SISCO Triples Q3 Net Profit to 63.1M SAR

Riyadh, Saudi Arabia — Sustained Infrastructure Holding Co. (SISCO) posted a net profit of 63.1 million SAR in the third quarter of 2026, a 271.2% jump from 17.0 million SAR in Q3 2025. Strong port throughput and logistics growth drove the surge. Revenue, excluding accounting construction revenue, rose 91.4% year-on-year to 729.6 million SAR.

For the nine-month period ending September 30, 2026, SISCO’s net profit reached 148.5 million SAR — up 140.7% from 61.7 million SAR in the same period last year. Total revenue for the period climbed 82.0% to 1.93 billion SAR. Earnings per share stood at 1.83 SAR, compared to 0.76 SAR a year earlier.

Quarterly and Period Breakdown

Quarter-on-quarter, net profit edged up 6.6% from 59.2 million SAR in Q2 2026. Gross profit for Q3 hit 403.2 million SAR, up 123.9% year-on-year and 17.4% from the prior quarter. Operating profit reached 275.8 million SAR, rising 167.0% year-on-year. Total comprehensive income attributable to shareholders came in at 72.9 million SAR for the quarter and 164.4 million SAR for the nine-month period — a 219.8% improvement over the prior-year period. Total shareholders’ equity stood at 1.594 billion SAR, up 8.9% from 1.464 billion SAR a year ago.

Key Drivers

• Gateway container volumes at RSGT rose sharply, with Multi-Purpose Terminal (MPT) volumes adding significant weight to port segment revenue.
• RSGTI operations ramped up meaningfully, contributing to both revenue and gross profit growth.
• The logistics segment grew steadily, boosted by the inclusion of Ports Services and Storage Company Limited (PSS).
• Consolidated gross profit rose 446.6 million SAR for the nine-month period versus a year earlier.
• Operating expenses increased 50.4 million SAR in Q3, including a 24.0 million SAR impairment at RSGT and a 21.8 million SAR impairment at a Logipoint project site — SISCO’s combined share was 25.3 million SAR.
• Finance costs rose 11.1 million SAR in Q3, mainly from fixed and variable fees tied to MPT.
• Zakat expense increased 14.1 million SAR in Q3, largely from RSGT’s higher profitability.

What This Means for Investors

• SISCO’s port segment is the engine. Gateway and MPT volume growth, combined with RSGTI’s ramp-up, drove nearly all the year-on-year profit improvement — investors should track port throughput data closely.
• Asset impairments are a real drag. The combined 45.8 million SAR in impairments across RSGT and Logipoint weighed on both Q3 and nine-month results. These are non-recurring in nature, but they absorbed a material share of gross profit gains.
• Rising finance costs and Zakat deserve attention. Both increased significantly as SISCO’s operations scaled, particularly at MPT and PSS. These are structural cost pressures, not one-time items.
• EPS of 1.83 SAR for nine months compares favorably to 0.76 SAR in the same period last year, signaling a step-change in underlying earnings power — provided impairments and cost inflation remain contained.

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THE SAUDI STANDARD’S VIEW: SISCO’S PROFIT SURGE SIGNALS A MATURING PORT AND LOGISTICS POWERHOUSE

SISCO’s third-quarter results are not merely a strong earnings print — they represent a structural inflection point for one of Saudi Arabia’s most strategically positioned infrastructure operators. With net profit tripling year-on-year and nine-month revenues approaching two billion SAR, the company is demonstrating that its port and logistics assets are now operating at genuine scale. Investors should read these numbers carefully, because the composition of growth matters as much as the headline figures.

• PORT VOLUMES ARE THE CORE VALUE DRIVER

The expansion of gateway container throughput at RSGT, alongside the meaningful ramp-up of Multi-Purpose Terminal operations, confirms that SISCO’s port infrastructure is executing at a commercial level that justifies prior capital commitments. RSGTI’s operational contribution adds further depth to this segment’s earnings base. For investors, port throughput trends are the single most important forward indicator to monitor.

• IMPAIRMENTS DEMAND DISCIPLINED SCRUTINY

The combined 45.8 million SAR in asset impairments across RSGT and the Logipoint project site absorbed a meaningful portion of an otherwise exceptional gross profit performance. While these charges carry non-recurring characteristics, they expose execution risk in SISCO’s development pipeline. Investors should evaluate whether project-level write-downs reflect isolated site issues or broader capital allocation discipline concerns.

• RISING STRUCTURAL COSTS ARE A LEGITIMATE WATCH ITEM

Finance costs tied to MPT’s fixed and variable fee structure, combined with a substantial increase in Zakat expense driven by RSGT’s higher profitability, represent cost pressures that will grow in proportion to SISCO’s success. These are not anomalies — they are the financial architecture of a scaling infrastructure business. Margin sustainability over the medium term depends on revenue growth continuing to outpace these embedded cost escalators.

• EPS TRAJECTORY SIGNALS AN EARNINGS RE-RATING OPPORTUNITY

Earnings per share of 1.83 SAR for the first nine months of 2026 against 0.76 SAR in the comparable prior period represents a fundamental shift in the company’s earnings profile, not an incremental improvement. If impairments normalize and the PSS-driven logistics segment continues to mature, SISCO’s annualized earnings power could support a meaningful reassessment of its valuation multiple. The risk to this thesis lies in cost inflation and the pace of project completions.

SISCO’s performance is directly aligned with Vision 2030’s ambition to position Saudi Arabia as a global logistics and trade hub, with Jeddah Islamic Port and the broader Red Sea corridor at its center. The scale-up of container throughput, multi-purpose port capacity, and integrated logistics services reflects the kind of private-sector infrastructure execution that Saudi economic transformation depends upon. For long-term investors, SISCO represents a vehicle with tangible exposure to some of the Kingdom’s most strategically irreplaceable physical assets — and these results suggest that exposure is beginning to compound in earnest.