Sustained Infrastructure Holding Company · TADAWUL:2190

Sustained Infrastructure — FY2023 Earnings Presentation

34 slides from Sustained Infrastructure's earnings presentation, March 2024

  1. Slide 1: FY23 Earning Presentation

    SUSTAINED INFRASTRUCTURE HOLDING COMPANY FY23 EARNING PRESENTATION March 2024 sisco.com.sa

  2. Slide 2: Disclaimer

    Disclaimer • This presentation is strictly confidential and is being shown to you solely for your information and may not be reproduced, retransmitted, further distributed to any other person or published, in whole or in part, for any purpose. • This presentation has been prepared by Sustained Infra

  3. Slide 3: Table of Content

    Table of Content 1. STRATEGY IMPLEMENTATION PROGRESS 04 2. HIGHLIGHTS Q4 & FY 2023 09 3. FINANCIAL PERFORMANCE 11 4. PORTFOLIO PERFORMANCE 16 A. PORTFOLIO –CONSOLIDATED ASSETS 17 B. PORTFOLIO –OTHER ASSETS 21 5. SUMMARY 24 6. APPENDIX 26 SISCO | Q4FY23 Earning Presentation | March 2024 | Page - 3

  4. Slide 4: Strategy Implementation Progress

    Strategy Implementation Progress

  5. Slide 5: Key Highlights

    Key Highlights SAR 1 billion revenue 4 M&A First time in SISCO’s history Transactions Negotiated SAR 88.3 million RSGTI adjusted net income 22-year concession in 112% increase Bangladesh 166.6 GDI acquisitions Million Saudi Riyal Equity GDI acquisition from LogiPoint Deployed to finance M&A and LogX

  6. Slide 6: 6X26 Strategy Implementation Key Updates

    6X26 Strategy Implementation Key Updates • Signed Bangladesh concession in 75% of target November 2023 • Additional concessions being Logistics Progress pursued in East and West Africa • Increased bonded zone warehouse capacity to 120k m2 80% of target • Total investment in GDI of • Work has commenc

  7. Slide 7: Capital Allocation of SAR 542 Millions

    CAPITAL ALLOCATION OF SAR 542 MILLIONS SAR millions Allocation Commitment Dividends 85.0 16% Share Buyback 6.2 1% 11% RSPDI 105.0 GDI Acquisition & Additional capital 100.0 Additional committed 187.0 Total committed 483.2 72% Dividends Not yet committed 58.8 Share Buyback Total 542.0 M&A Committed/D

  8. Slide 8: RSGT Bangladesh

    RSGT BANGLADESH PCT Terminal serve gateway for 90% of Bangladesh Import/export 22 Year Concession to develop and operate Capital expenditure of SAR 170 million USD Patenga Container terminal In Bangladesh RSGTI's strategic investment will leverage the Concession is signed in partnership with PIF exp

  9. Slide 9: Financial Highlights

    FINANCIAL HIGHLIGHTS

  10. Slide 10: Highlights Q4 & 12M 2023

    Highlights Q4 & 12M 2023 2023 Financial highlights Q4-2023 Financial highlights Revenue* Gross Profit Adjusted Net Income Adjusted Revenue* Gross Profit Adjusted Net Income Adjusted SAR 1,052.4 m 23.1% SAR 564.1 m 35.6% SAR 88.3 m 112.6% SAR 276.1 m 19.6% SAR 151.5 m 25.7% SAR 22.6 m 10.9% 2022: SAR

  11. Slide 11: Financial Performance

    FINANCIAL PERFORMANCE

  12. Slide 12: Income Statement Highlights

    Income Statement Highlights SAR millions GROUP REVENUE ADJUSTED GROSS PROFIT & MARGIN 1,052.4 52.2% 53.5 % 54.8% 48.7% 53.6% 854.8 564.1 416.2 276.1 276.1 151.4 231.0 147.7 120.4 Q4'22 Q3'23 Q4'23 FY'22 FY'23 Q4'22 Q3'23 Q4'23 FY'22 FY'23 • Q4’23 Group revenue improved by 19.6% YoY driven by strong

