Saudi Industrial Services Company Cisco achieved a profit growth of 173.87%, with net profit reaching 139.4 million riyals for the year 2020, compared to 50.9 million riyals in 2019.
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The company's revenues increased by 51% to 1.02 billion riyals, compared to 675.9 million riyals in 2019.
According to Arabiya Net, the company said in a statement that the main reason for the increase in net profit during the current year by 88.5 million riyals compared to the previous year is the improvement in revenues mainly In the ports sector, with the acquisition of the northern terminal in Jeddah Islamic Port under the new concession contract, and the improvement in the overall profit of the port sector during the current year.
This is also due to the increase in other revenues due to the reversal of the provision for the cost of replacing assets in the amount of 75 million Saudi riyals and an amount of 11.6 million riyals related to previous obligations that are no longer due.
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The financial fees for financing external debt have decreased by 9 million riyals and the gains made from the application of International Standard No. (9) for financial reporting by 31.9 million riyals related to increasing contract facilities Leasing in the port sector.
On the other hand, the company announced the Board of Directors’s recommendation to distribute cash dividends to shareholders for the past year amounting to 65.28 million riyals, bringing the share per share to 0.8 riyals.
