- Q2FY4 revenue improved 15.7.% compared to Q2FY23
- Q2FY24 gross profit of SAR 156.8m, a 15.4% growth
- Adjusted EBITDA of SAR 181.2, a 19.2% rise
JEDDAH, Saudi Arabia, Aug. 7, 2024 /PRNewswire/ — Sustainable Infrastructure Holding Company (“SISCO”, “TADAWUL: 2190”), Saudi Arabia’s leading strategic investor in Ports & Logistics and Water Solutions announces its financial results for the quarter ended 30 June 2024.
Revenues for the second quarter of 2024, excluding accounting construction revenue, grew by 15.7% compared to Q2FY23, reaching SAR 302.5m. Quarterly, revenues rose by 17.4%, while H1 2024 revenue grew by 12% compared to H1 2023, driven by strong performance across all segments.
Q2FY24 gross profit of SAR 156.8m grew by 18% quarterly and 15.4% compared to Q2FY23, owing to robust revenue expansion. The gross profit margin for Q2FY24 was 51.8%, in line with Q2FY23. Gross profit for H1 2024 was SAR 289.6m, marking a 9.3% rise from H1 2023. However, gross margins declined by 1.2% due to increased depreciation and direct costs.
The reported loss of SAR 10.6m in H1 2024 was impacted by an exceptional net loss of SAR 59.2m (SISCO Holding share: SAR 29.6m) in Tawzea, due to one-off provisions for additional costs in three EPC projects of SAR 68m and RSPDI pre-operating expenses of SAR 11m.
Adjusted net income for Q2FY24 was SAR 14.5m, a 35.2% decrease from Q2FY23 due to increased depreciation. For H1 2024, adjusted net income declined by 30.4% compared to H1 2023.
Commenting on the results: Eng. Khalid Suleimani, Group CEO, SISCO said:
“I am pleased to report SISCO’s performance for this quarter has improved across key performance benchmarks compared to last year, continuing to drive growth and return on investment.
Ports, our largest revenue and highest gross margin segment, again delivered robust results while effectively mitigating the impact of the Red Sea crisis. Despite slightly lower volumes due to the crisis, revenue rose by 18.2% to SAR 248.2m.
The Logistics segment also demonstrated strong performance in Q2FY24. The expansion of our warehouse facilities has paid off, with that vertical witnessing a 12.4% increase in revenue. Our subsidiary Kindasa improved its gross profit margin to 48.0% from 47.3% in Q2FY23.
Additionally, our associate company SA Talke had a strong quarter, with Tawzea signing a SAR 316m 24-month contract with Neom, commencing in Q4FY24.”
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