  13. Slide 13: OPEX, Finance Charges And Investment Income

    OPEX, Finance Charges And Investment Income OPERATING EXPENSES FINANCE CHARGES INVESTMENT INCOME 56.1 64.3 60.7 213.6 243.8 7.8 7.6 5.2 30.8 30.5 218.9 186.0 73.0 45.2 20.2 22.1 168.4 170.8 6.5 68.7 5.2 0.3 11.2 50.0 50.7 13.5 21.5 17.8 10.2 4.4 4.1 4.9 42.6 42.8 42.9 -1.8 -2.9 -1.9 -0.5 Q4'22 Q3'23

  14. Slide 14: EBITDA and Net Income

    EBITDA and Net Income SAR millions ADJUSTED EBITDA & MARGIN ADJUSTED NET INCOME & MARGIN 57.9% 58.8% 60.7% 53.6% 59.8% 8.9% 8.6 % 8.2% 4.9% 8.4% 629.5 88.3 458.1 41.6 162.3 167.6 23.7 22.7 133.8 20.4 Q4'22 Q3'23 Q4'23 FY'22 FY'23 Q4'22 Q3'23 Q4'23 FY'22 FY'23 • 12M’23 Adjusted EBITDA improved to SAR

  15. Slide 15: Adjusted Free Cash Flow And Net Debt

    Adjusted Free Cash Flow And Net Debt SAR millions ADJUSTED FREE CASH FLOW DEBT -32.6 m -200.7 m 33.6 m 215.5 m FCF Net Debt • Free cash flow for 12M’23 is SAR 201 million (outflow) excluding one offs, is due to additions in PPE. • During 12M’23 due to additional drawdowns, net debt rose to SAR 215.5

  16. Slide 16: Portfolio Performance

    PORTFOLIO PERFORMANCE

  17. Slide 17: A. Portfolio - Consolidated Assets

    A. Portfolio - Consolidated Assets

  18. Slide 18: Ports & Terminal Snapshot | Q4'FY23

    Ports & Terminal Snapshot | Q4’FY23 SAR millions ADJUSTED GROSS PROFIT & ADJUSTED NET INCOME & REVENUE * MARGIN VOLUME (TEUS ‘000) MARGIN 185 221 221 674 845 53.7% 54.9% 56.3% 50.7% 54.8% 8.8% 11.2 % 11.2% 2.9% 10.3% 756 835 870 2,842 3,282 463.1 87.6 342.0 287 1,937 208 1,802 195 186 121.1 123.9 24

  19. Slide 19: Logistics, Parks & Services Snapshot | Q4'FY23

    Logistics, Parks & Services Snapshot | Q4’FY23 SAR millions REVENUE GROSS PROFIT & MARGIN ADJUSTED NET INCOME & MARGIN * OCCUPANCY (%) 23.3 32.4 32.2 93.5 114.9 40.2% 48.5% 49.8% 44.3% 48.9% 15.5% 21.9 % 15.3% 16.6% 19.5% 56.2 22.5 41.4 80% 15.5 81% 53.8 90% 47.1 100% 100% 36.7 15.7 16.0 7.1 13.8 32

  20. Slide 20: Water Solution Snapshot | Q4'FY23

    Water Solution Snapshot |Q4’FY23 SAR millions REVENUE GROSS PROFIT & MARGIN NET INCOME & MARGIN VOLUME, WATER SOLD (MN M3) 22.8 23.3 24.0 87.4 92.7 52.2% 47.2 % 48.1% 37.5% 48.3% 24.7% 31.9% 25.9% 13.5% 27.2% 4.1 3.9 4.1 15.5 15.8 8.0 10.7 44.8 25.3 6.7 6.7 35.8 37.0 32.8 1.6 2.9 2.8 11.8 8.8 9.1 43

  21. Slide 21: B. Portfolio – Equity Accounted Assets

    B. Portfolio – Equity Accounted Assets

  22. Slide 22: TAWZEA Snapshot | Q4'FY23

    TAWZEA Snapshot | Q4’FY23 SAR millions ADJUSTED GROSS PROFIT & REVENUE NET INCOME & MARGIN SISCO SHARE OF NET INCOME MARGIN 8.1% 14.3% 22.3% 10.9% 15.5% 8.8% 6.9 % 0% 5.4% 5.0% 22.2 20.6 11.1 8.7 10.3 8.1 4.4 4.1 Q4'22 Q3'23 Q4'23 FY'22 FY'23 Q4'22 Q3'23 Q4'23 FY'22 FY'23 • Reported adjusted revenue

