Saudi Ground Services Co. announces its Interim Financial Results for the Period Ending on 2023-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 646,717 | 555,091 | 16.51 | 626,472 | 3.23 |
| Gross Profit (Loss) | 119,469 | 43,976 | 171.67 | 102,116 | 16.99 |
| Operational Profit (Loss) | 64,297 | -20,814 | - | 54,496 | 17.98 |
| Net Profit (Loss) after Zakat and Tax | 59,877 | -50,851 | - | 49,933 | 19.91 |
| Total Comprehensive Income | 59,877 | -50,851 | - | 49,933 | 19.91 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 1,837,055 | 1,475,595 | 24.5 |
| Gross Profit (Loss) | 322,231 | 136,741 | 135.65 |
| Operational Profit (Loss) | 159,199 | -54,520 | - |
| Net Profit (Loss) after Zakat and Tax | 149,852 | -136,715 | - |
| Total Comprehensive Income | 149,852 | -136,715 | - |
| Total Share Holders Equity (after Deducting Minority Equity) | 2,251,882 | 2,127,999 | 5.82 |
| Profit (Loss) per Share | 0.8 | -0.73 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| 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 achieved a net profit of SAR 59.9 million, an increase of SAR 110.7 million (218%) compared to a net loss of SAR 50.9 million in the same quarter of previous year. The main reason is the increase in revenues by SAR 91.6 million (17%) driven by the increased air traffic.
Despite an increase in the cost of revenues by SAR 16.1 million (3%) to support the increase level of operation, gross profit increased by SAR 75.5 million (172%) supported by the company's initiatives that enhanced productivity and optimized the cost, compared to the same quarter of previous year.
The positive impact on the company's results is also due to the increase in income from term deposits by SAR 9.1 million, the increase in profits from equity accounted investments by SAR 5.4 million, decrease in zakat provisions by SAR 13.7 million and the decrease in administrative expenses by SAR 4.5 million compared to same quarter of previous year. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The company achieved a net profit of SAR 59.9 million which is an increase of SAR 10 million (20%) compared to net profit of SAR 49.9 million in the previous quarter. Moreover, operating profits increased by SAR 9.8 million (18%) compared to the previous quarter. The main drivers towards the increase in profits are the increase in revenues by SAR20.2 million (3%) as a result of increased operational services, in addition to the decrease in financing cost by SAR 4.4 million (39%) compared to the previous quarter. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The company achieved a net profit of SAR 149.9 million which is an increase of SAR 286.6 million (210%), compared to net loss of SAR 136.7 million in the same period of the previous year. The main reason is of that is the increase in revenues by SAR 361.5 million (24%) driven by the increase in air traffic.
Despite the increase in the cost of revenues by SAR 176 million (13%) to support in increased level of operation, the gross profits increased by SAR 185.5 million (136%) driven by the company's initiatives that enhanced productivity and optimized the cost.
The positive impact on the company results is also resulting from the increase in the share of profits from equity accounted investment and income from term deposits by SAR 20.1 million and SAR 31.3 million, respectively; in addition to the decrease in administrative expenses and zakat provision by SAR 18.7 million and SAR 55.9 million, respectively, compared to the same period of the previous year. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | None |
| Reclassification of Comparison Items | Certain prior period amounts have been reclassified for purposes of comparison and better presentation (refer Note 21 of the Financial Statement) |
| Additional Information | Total revenue for the current quarter amounted to SAR 646.7 million compared to SAR 555.1 million for the same quarter of the previous year, with an increase of 17%. The net profit and the comprehensive income for the current quarter amounts to SAR 59.9 million compared to net loss of SAR 50.9 million for the same quarter last year, with an increase of 218%.
The net profit for the current quarter is SAR 59.9 million compared to net profit of SAR 49.9 million for the previous quarter, with an increase of 20%.
The net profit and the comprehensive income for the current period amounts to SAR 149.9 million compared to net loss of SAR 136.7 million for the same period last year, with an increase of 210%.
The Company has no minority interest. The total shareholders' equity reaching to SAR 2,252 million for the current period compared to SAR 2,128 million for the same period last year which is an increase of 5.8%. |
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