RIYADH: Saudi Industrial Services Co., known as SISCO, posted a 69 percent drop in profit for the first nine months of 2022 as a result of ports and water sector revenues drop.
Profits of SISCO, which is a strategic investor in ports, terminals and logistics parks, have dropped to SR18.3 million ($4.9 million), down from SR58.7 million, according to a bourse filing.
The drop was attributed to a decline in the ports segments revenues during the first half of 2022, as well as the decrease in water segment revenues due to an unplanned plant shutdown.
This came despite an increase in income from associates by 18.3 percent compared to the nine months period of 2021.
In October, SISCO appointed Khalid Suleimani as CEO, effective Nov. 1.
The decision was made following the resignation of Mohammed Al-Mudarres from his position as CEO “due to his desire to move to his own business”, according to a bourse filing.