The preliminary financial results of the Saudi Industrial Services Company (SISCO) showed a decline in its net profit after zakat and tax by 97.5% in the first quarter of 2022, to about 0.8 million riyals, compared to about 32.3 million riyals in the same quarter of 2021, and against losses of about 0.9 million riyals. in the fourth quarter of 2021.
Cisco said in a statement on “Tadawul Saudi Arabia” today, Tuesday, that the net profit returns in the first quarter of this year, on an annual basis, as a result of being affected by the ongoing disruptions in global supply chains, which were exacerbated by the re-imposition of restrictions related to the Covid-19 pandemic in China, which affected the volume of handling of incoming and outgoing containers and transshipment containers in the port sector.
She added that the revenues and profits of the water systems sector were affected during the first quarter of 2022, due to the decrease in the production of the desalination plant of Kindasa Water Services Company for a period of two consecutive months during the quarter, which resulted in a loss incurred by the subsidiary company.
In a separate statement, the Saudi Industrial Services Company “Sisco” said that the board of directors approved the company’s dividend policy for the years 2022 and 2023.
The Board of Directors decided to adopt a new dividend distribution policy, according to which it aims to pay a total annual dividend of 0.80 riyals per share for each year for both the 2022 and 2023 fiscal years.
This policy includes a semi-annual dividend distribution of 0.40 riyals per share during these two years.
The dividend policy will be reviewed annually in the context of the investment requirements of the Company and may be subject to change based on any changes in the market or material changes in the Company’s strategy, cash flows and any new investment opportunity or financial commitments that may arise in the future.
