Riyadh - Mubasher: Saudi Industrial Service Company (SISCO) on Wednesday said its profits decreased 63.69% year-on-year in the third quarter of 2017.
Net profit dropped to SAR 5.7 million in Q3-17 compared to SAR 15.7 million in Q3-16.
Quarter-on-quarter, profits declined by 76.35%, according to SISCO’s financial statement to the Saudi Stock Exchange (Tadawul).
The company said that this drop in net profit was due to decrease in revenue from the ports and water segments as sales volumes have been lower than last year due to consolidation among the shipping lines.
“An increase in the provision for slow-moving inventories and accounts receivables also resulted in a decrease in operating profit,” SISCO stated.
Another reason for the profit fall was the lower revenues of the ports development sector and the water sector.
In terms of the first nine months of 2017, SISCO revealed that its net profit declined to SAR 51.9 million from SAR 68.9 million in the same period last year, registering a decrease of 24.67%.
SISCO had previously reported achieving a net profit of SAR 46.2 million in Q2-17, down 13.2% from SAR 53.2 million in Q2-16.
SISCO’s stock ended Tuesday rising 0.88% to SAR 11.44.
