 21.2M loss in Q1 2024 on one-off provision

View other reports

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) 2024 Q1

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 Holding incurs SAR 21.2M loss in Q1 2024 on one-off provision

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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) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

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)