Saudi Industrial Services Co. announces its Interim Financial Results for the Period Ending on 2019-10-30 ( Nine Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	172.2	147.4	16.824	180.7	-4.703
Gross Profit (Loss)	70.2	54.1	29.759	77.6	-9.536
Operational Profit (Loss)	14.9	17.7	-15.819	43.3	-65.588
Net Profit (Loss) after Zakat and Tax	6.7	11.1	-39.639	21.3	-68.544
Total Comprehensive Income	5.1	12.6	-59.523	16.4	-68.902
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	519.4	416.3	24.765
Gross Profit (Loss)	220.4	147.1	49.83
Operational Profit (Loss)	91.5	46.2	98.051
Net Profit (Loss) after Zakat and Tax	45	23.7	89.873
Total Comprehensive Income	35.3	22.7	55.506
Total Share Holders Equity (after Deducting Minority Equity)	1,090.9	1,065.5	2.383
Profit (Loss) per Share	0.55	0.29
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to	Despite continued improve in performance and an increase in the profitability of port segment due to higher volumes, net profit during the current quarter is lower than same quarter last year principally due to a total provision against trade receivables of SAR 16.6 million which comprises a provision of SAR13.5 million against one customer in the logistics segment as mentioned in the announcement dated 9 September 2019 and an additional general provision of SAR 3.1 million in the ports and logistics segments during the quarter.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to	Key reasons for the decline in the Net Profit during the current quarter compared to the previous quarter of the same year mainly due to a marginal decline in port segment revenue and an increase in operating costs during the quarter. Net profit further declines due to a total provision against trade receivables of SAR 16.6 million which comprises a provision of SAR 13.5 million against one customer in the logistics segment as mentioned in the announcement dated 9 September 2019 and an additional general provision of SAR 3.1 million in the ports and logistics segments during the quarter.
Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to	Key reasons for the improvement in the Net Profit during the current period compared same period last year is due to an increase in the profitability of port segment despite an increase operating expenses and finance charges related to lease liabilities.
Basis of the External Auditor's Opinion	Unmodified opinion
Reclassification of Comparison Items	Financial Statements for the current period have been prepared according to the International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia and based on that the presentation, measurement, recognition and disclosure for some of financial data has been changed to comply with IFRS accounting policies as adopted in the Kingdom.
Additional Information	From January 1, 2019, the Company has adopted IFRS 16 (Leases). For further information on the impact of this standard, refer to note number (2) to the interim financial statements for the period ended 30 September 2019.

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