Upcoming Dividend • Jun 04
Upcoming dividend of ر.س0.80 per share Eligible shareholders must have bought the stock before 11 June 2026. Payment date: 30 June 2026. Payout ratio is on the higher end at 80%, however this is supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Saudi dividend payers (6.0%). Lower than average of industry peers (3.1%). Announcement • May 21
Sustained Infrastructure Holding Company, Annual General Meeting, Jun 10, 2026 Sustained Infrastructure Holding Company, Annual General Meeting, Jun 10, 2026, at 18:30 Arab Standard Time. Location: jeddah Saudi Arabia Price Target Changed • May 16
Price target decreased by 12% to ر.س41.00 Down from ر.س46.70, the current price target is provided by 1 analyst. New target price is 15% above last closing price of ر.س35.78. Stock is up 20% over the past year. The company is forecast to post earnings per share of ر.س1.50 for next year compared to ر.س1.19 last year. New Risk • May 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: ر.س0.32 (vs ر.س0.30 in 1Q 2025) First quarter 2026 results: EPS: ر.س0.32 (up from ر.س0.30 in 1Q 2025). Revenue: ر.س439.4m (up 25% from 1Q 2025). Net income: ر.س26.1m (up 5.7% from 1Q 2025). Profit margin: 6.0% (down from 7.0% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ر.س36.52, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 16x in the Infrastructure industry in Asia. Total returns to shareholders of 36% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ر.س35.31 per share. Reported Earnings • Mar 11
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: ر.س1.19 (up from ر.س0.009 loss in FY 2024). Revenue: ر.س1.61b (up 22% from FY 2024). Net income: ر.س96.4m (up ر.س97.1m from FY 2024). Profit margin: 6.0% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 16%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 5% per year and the company’s share price has also increased by 5% per year. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ر.س31.50, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 22% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ر.س35.05 per share. Buy Or Sell Opportunity • Feb 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to ر.س27.80. The fair value is estimated to be ر.س34.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: ر.س0.21 (vs ر.س0.12 loss in 3Q 2024) Third quarter 2025 results: EPS: ر.س0.21 (up from ر.س0.12 loss in 3Q 2024). Revenue: ر.س393.9m (up 14% from 3Q 2024). Net income: ر.س35.0m (up ر.س44.4m from 3Q 2024). Profit margin: 8.9% (up from net loss in 3Q 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Price Target Changed • Oct 14
Price target increased by 14% to ر.س46.70 Up from ر.س41.13, the current price target is an average from 2 analysts. New target price is 27% above last closing price of ر.س36.72. Stock is up 21% over the past year. The company is forecast to post earnings per share of ر.س1.29 next year compared to a net loss per share of ر.س0.0091 last year. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ر.س0.25 (vs ر.س0.13 in 2Q 2024) Second quarter 2025 results: EPS: ر.س0.25 (up from ر.س0.13 in 2Q 2024). Revenue: ر.س314.5m (down 7.1% from 2Q 2024). Net income: ر.س20.0m (up 90% from 2Q 2024). Profit margin: 6.4% (up from 3.1% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Announcement • Jul 01
Sustained Infrastructure Holding Co. Approves to Distribute Cash Dividends for the Financial Period Ending on December 31, 2024, Payable on July 20, 2025 Sustained Infrastructure Holding Company at its Extraordinary General Assembly held on June 29, 2025, approval on the Board of Directors’ recommendation to distribute cash dividends in the amount of (SAR 65,280,000) to shareholders for the financial period ending on December 31, 2024, a percentage of (8%) of the nominal value of the share at (SAR 0.8) per share, for (81,600,000) Shares, Provided that the right shall be for shareholders who own shares at the end of trading on the day of the General Assembly meeting and who are registered in the company’s shareholders’ register with the Securities Depository Center Company (Edaa) at the end of the second trading day following the date of the General Assembly meeting, provided that the distribution of profits begins on Sunday, July 20, 2025. Major Estimate Revision • Jun 26
