RIYADH: The Saudi Industrial Services Co. (SISCO), the Kingdom's leading investor in ports and terminals reported a decrease in net profit by 47.3 percent to the first nine months as the company divested in a major terminal in Jeddah.
The company said in a filing today that its 9-month profit fell from SR111.3 million ($29.7 million) a year ago to SR58.7 million ($15.7 million) in 2021.
Net profit noticeably decreased compared to the previous year as SISCO had a share of SR64.7 million out of SR106.9 million one-off accounting adjustments in 2020, the company said on Saudi Stock Exchange (Tadawul).
In addition, the company experienced a drop in its share of Red Sea Gateway Terminal work's (RSGT's) net income, falling from 60.6 percent to 36.4 percent in the third quarter of 2021 as SISCO made a divestment of 21.2 percent in its stake in RSGT.
