RIYADH: Saudi Industrial Services Co.'s second-quarter revenues jumped 9 percent from the first quarter of 2022, driven by strong performance in the ports and water sectors.
Revenues for the second quarter reached SR213.2 million ($57 million) compared to SR196.2 million last quarter, the company reported.
SISCO posted SR3.1 million in net profit during the second quarter, compared to SR0.8 million in the first quarter, driven by higher profitability at its subsidiary Kindasa Co. coupled with performance improvement from associate companies.
“Q2 2022 revenues showed promising signs of recovery compared to the previous quarter, which bodes well for the second half of the year,” said Mohammed Al-Mudarres, CEO of SISCO.
With the Kindasa plant back to normal operations after disruption in the first three months of the year, he said revenues for the water segment improved by 50.3 percent from the previous quarter, returning to a normalized contribution.
SISCO's first half profit declined by 92.2 percent despite improving results from associate companies, primarily due to continued pressure on gateway volumes on the ports segment revenue and margins.
“Looking ahead, we anticipate strong local consumption in H2 2022 due to the forecast increase in Umrah activities in the Kingdom. Meanwhile, estimated growth of 4.0% for Saudi Arabia’s non-oil sector in 2022 will provide further support to increased business activity across our portfolio,” the CEO added.