Consensus revenue estimates increase by 14% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from ر.س1.31b to ر.س1.50b. EPS estimate increased from ر.س1.05 to ر.س1.50 per share. Net income forecast to grow 181% next year vs 9.3% growth forecast for Infrastructure industry in Saudi Arabia. Consensus price target up from ر.س41.13 to ر.س41.97. Share price rose 19% to ر.س31.10 over the past week. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ر.س31.10, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 61% over the past three years. Upcoming Dividend • Jun 23
Upcoming dividend of ر.س0.80 per share Eligible shareholders must have bought the stock before 30 June 2025. Payment date: 20 July 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Saudi dividend payers (5.4%). In line with average of industry peers (3.2%). Announcement • May 29
Sustained Infrastructure Holding Company, Annual General Meeting, Jun 29, 2025 Sustained Infrastructure Holding Company, Annual General Meeting, Jun 29, 2025, at 19:00 Arab Standard Time. Location: jeddah Saudi Arabia Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ر.س0.30 (vs ر.س0.26 loss in 1Q 2024) First quarter 2025 results: EPS: ر.س0.30 (up from ر.س0.26 loss in 1Q 2024). Revenue: ر.س351.5m (up 32% from 1Q 2024). Net income: ر.س24.7m (up ر.س45.9m from 1Q 2024). Profit margin: 7.0% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. New Risk • Apr 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (6.3% average weekly change). Reported Earnings • Mar 13
Full year 2024 earnings: EPS in line with analyst expectations despite revenue beat Full year 2024 results: ر.س0.01 loss per share (down from ر.س0.87 profit in FY 2023). Revenue: ر.س1.32b (down 18% from FY 2023). Net loss: ر.س742.0k (down 101% from profit in FY 2023). Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Nov 06
Third quarter 2024 earnings released: ر.س0.12 loss per share (vs ر.س0.29 profit in 3Q 2023) Third quarter 2024 results: ر.س0.12 loss per share (down from ر.س0.29 profit in 3Q 2023). Revenue: ر.س346.4m (up 3.7% from 3Q 2023). Net loss: ر.س9.43m (down 140% from profit in 3Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 7.4% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. New Risk • Aug 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 164% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (5.8% average weekly change). Profit margins are more than 30% lower than last year (1.4% net profit margin). Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: ر.س0.13 (vs ر.س0.26 in 2Q 2023) Second quarter 2024 results: EPS: ر.س0.13 (down from ر.س0.26 in 2Q 2023). Revenue: ر.س338.5m (flat on 2Q 2023). Net income: ر.س10.5m (down 50% from 2Q 2023). Profit margin: 3.1% (down from 6.3% in 2Q 2023). Revenue is expected to decline by 4.3% p.a. on average during the next 3 years, while revenues in the Infrastructure industry in Asia are expected to grow by 7.9%. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Price Target Changed • Jul 31
Price target increased by 12% to ر.س35.70 Up from ر.س31.85, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ر.س35.20. Stock is up 24% over the past year. The company is forecast to post earnings per share of ر.س0.64 for next year compared to ر.س0.87 last year. New Risk • Jul 18
New major risk - Revenue and earnings growth Earnings have declined by 11% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 213% Paying a dividend despite having no free cash flows. Earnings have declined by 11% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (2.1% net profit margin). Announcement • Jun 08
Sustained Infrastructure Holding Company, Annual General Meeting, Jun 27, 2024 Sustained Infrastructure Holding Company, Annual General Meeting, Jun 27, 2024, at 18:30 Arab Standard Time. Location: jeddah Saudi Arabia New Risk • May 23
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.1% Last year net profit margin: 4.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 213% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Profit margins are more than 30% lower than last year (2.1% net profit margin). Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ر.س39.65, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 16x in the Infrastructure industry in Asia. Total returns to shareholders of 14% over the past three years. Upcoming Dividend • Mar 19
Upcoming dividend of ر.س0.40 per share Eligible shareholders must have bought the stock before 26 March 2024. Payment date: 18 April 2024. Trailing yield: 2.2%. Lower than top quartile of Saudi dividend payers (4.4%). Lower than average of industry peers (2.9%). Reported Earnings • Mar 15
