Sustained Infrastructure Holding Co. announces its Annual Financial results for the period Ending on 2024-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 1,320.9 | 1,603.4 | -17.62 | ||
| Gross Profit (Loss) | 641.4 | 538.1 | 19.2 | ||
| Operational Profit (Loss) | 377.9 | 319.4 | 18.32 | ||
| Net profit (Loss) | -0.74 | 71.2 | - | ||
| Total Comprehensive Income | 1.5 | 64.8 | -97.69 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 1,478 | 1,509 | -2.05 | ||
| Profit (Loss) per Share | -0.01 | 0.87 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | Revenue, excluding accounting construction revenue, grew by 19.2% compared to the previous one; from SAR 1.05bn to SAR 1.25bn. The reason for this growth is attributed to strong ports performance, increased gateway volumes, logistics expansion and other key strategic partnerships. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Reported YE 2024 net loss of SAR 0.74 million, compared to a net profit of SAR 71.2 million for YE 2023. The decrease in net profit is due to the following:
- Decline in share of profit from equity accounted investees due to a one-off non-recurring net loss arising from a one-off provision (Gross SAR 68 million out of which SISCO share was SAR 34 million) for additional costs in three EPC (Engineering, procurement and construction) projects and one off total non-recurring loss in Green Dome Holding for the 2024, an equity accounted associate, of SAR 12 million. - Increased investment and ramp-up costs in Patenga container terminal in Bangladesh which started operations in 2024. - Higher depreciation expenses for new capital investments also weighed on profitability. - Increase in operating costs and finance charges. - One-off charge for Zakat for SAR 17.4 million for the FY 2021 and 2022 and an additional zakat provision of SAR 9.0 million for FY 2023. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | Financial statements for the current period have been prepared according to the International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia and based on that the presentation, measurement, recognition, and disclosure for some of the financial data has been changed to comply with IFRS accounting policies as adopted in the Kingdom. |
| Additional Information | In accordance with IFRIC 12 (IFRS Interpretations Committee), the reported revenue includes accounting construction revenue of SAR 66.5 million. There is no impact on gross profit or net profit as there is a corresponding accounting construction cost of SAR 66.5 million recognised in the cost of revenue. |
| Attached Documents |  |
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