Saudi Ground Services Co. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 2,458,888 | 1,977,037 | 24.37 | ||
| Gross Profit (Loss) | 409,012 | 159,039 | 157.18 | ||
| Operational Profit (Loss) | 228,233 | -119,655 | - | ||
| Net profit (Loss) | 211,477 | -244,488 | - | ||
| Total Comprehensive Income | 229,462 | -162,684 | - | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 2,331,492 | 2,102,030 | 10.92 | ||
| Profit (Loss) per Share | 1.12 | -1.3 | |||
| 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 | - | - | |
| Accumulated Losses | -68,681 | 3.65 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The company recorded a total revenue for the current year amounting to SAR 2,458.9 million with an increase of SAR 481.9 million compared to the previous year revenue of SAR 1,977 million, resulting in an increase of 24.4%. The main reason of revenue increase is driven by the increased local and international air traffic together with an increase in Umrah visitors across the year. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The company achieved a net profit of SAR 211.5 million which is an increase of 186.5% amounting to SAR 455.9 million compared to previous year's net loss of SAR 244.5 million. The main reason of achieving profits is an increase in revenue by 24.4% amounting to SAR 481.9 million compared to the previous year.
Despite the increase in revenues by 24.4%, costs of revenue increased only by 12.8% amounting to SAR 231.9 million compared to the previous year as a result of the company’s initiatives focused towards increased productivity and reduced expenses.
The positive impact on the company’s results is also due to the decrease in the zakat provision in the current year by SAR 107.5 million, and the decrease in administrative expenses by SAR 76.1 million compared to the previous year. In addition to an increase in income from term deposits and mutual funds by SAR 1.3 million, with a decrease in share of profit from equity accounted investments by SAR 0.72 million compared to the previous year. |
| Statement of the type of external auditor's report | Unmodified opinion |
| 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 revenues for the current year amounted to SAR 2,458.9 million compared to the previous year, in which revenues amounted to SAR 1,977 million, an increase of 24.4%. The gross profit amount is SAR 409 million, compared to a gross profit of SAR 159 million from the previous year, an increase of 157.2%. Operating profit for the current year amounted to SAR 228.2 million, compared to an operating loss of SAR 119.6 million for the previous year which is an increase of 290.7%. The net profit after tax and zakat during the current year amounted to SAR 211.5 million, compared to a net loss of SAR 244.5 million for the previous year which causing an increase of 186.5%. The comprehensive profit for the current year amounted to SAR 229.5 million, compared to a comprehensive loss of SAR 162.7 million for the previous year, an increase of 241%. The company has no minority rights, as the total shareholders’ equity amounted to SAR 2,331.5 million for the current year compared to SAR 2,102 million for the previous year giving an increase of 10.9%. