SISCO's profits plunge 97.5% in Q1-22 initial results

Riyadh –  Saudi Industrial Services Company (SISCO) has posted an annual plunge of 97.52% in net profit after Zakat and tax to SAR 800,000 during the first quarter (Q1) of 2022, compared to SAR 32.30 million.

The company’s revenues plummeted by 17.66% to SAR 212.60 million in Q1-22 from SAR 258.20 million in Q1-21, according to the interim financial results.

In the January-March 2022 period, the earnings per share (EPS) declined to SAR 0.01 from SAR 0.40 during the same period a year earlier.

On a quarterly basis, the revenues in Q1-22 fell by 15.53% from SAR 251.70 million in Q4-21, while SISCO turned profitable against net losses of SAR 900,000 in the October-December 2021 period.

In 2021, the Saudi listed firm logged net profits after Zakat and tax worth SAR 57.90 million, an annual drop of 58.46% from SAR 139.40 million.

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