Full year 2023 earnings released Full year 2023 results: Revenue: ر.س1.05b (up 5.9% from FY 2022). Net income: ر.س71.2m (up 94% from FY 2022). Profit margin: 6.8% (up from 3.7% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.7% p.a. on average during the next 2 years, compared to a 9.8% growth forecast for the Infrastructure industry in Asia. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: ر.س0.29 (vs ر.س0.18 in 3Q 2022) Third quarter 2023 results: EPS: ر.س0.29 (up from ر.س0.18 in 3Q 2022). Revenue: ر.س334.1m (up 28% from 3Q 2022). Net income: ر.س23.7m (up 65% from 3Q 2022). Profit margin: 7.1% (up from 5.5% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 12% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 28
Upcoming dividend of ر.س0.40 per share at 2.9% yield Eligible shareholders must have bought the stock before 04 September 2023. Payment date: 21 September 2023. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Saudi dividend payers (4.3%). Lower than average of industry peers (3.7%). New Risk • Aug 12
New major risk - Revenue and earnings growth Earnings have declined by 1.0% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.0% per year over the past 5 years. Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ر.س0.26 (vs ر.س0.038 in 2Q 2022) Second quarter 2023 results: EPS: ر.س0.26 (up from ر.س0.038 in 2Q 2022). Revenue: ر.س336.0m (up 38% from 2Q 2022). Net income: ر.س21.2m (up ر.س18.1m from 2Q 2022). Profit margin: 6.3% (up from 1.3% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 10% p.a. on average during the next 2 years, while revenues in the Infrastructure industry in Asia are expected to grow by 16%. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Board Change • Jul 23
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Non-Executive Director Talal Nasser Al-Dakhil was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 20
First quarter 2023 earnings released: EPS: ر.س0.24 (vs ر.س0.01 in 1Q 2022) First quarter 2023 results: EPS: ر.س0.24 (up from ر.س0.01 in 1Q 2022). Revenue: ر.س434.9m (up 105% from 1Q 2022). Net income: ر.س19.5m (up ر.س18.7m from 1Q 2022). Profit margin: 4.5% (up from 0.4% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 6.1% p.a. on average during the next 2 years, while revenues in the Infrastructure industry in Asia are expected to grow by 13%. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 24
Upcoming dividend of ر.س0.40 per share at 3.0% yield Eligible shareholders must have bought the stock before 01 May 2023. Payment date: 16 May 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.0%. Lower than top quartile of Saudi dividend payers (4.3%). Lower than average of industry peers (3.5%). Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: ر.س0.18 (vs ر.س0.049 in 3Q 2021) Third quarter 2022 results: EPS: ر.س0.18 (up from ر.س0.049 in 3Q 2021). Revenue: ر.س261.0m (up 17% from 3Q 2021). Net income: ر.س14.4m (up 261% from 3Q 2021). Profit margin: 5.5% (up from 1.8% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • Oct 18
Saudi Industrial Services Co. Announces Executive Changes Saudi Industrial Services Company (SISCO) announced the resignation of Eng. Mohammed Al Mudarres from his position as CEO, due to his desire to move to his own business. Eng. Mohammed Al Mudarres will continue to serve as a consultant on some of SISCO subsidiaries and associate companies, and a special advisor to the company's Board of Directors. The Board of Directors approved the resignation and future assignment by circulation on October 17, 2022. The Board of Directors express their thanks and gratitude to Eng. Mohammed Al Mudarres for his efforts and effective contribution during his tenure as CEO for the last 15 years and wishes him continued success and prosperity. The Board also approved the appointment of Eng. Khalid Suleimani as Chief Executive Officer as of November 01, 2022. Eng. Khalid Suleimani holds a master's degree in electrical and computer engineering from the University of Colorado (USA) and the General Securities Qualification Certificate (CME-1) from the Capital Market Authority and is a licensed consultant by the Saudi Council of Engineers, and a licensed professional consultant in information technology from the Ministry of Commerce. Eng. Khalid has over 25 years of experience in the investment field. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: ر.س0.038 (vs ر.س0.28 in 2Q 2021) Second quarter 2022 results: EPS: ر.س0.038 (down from ر.س0.28 in 2Q 2021). Revenue: ر.س243.4m (down 3.5% from 2Q 2021). Net income: ر.س3.13m (down 86% from 2Q 2021). Profit margin: 1.3% (down from 8.9% in 2Q 2021). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 15