  23. Slide 23: SA Talke Snapshot | Q4'FY23

    SA TALKE Snapshot | Q4’FY23 SAR millions REVENUE GROSS PROFIT & MARGIN NET INCOME & MARGIN SISCO SHARE OF NET INCOME 24.4% 28.2 % 25.7% 25.0% 26.5% 17.8% 22.2 % 18.1% 17.8% 24.4% 54.9 60.4 13.6 17.5 13.7 Q4'22 Q3'23 Q4'23 FY'22 FY'23 • SA Talke revenues remained flat Q-on-Q and Y-on-Y. • SISCO Holdi

  24. Slide 24: Summary

    SUMMARY

  25. Slide 25: FY 2023: Strong performance and recovery

    FY 2023: Strong performance and recovery FY’23 witnessed a strong FY’23 gross profit rose 35.5% FY’23 adjusted net profit Progressing on recovery in business from last year mainly due to increased 112.6% vs last year implementation of fundamentals as revenues was improvement in the ports primarily d

  26. Slide 26: Appendix

    APPENDIX

  27. Slide 27: Strategic Objectives

    Strategic Objectives Double group revenue in the next 5 years Revenue of SAR 2 billion Target ROIC of more 1 through organic and inorganic growth while by 2025 than 12% maintaining consistently strong margins. Achieve a diversified portfolio by investing Future revenue and net income growth to be dr

  28. Slide 28: Revenue And Gross Profit Composition

    Revenue And Gross Profit Composition Ports Logistics Water SAR millions Revenue Composition Adjusted Gross Profit Composition 120.4 147.8 151.5 416.2 564.1 8.8% 44.8 10.9% 10.2% 32.8 56.2 10.9% 41.4 11.0 11.5 463.1 11.9 342.0 78.8% 15.7 16.0 9.3 80.3% Inner | 2022 99.2 121.1 123.9 Outer | 2023 Q4'22

  29. Slide 29: Income Statement - Quarterly

    Income Statement - Quarterly SAR millions Q3' 23 Q4' 23 Var. Var. % Q4' 22 Q4' 23 Var. Var. % Revenue* 276.2 276.1 -0.1 0.0 230.9 276.1 45.2 19.6% Direct costs* (128.5) (150.6) -22.0 17.2% (110.4) (150.6) -40.2 36.4% Gross profit 147.7 125.5 -22.0 -15.0% 120.5 125.5 5.0 4.1% Operating expenses (50.7

  30. Slide 30: Income Statement – FY 2023

    Income Statement – FY 2023 SAR millions FY’22 FY’23 Var. % Revenue* 854.8 1,052.4 23.1% Direct costs* (438.6) (514.3) 17.3% Gross profit 416.2 538.1 29.3% Operating expenses (186.2) (218.8) 17.5% Operating profit 230.0 319.3 38.8% Investment income 30.8 30.6 -0.6% Finance charges (213.6) (243.8) 14.

  31. Slide 31: Balance Sheet

    Balance Sheet SAR millions FY' 22 FY’23 Fixed Assets 3,795.0 4,284.6 Investments 274.8 283.6 Deferred Tax 6.7 6.0 Current Assets 982.3 1,415.7 Total Assets 5,058.8 5,989.9 Borrowings 772.7 1,492.4 Long Term Liabilities 1,530.3 1,553.0 Current Liabilities (excl. borrowings) 437.5 629.8 Total Liabilit

  32. Slide 32: Cash Flow Statement

    Cash Flow Statement SAR millions FY 2022 FY 2023 Operating cash flow before working capital 450.4 581.4 SAR million FY 2022 FY 2023 Net working capital movement (163.0) (35.2) Cash At Center 216.6 370.4 Cash generated from operating activities 286.4 546.2 Finance charges, Zakat & income tax, EOSB (7

  33. Slide 33: Management Outlook

    Management Outlook PORTS LOGISTICS WATER M&A RSGT continued the LogiPoint continued the Improvement of gross profit During the year we completed expansion of the North expansion of its warehouse margins in Water segment, two M&A transactions and are Container Terminal and capacity by adding 45,000 e

  34. Slide 34: Thank You!

    THANK YOU! sisco.com.sa SISCO | Q3FY23 Earning Presentation | November 2023 | Page

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