Saudi Industrial Services Co., a strategic investor, reported a steep drop in Q1 2022 net profit to 0.8 million riyals ($213,333) from 32.3 million riyals in the year-ago period mainly due to losses at its water subsidiary.

Revenue for the period, including construction revenue of 16.4 million riyals, was nearly 18 percent lower at 212.6 million riyals, the company said in a Tadawul bourse filing on Tuesday.

Earnings per share for the quarter stood at SAR 0.04 as compared to SAR 0.34 for the same period in the prior year.

The investment holding company has assets spanning ports, industrial parks and services, and water solutions.

Revenues and profitability in the water segment were impacted during the period due to temporary decrease in production of the Kindasa facility for two months during the quarter.

In addition, there was a drop in SISCO’s share of Red Sea Gateway Terminal’s net income from 60.6 percent to 36.36 percent during the period, following the divestment of its direct equity stake.

(Writing by Brinda Darasha; editing by Seban Scaria )