SISCO Chairman Mr. Mohammed Ahmed Zainal Alireza and CEO Eng. Mohammed Al-Mudarres Launched the management development program “LEAD” on Monday 11 December 2017.
Further to the announcement published on Tadawul's website on 23-06-2016 related to the awarding of a utility contract for one of its affiliate Companies Saudi Industrial Services Co. announces addendum as:
SISCO would like to announce that today, Wednesday 6-12-2017; the utility contract to improve and manage the water utility services in Jeddah 2nd & 3rd Industrial cities has been signed between The Saudi Industrial Property Authority (MODON), and the Saudi International Water Distribution Company (TAWZEA), one of SISCO's affiliate companies owned at a 50% share with Amiantit having a total share capital of SAR 146 million.
The duration of this contract is 5 years extendable to 25 years as of the execution date. The total expected revenues resulting from this contract are SAR 100 million over 5 years. The financial impact will appear on the financial statements of SISCO at the end of the 1st Quarter of 2018, the contract will be self-financing and the company will announce further developments, if any, as they arise.
Available only in Arabic
Availabile in arabic only
Saudi Industrial Services Co. announces that the Board of directors on his meeting 26-02-2017 has recommended to extraordinary general assembly meeting to increase the company's capital through bonus shares as following:
- Company's capital before increase is SAR 680,000 Thousands, company's capital after increase SAR 816,000 Thousands, with an increase by 20%.
- The number of shares before increasing 68,000 Thousands shares, the number of shares after increasing 81,600 Thousands shares.
- Offering 1 bonus shares for every 5 shares owned.
- The increasing will be doing through capitalization SAR 136,000 Thousands from account retained earnings
- The company aimed from capital increasing to The objective of this proposed share capital increase is to adjust the company's share capital to its assets level, and to address the cash requirements for expansion..
- The bonus shares is limited to the shareholders who are registered in the shareholder's register in the Securities Depository Center Co (The Center) at the close of trading on the extraordinary general assembly day, which will be determined later by the company.
- In cause have bonus shares fractions; the company will collect it in one portfolio then selling it during 30 days from finishing allocating the new shares. The proposed increase in capital would be initiated only once necessary approvals are received from official authorities as well as from shareholders in extraordinary general assembly meeting.
| Element | Current year | Previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 92,092 | 90,509 | 1.75 |
| Earning or loss per share, Riyals | 1.35 | 1.33 | - |
| Gross profit (loss) | 297,436 | 295,808 | 0.55 |
| Operational profit (loss) | 161,420 | 172,145 | -6.23 |
| Element | EXPLAINATION |
|---|---|
| Reasons of annual financial results | Increase in revenue of SAR 24 million, mainly from Ports segment, was off-set by increases in energy prices, provision for additional warehouse rentals, and higher repair maintenance costs decreasing the gross profit marginally. Operating Profit decreased mainly due to increase in payroll related expenses. Despite the provision of SAR 4 million for one of the associates, the overall performance of equity accounted associates has improved as compared to last year. Other income has increased mainly due to reversal of a provision, which is no longer required based and compensation of SAR 2.5 million received against claims from prior years. |
| Reclassifications in annual financial results | Certain comparative figures have been reclassified to conform to the presentation in the current period. |
| Other notes | Total revenue for the year December 31, 2016 amounted to SAR 640.3 million, compared with SAR 616.1 million for the same period last year, an increase of 3.9%. Total shareholders' equity (after minority interests) as at December 31, 2016 amounted to SAR 1,024 million, compared to SAR 972 million riyals last year, an increase of 5.3%. |
Available only in arabic
Available only in arabic
Further to our announcements made on 31 August and 25th October 2016, SISCO announces the following in relation to IFRS conversion project:
1.Accounting policies have been approved by the Board on 18 Jan 2017.
2.Following are the Impact on Consolidated Financial Statements as of 1st January 2016.
- Property, plant and equipment (IAS 16): Due to the componentization of fixed assets, the depreciation expense has increased by SAR 10.6 million resulting in decrease in net book value of fixed assets and value of investment in associate companies is reduced by SAR 0.3 million due to componentization of fixed assets. Correspondingly, retained earnings are reduced by SAR 10.9 million.
- Employee benefits (IAS 19): IAS 19 states that the measurement of a net defined benefit liability or assets requires the application of an actuarial valuation method, the attribution of benefits to periods of service, and the use of actuarial assumptions. According to the actuarial valuation, there is increase in provision for end of service benefits by SAR 11.1 million and value of investment in associate companies is reduced by SAR 1.6 million due to actuarial valuation. Correspondingly, retained earnings are reduced by SAR 12.6 million.
- Certain assets are reclassified from Fixed Assets to Intangible Assets and Investment Property. However, there is no financial impact.
- Total impact is estimated to be on SISCO group retained earnings is negative SAR 33.9 million reducing the total equity to SAR 1,400 million.
- Total negative impact is expected to be on equity attributable to SISCO shareholders are SAR 23.6 million reducing consolidated equity to SAR 948.4 million.
3.Income Statement and Balance Sheet comparatives for 2016 will be ready by 28th February 2017.
4.Full year 2016 Special Purpose Audited Financial Statements under IFRS to be ready by 31st March 2017.
5.1st Quarter comparatives under IFRS shall be included in quarterly financial statements for Q1 2017.
6.There are no constraints affecting the company ability to prepare its financial statements in accordance with IFRS.
7.The company confirms its readiness in the application of IFRS and the preparation of its financial statements starting from the first quarter 2017 and during the regular period specified.
Available only in Arabic
Available only in arabic
Announcement Available only in Arabic