Saudi Industrial Services Company (SISCO) reported a 364.5 percent jump in net income from the second to third quarter of 2022 due to improved margins.
The company announced on Thursday that net income for Q3 had reached $3.8 million.
Gross profit was up 6.1 percent from the previous quarter and 9.1 percent year-on-year to reach $28.15 million, while revenues increased by 0.7 percent to $57.13 million.
Gross profit for the first three quarters of 2022 was down 16.8 percent from the previous year, reaching $78.7 million, and revenue was down 12.9 percent to $166 million for the same period.
The company said this was due to a stronger performance in the first half of 2021.
“While our ports segment has faced global macroeconomic headwinds, it has stabilized and is returning to growth,” group CEO Khalid Suleimani said in a statement.
“Our logistics and water businesses also did well, with strong service revenue for the former and higher quality sales mix for the latter.”
He added: “We expect to see improving ports performance in the final quarter with gateway and transshipment volumes growing.
“The logistics sector is showing strong signs of recovery, and we will be expanding our warehousing capacity to meet growing demand and capture greater market share.”
“For our water portfolio, we expect to end the year 2022 at par with 2021.”
“In addition, we believe the current strong margins will be sustained through year-end.”
“The new contracts signed for the Water portfolio in the first half of the year are expected to have a positive impact on revenue and margins in Q4, with currently strong margins expected to be sustained into 2023.”