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Saudi Basic Industries Corporation (Cisco) reported net profit growth of 94.74% for the third quarter of this year,
In a statement released Sunday in Tadawul, the company said its profits after Zakat and its taxes amounted to 11.1 million riyals in the third quarter of 2018, compared to 5.7 million riyals for the same quarter in 2017.
The company attributes this increase in profits to the increase in the number of containers handled in the port sector, despite the slight decrease in work in the water sector due to the failure of the main pipeline, which resulted in the suspension of service for several days.
Despite higher operating costs and higher financing costs due to higher SAIBOR rates, the improved performance of the associates and the rationalization of costs in all subsidiaries affected Improvement of the net result of the current result.
The company's profits after Zakat and taxes dropped to 23.7 million riyals in the first nine months of 2018, compared with 51.9 million riyals for the same period last year, a drop of 54.34%.
The decrease in net income compared to the same period last year is due to a decrease in revenues of approximately 23 million riyals due to the low rate of container inspection by the Ports Authority and the slowdown in the industry. logistics.
He also pointed to an increase in direct costs due to increased consumption of the wharf extension by the end of 2017, as well as an increase in royalties from State and cost of financing during this period.
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