Saudi Industrial Services Co. (SISCO) reported a net profit of SAR 19.4 million in Q1 2023, compared to SAR 800,000 in the year-earlier period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 212.56 | 434.90 | 104.6 % |
| Gross Income | 90.21 | 129.10 | 43.1 % |
| Operating Income | 46.44 | 83.88 | 80.6 % |
| Net Income | 0.78 | 19.40 | 2392.6 % |
| Average Shares | 81.60 | 81.60 | - |
| EPS (Riyals) | 0.01 | 0.24 | 2392.6 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 276.83 | 434.90 | 57.1 % |
| Gross Income | 120.44 | 129.10 | 7.2 % |
| Operating Income | 70.40 | 83.88 | 19.2 % |
| Net Income | 18.44 | 19.40 | 5.2 % |
| Average Shares | 81.60 | 81.60 | - |
| EPS (Riyals) | 0.23 | 0.24 | 5.2 % |
This was spurred by an increase in revenue (excluding accounting construction revenue) year-on-year (YoY) to SAR 238.9 million in Q1 2023, higher gross margins, increased investment income and stable operating expenses during the period.
On a quarterly basis, net earnings grew 5.2% from SAR 18.44 million on higher revenue.
Shareholders’ equity, no minority interest, stood at SAR 1.52 billion by the end of Q1 2023, compared to SAR 1.45 billion in the year-earlier period.
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