Upcoming dividend of ر.س0.40 per share Eligible shareholders must have bought the stock before 22 August 2022. Payment date: 08 September 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.5%. Lower than top quartile of Saudi dividend payers (4.3%). Lower than average of industry peers (4.3%). Announcement • Aug 11
Saudi Industrial Services Co. Announces the Distribution of Interim Cash Dividend for the Financial Year 2022, payable on September 8, 2022 Saudi Industrial Services Company announced the Board of Directors resolution to distribute interim cash dividend to the company's shareholders for the financial year 2022 as follows: Dividend per share is SAR 0.40 per share. The dividend distribution date will be on 12th Safar 1444H corresponding to 8th September 2022. Reported Earnings • May 19
First quarter 2022 earnings released: EPS: ر.س0.01 (vs ر.س0.40 in 1Q 2021) First quarter 2022 results: EPS: ر.س0.01 (down from ر.س0.40 in 1Q 2021). Revenue: ر.س212.6m (down 18% from 1Q 2021). Net income: ر.س778.0k (down 98% from 1Q 2021). Profit margin: 0.4% (down from 13% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 27
Price target increased to ر.س37.00 Up from ر.س31.00, the current price target is provided by 1 analyst. New target price is 34% above last closing price of ر.س27.60. Stock is down 41% over the past year. The company posted earnings per share of ر.س0.71 last year. Announcement • Apr 20
Saudi Industrial Services Company, Annual General Meeting, May 12, 2022 Saudi Industrial Services Company, Annual General Meeting, May 12, 2022, at 15:30 Coordinated Universal Time. Location: Head Office Jeddah Saudi Arabia Agenda: To consider and approve the Board of Directors report for the fiscal year ended December 31, 2021; to consider and approve the consolidated financial statements for the fiscal year ended December 31, 2021; to consider and approve the auditors report for the fiscal year ended December 31, 2021; to consider and approve the appointment of the external auditors for the company’s from the nominees, and determine their fees based on the Audit Committee recommendation to review and audit the company’s interim financial statements for the second, third and fourth quarters of the fiscal year 2022 and full year as well as the first quarter of the fiscal year 2023; to consider and approve the absolving of the Board of Directors from their liabilities pertaining to the management of the company for the fiscal year ended December 31, 2021; and to consider other matters. Upcoming Dividend • Mar 06
Upcoming dividend of ر.س0.40 per share Eligible shareholders must have bought the stock before 13 March 2022. Payment date: 27 March 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.9%. Lower than top quartile of Saudi dividend payers (4.3%). Lower than average of industry peers (3.3%). Announcement • Mar 04
Saudi Industrial Services Co. Announces the Distribution of Cash Dividend for the Fiscal Year Ended December 31, 2021, Payable on March 27, 2022 The Board of Directors of Saudi Industrial Services Company in their meeting held on March 1, 2022, recommended a cash dividend distribution of SAR 0.40 per share to the shareholders of the company for the financial year 2021. The Total amount distributed is SAR 32,640,000. Percentage of Dividend to the Share Par Value: 4%. The dividend distribution date will be on March 27, 2022. The eligibility date is March 10, 2022. Reported Earnings • Mar 03
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: ر.س0.71 (down from ر.س1.71 in FY 2020). Revenue: ر.س985.4m (down 3.5% from FY 2020). Net income: ر.س57.9m (down 59% from FY 2020). Profit margin: 5.9% (down from 14% in FY 2020). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 23%. Over the next year, revenue is forecast to grow 1.9%, compared to a 59% growth forecast for the industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 04
