The Saudi Industrial Services Company (SESCO) achieved an increase of 21.43%, with net profit after Zakat and the tax was 32.3 million riyals in the first quarter of 2021, for about 26.6 million riyals in the same quarter.
According to Arab Net, a net profit of Cisco rose 14.95% in the first quarter of 2021, compared to net profit for about 28.1 million riyals in the fourth quarter of 2020.
The company said in a statement on Saudi trading on Sunday, on Sunday, the increase in net profit during the first quarter of 2021 compared to the same quarter returns to the large growth in revenue by 54.4%, mainly due to the significant improvement in the company's ports sector The increase in the volume of handling containers and efficiency operations in accordance with the terms and conditions of the new franchise in Jeddah Islamic Port, which entered into force as of 1 January 2021 as well as improvement in logistics sector revenues.
Cisco added that net profit also affected gross profit by 153.7% compared to the first quarter of 2020, as a result of revenue growth and constant and variable fees, as well as improving the results of associates by 55.7%.
The company's revenues reached SR 258.3 million in the first quarter of 2021, compared to SR 167.3 million for the first quarter revenue from 2020.
The Saudi Industrial Services Company Cisco said it would continue to invest in assets and companies in the ports, logistics sector and water systems sector, and where possible opportunities for significant profits, which can manage the company to supervise operating and growing strategies.
At the same time, the Group gonna strengthen its current investment portfolio in subsidiaries, to take advantage of opportunities for emerging markets, and the company is currently implementing its future strategy, and has appointed an external adviser, and more developments will be announced in this regard Time.
