Saudi Industrial Services Co. announces its Interim Financial Results for the Period Ending on 2021-06-30 ( Six Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	252.1	215.6	16.929	258.3	-2.4
Gross Profit (Loss)	123.6	115.9	6.643	134.9	-8.376
Operational Profit (Loss)	83.6	73.1	14.363	94.8	-11.814
Net Profit (Loss) after Zakat and Tax	22.5	56.5	-60.176	32.3	-30.34
Total Comprehensive Income	25.2	57.4	-56.097	32	-21.25
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	510.4	382.9	33.298
Gross Profit (Loss)	258.4	169	52.899
Operational Profit (Loss)	178.3	86.6	105.889
Net Profit (Loss) after Zakat and Tax	54.7	83.1	-34.175
Total Comprehensive Income	57.1	80.5	-29.068
Total Share Holders Equity (after Deducting Minority Equity)	1,166.4	1,122.6	3.901
Profit (Loss) per Share	0.67	1.02
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The decrease in net profit during the current quarter compared to the same quarter of the previous year is due to the following reasons:

- One-off reversal of provision of replacement cost (SAR 75 million) was recorded in Q2 2020The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The decrease in net profit for the current quarter as compared to the previous quarter is due to the following reasons:

- Decline in revenue by SAR 9 million mainly due to lower volumes in the port segment

- One off reversal of old liabilities of SAR 4.6 million recorded in Q1 2021The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The decrease in net profit during the current period compared to the same period of the previous year is due to the following reasons:

- One-off reversal of provision of replacement cost (SAR 75 million) was recorded in in Q2 2020

- A one-off IFRS 9 gain of SAR 31.9 million recognised in Q2 2020 due to the extension of port segment's existing Ijara facilityStatement of the type of external auditor's report Unmodified conclusionReclassification of Comparison Items Financial Statements for the current period have been prepared according to 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 First half revenue, excluding accounting construction revenue, increased by 30.1% year-on-year to SAR 498 million, and by 13.4% to SAR 244 million in the second quarter compared to Q2 2020, driven by strong performance in the ports and logistics segments. Gross profit of SAR 123 million increased by 6.6% from Q2 2020 predominantly driven by revenue growth in the ports and logistics segment and efficiencies across segments. Revenue decreased by 8.4% from the previous quarter a result of lower gateway volumes recorded by the port segment.

First half net income decreased by 34.2% year-on-year to SAR 54.8 million, as SISCO recorded a one-off SAR 31.9 million IFRS 9 gain and a SAR 75 million reversal of provision for replacement costs in H1 2020.Attached Documents

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