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Saudi Industrial Services Co (SISCO) has seen its profit fall by 58.5 percent to SAR 57.9 million ($15.57 million) in 2021.
In a press release, the company said its revenue had increased by 6.9 percent to SAR 921 million for the full year 2021, and that the fall in profit could be attributed to one off gains in 2020 and headwinds in global logistics in the second half of 2021.
Revenue for Q4 2021 decreased by 14.5 percent to SAR 205.1 million compared to Q4 2020 due to the same pressures, SISCO said, while the company saw a net loss of in Q4 2021 of SAR 0.9 million compared to profit of SAR 28.1 million in Q4 2020.
Despite this, the company’s ports segment increased its market share of gateway volumes in Jeddah Islamic Port and the Western Region, SISCO said.
CEO Mohammed Al-Mudarres said: “On an adjusted basis, SISCO delivered strong top and bottom-line results in 2021, driven by market share growth in Jeddah Islamic Port for both gateway and transshipment volumes, and healthy performance in the logistics and water segments.”
“In the fourth quarter, while revenue for the majority of our portfolio remained stable, our ports segment continued to be impacted by the weak container shipping market and global supply chain challenges,” he said.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