Third quarter 2021 earnings released: EPS ر.س0.049 (vs ر.س0.34 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ر.س223.3m (down 14% from 3Q 2020). Net income: ر.س3.98m (down 86% from 3Q 2020). Profit margin: 1.8% (down from 11% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS ر.س0.28 (vs ر.س0.69 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ر.س252.1m (up 17% from 2Q 2020). Net income: ر.س22.5m (down 60% from 2Q 2020). Profit margin: 8.9% (down from 26% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 46% per year whereas the company’s share price has increased by 51% per year. Price Target Changed • Jun 05
Price target increased to ر.س47.00 Up from ر.س31.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of ر.س48.00. Stock is up 173% over the past year. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improved over the past week After last week's 17% share price gain to ر.س50.10, the stock trades at a trailing P/E ratio of 28.2x. Average forward P/E is 13x in the Infrastructure industry in Asia. Total returns to shareholders of 262% over the past three years. Reported Earnings • May 08
First quarter 2021 earnings released: EPS ر.س0.40 (vs ر.س0.33 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: ر.س258.3m (up 54% from 1Q 2020). Net income: ر.س32.3m (up 21% from 1Q 2020). Profit margin: 13% (down from 16% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Announcement • May 07
Saudi Industrial Services Company Approves Cash Dividend for the Year 2020, Payable on May 31, 2021 Saudi Industrial Services Company at the annual general meeting held on May 5, 2021, approved on the recommendation of the Board of Directors to distribute cash dividends to the Shareholders for the year 2020 with total amount of SAR 65.2 Million at SAR 0.80 per share, which represent 8% of the par value; where the eligibility will be to the Shareholders owning shares on the General Assembly Meeting date, and those whose registered in the Company's share registry at the Depository Center at the end of the second trading day following the due date. The dividend will be distributed on May 31, 2021 through bank transfers to shareholder bank accounts linked to their investment portfolios via the Riyadh Bank. Analyst Estimate Surprise Post Earnings • Mar 04
Revenue beats expectations Revenue exceeded analyst estimates by 23%. Over the next year, revenue is expected to shrink by 4.7% compared to a 21% growth forecast for the Infrastructure industry in Saudi Arabia. Reported Earnings • Mar 03
Full year 2020 earnings released: EPS ر.س1.71 (vs ر.س0.62 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ر.س1.02b (up 51% from FY 2019). Net income: ر.س139.4m (up 174% from FY 2019). Profit margin: 14% (up from 7.5% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year and the company’s share price has also increased by 42% per year. Is New 90 Day High Low • Feb 17
New 90-day high: ر.س36.30 The company is up 21% from its price of ر.س30.10 on 19 November 2020. The Saudi market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is down 3.0% over the same period. Is New 90 Day High Low • Jan 13
New 90-day high: ر.س34.85 The company is up 28% from its price of ر.س27.20 on 15 October 2020. The Saudi market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 8.0% over the same period. Is New 90 Day High Low • Dec 29
New 90-day high: ر.س33.00 The company is up 24% from its price of ر.س26.55 on 30 September 2020. The Saudi market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 8.0% over the same period. Is New 90 Day High Low • Nov 23
New 90-day high: ر.س31.10 The company is up 31% from its price of ر.س23.74 on 25 August 2020. The Saudi market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 5.0% over the same period. Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS ر.س0.34 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ر.س259.7m (up 51% from 3Q 2019). Net income: ر.س28.2m (up 318% from 3Q 2019). Profit margin: 11% (up from 3.9% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 04
Third quarter 2020 earnings released: EPS ر.س0.34 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ر.س259.7m (up 51% from 3Q 2019). Net income: ر.س28.2m (up 318% from 3Q 2019). Profit margin: 11% (up from 3.9% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Oct 12
New 90-day high: ر.س28.40 The company is up 37% from its price of ر.س20.80 on 14 July 2020. The Saudi market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is down 5.0% over the same period.