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Saudi Industrial Services Co. announces its Interim Financial Results for the Period Ending on 2020-09-30 ( Nine Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 259.7172.150.9215.620.454
Gross Profit (Loss) 132.170.188.445115.913.977
Operational Profit (Loss) 91.714.9515.43673.125.444
Net Profit (Loss) after Zakat and Tax 28.16.7319.40256.5-50.265
Total Comprehensive Income 27.85.1445.09857.4-51.567
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 642.5519.423.7
Gross Profit (Loss) 301.2220.436.66
Operational Profit (Loss) 178.291.594.754
Net Profit (Loss) after Zakat and Tax 111.244.9147.661
Total Comprehensive Income 108.335.3206.798
Total Share Holders Equity (after Deducting Minority Equity) 1,150.51,090.95.463
Profit (Loss) per Share 1.360.55
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to Net income for the current quarter has increased compared to same quarter last year is due to the following reasons:

- Better performance of Ports segment revenue which had a positive impact on the net income despite decline in results from logistics and water segments due to COVID-19 economic challenges.

The increase in gross profit was impacted by the following:

- An increase in port segment operating expenses during the current quarter due to employee and other admin costs related to the takeover of NCT terminal in Jeddah Islamic Port under new concession contract.

- Slightly decline in results from associate companies due to COVID-19 economic challenges.

- Increase in financial charges by SAR 42.1 million following the capitalization of fixed and variable fee related to new concession contract. This was offset by a decrease in finance charges on external debt by SAR 2.4 million

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to Net income for the current quarter has decreased compared to previous quarter this year, despite improvement of operations in all segments, is due to the following reasons:

- Last quarter there was a one -off reversal of provision for asset replacement cost amounting to SAR 75 million.

- Improvement in results from associate companies.

Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to Net income for the current period has increased compared to same period last year mainly due to:

- an improvement in the Ports segment revenue and gross profit during the period.

- an IFRS 9 gain of SAR 32 million recognised due to the extension of port segment's existing ijara facility.

- Reversal of provision of replacement cost of SAR 75 million.

- An increase in port segment operating expenses during the current quarter period due to an increase in employee and other admin costs related to the takeover of NCT terminal in Jeddah Islamic Port under new concession contract.

- Increase in financial charges of SAR 84.3 million due to the recognition of a financial liability in respect of the fixed and guaranteed variable fee. This is offset by decline in financial charges on external debt financing of SAR 7.8 million

- Decline in the results from associate companies due to COVID-19 economic challenges

Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items 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.
Additional Information Despite the current circumstances regarding Corona pandemic, the company's results for the third quarter were not significantly affected compared with the general market situation. Whereas, the company business is related to global, regional, and local economy, the impact of the Corona pandemic may affect the company’s operational performance in the coming quarters. The company will take appropriate measures to control this impact and any updates will be announced in due course.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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