Adrian Johnson
TLDR:
Key Points:
- SISCO Q2FY24 revenue grew by 15.7% compared to Q2FY23.
- Adjusted EBITDA rose by 19.2%.
The Sustainable Infrastructure Holding Company (“SISCO”) in Saudi Arabia reported a 15.7% increase in revenue for Q2FY24, excluding accounting construction revenues, reaching SAR 302.5m. Gross profit for the quarter grew by 18% quarterly and 15.4% compared to Q2FY23, with a gross profit margin of 51.8%. However, the reported loss in H1 2024 was impacted by an exceptional net loss due to certain provisions and expenses.
Despite some challenges, SISCO’s Ports segment saw revenue growth of 18.2% to SAR 248.2m in Q2FY24. The Logistics segment also performed well, with an increase in revenue and improved gross profit margin. Additionally, the associate company SA Talke signed a significant contract for SAR 316m with Neom.
In conclusion, SISCO’s overall performance showed improvement in key benchmarks, driving growth and return on investment, despite certain exceptional losses impacting the financial results.
