The Saudi Industrial Services Company (SISCO) announced its new strategy to raise growth rates over the next five years.
Cisco said in a statement on Saudi Tadawul today, Thursday, that the new strategy also aims to strengthen its leadership position in all three main sectors of the company, “ports – logistics services – the water sector.”
The company stated that Cisco’s new strategy seeks to benefit from its current capabilities in its main sectors, by investing in assets with great investment opportunities to increase the value of its current investment portfolio and achieve rewarding returns for the company and its shareholders within a short time schedule.
The company indicated that the growth objectives of the strategy will be achieved through increased investment in its current facility, as well as new investments.
The strategy stipulated three main pillars, which included expanding the scope of the logistics services sector with a focus on the asset-light model, while the second pillar includes international expansion in the ports sector.
She pointed out that the third pillar aims to make the most of all the capabilities and capabilities of the current investment portfolio.
Cisco’s net profit for the second quarter of this year decreased by 60% to 22.5 million riyals, compared to 56.5 million riyals during the same period last year, as a result of reversing the asset replacement cost provision of 75 million riyals once during the second quarter of year 2020.