Riyadh – Mubasher: Sustained Infrastructure Holding Company (SISCO Holding) unveiled that its full-year revenue, excluding accounting construction revenue, increased by 19.20% year-on-year (YoY) to SAR 1.25 billion in 2024, compared to SAR 1.05 billion.
SISCO Holding noted that the registered revenue was backed by strong performance in ports segment, according to a press release.
The adjusted gross profit in 2024 stood at SAR 641.40 million, up 13.70% YoY, driven by strong revenue growth and mix particularly in the ports segment.
However, gross margins in 2024 declined to 51.10%, a decrease of 2.50% from prior year primarily due to an increase in depreciation and amortization, direct employee costs.
Operating expenses increased as a result of an increase in employee expenses and professional fees, primarily in the ports segment.
Moreover, the adjusted EBITDA increased to SAR 735.80 million, an increase of 15.60% YoY driven by strong revenue growth and mix primarily in the ports segment. However, adjusted EBITDA margins declined by 1.80% to 58.7% due to an increase in operating expenses mentioned above.
During the fourth quarter (Q4) of 2024, the revenue increased by 27.70% compared to Q4-23, driven by strong performance in the ports segment. On a sequential basis, the Q4-24 revenues improved by 3.20% compared to Q3-24.
Group CEO of SISCO, Khalid Suleimani, said: “The ports segment revenue showed strong growth of 23% to exceed SAR 1 billion despite the Red Sea disruption, with Q4-24 revenue up 36.20% compared to the same period last year, underpinned by an exceptional year in the ports segment which led to an exceptional increase in gateway volumes and market share by RSGT.”
Suleimani added: “Our logistics segment achieved steady growth, with significant contributions from enhanced warehouse operations in LogiPoint and a robust performance from our portfolio company SA Talke, which saw strong growth in both revenue and net income. This year was particularly notable for our water solutions segment, Kindasa, where we formed a number of important partnerships and secured a key contract extension with the Saudi Ports Authority for the desalination plant at Jeddah Islamic Port until November 2041, which will help underpin the future profitability of the business.”
The Group CEO noted: “Over the year we made considerable progress in implementing our five-year strategy. Our ports and logistics segments capitalised on market opportunities with strategic capacity expansions—highlighted by securing a preliminary agreement for a SAR 1 billion joint venture with Gulf Islamic Investments for Grade A warehousing solutions together with continued expansion of warehousing capacity.”
He concluded: “We continue to expand our presence in the international ports sector through ongoing investment in the Patenga container terminal in Bangladesh, which is performing better than expected. Similarly, Tawzea’s SAR 33 million contract with WEBUILD S.P.A. Saudi Arabia for Trojena Dam marked a significant milestone in our distribution strategy aimed at delivering diversified services and products.”
It is worth noting that in October 2024, the listed company unveiled new brand identity where it adopted a new logo and visual identity in line with the new name to cement its strategic position as an investment holding company.
