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Saudi Ground Services Co. announces its Interim Financial results for the Period Ending on 2025-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 671.495 | 653.197 | 2.801 | 675.483 | -0.59 |
| Gross Profit (Loss) | 163.283 | 121.43 | 34.466 | 214.688 | -23.944 |
| Operational Profit (Loss) | 97.067 | 75.27 | 28.958 | 95.777 | 1.346 |
| Net profit (Loss) | 97.627 | 71.162 | 37.189 | 95.76 | 1.949 |
| Total Comprehensive Income | 97.627 | 71.162 | 37.189 | 135.165 | -27.771 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 2,423,321 | 2,402,654 | 0.86 |
| Profit (Loss) per Share | 0.52 | 0.38 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The Company recorded a total revenue for the current quarter amounting to SAR 671.5 million, representing a SAR 18.3 million (2.8%) increase compared to the same quarter of the last year, which recorded a revenue of SAR 653.2 million. The main reason of revenue growth is the increase in both domestic and international flight operations,with an increase in number of Umrah pilgrims across the quarter. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The Company reported an increase in net profits by SAR 26.5 million (37.2%) reaching a net profit of SAR 97.6 million during the current quarter compared to a net profit of SAR 71.2 million for the same quarter of the last year. The improvement was primarily driven by SAR 18.3 million increase in revenue compared to the same quarter of the last year. Despite the increase in revenue by SAR 18.3 million (2.8%), cost of revenue decreased by 4.4% as a result of the Company's productivity enhancement and expense rationalization initiatives, which resulted in gross profits to increase by SAR 41.9 million for the current quarter, an increase of 34.5% compared to same quarter of the last year. Although there is an increase in administrative costs by SAR 21.3 million (39%) and decline in other income by SAR 11 million (54.4%) compared to the same quarter of the previous year, the operating profits of the Company in the current quarter achieved SAR 97.1 million which is an increase of SAR 21.8 million (28.9%) compared to SAR 75.3 million of the same quarter of the previous year. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The Company recorded a total revenue for the current quarter amounting to SAR 671.5 million, representing a slight decrease of SAR 3.9 million (0.6%) over the previous quarter, which recorded a revenue of SAR 675.5 million. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The Company reported an increase in net profits by SAR 1.9 million (1.9%) reaching a net profit of SAR 97.6 million during the current quarter compared to a net profit of SAR 95.8 million for the previous quarter. In addition, cost of revenue increased by SAR 47.4 million (10.3%) while impairment losses on trade and other receivables decreased by SAR 44.5 million compared to the previous quarter due to collection efforts by the management. Moreover, administrative costs and finance costs decreased by SAR 7.4 million (8.9%) and SAR 2.8 million (47.5%) respectively comparing to previous quarter. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | None |
| Additional Information | Total revenue for the current quarter is SAR 671.5 million, an increase of 2.8% compared to the same quarter of the last year, in which the Company recorded revenues of SAR 653.2 million. The gross profit reached SAR 163.3 million compared to the gross profit of SAR 121.4 million for the same quarter of the last year, an increase of 34.5%. Operating profit for the current quarter is SAR 97.1 million compared to an operating profit of SAR 75.3 million for the same quarter of the last year, an increase of 28.9%. The net profit for the current quarter is SAR 97.6 million compared to net profit of SAR 71.2 million for the same quarter of the last year with an increase of 37.2%. The Company does not have minority rights as the total shareholders' equity reached SAR 2,423.3 million at the end of the current quarter compared to SAR 2,402.7 million as at the end of the same quarter of the last year, an increase of 0.9%. Earnings per share for the current quarter amounted to SAR 0.52 per share compared to SAR 0.38 per share an increase of 36.8%, compared to the same quarter of the last year. In addition, the retained earnings as of the end of current quarter is SAR 543.3 million, a decrease of SAR 90.4 million compared with the end of the previous quarter in which the Company recorded a retained earnings of SAR 633.7 million, mainly due to the approval of the Board of Directors to distribute SAR 188 million dividends to shareholders. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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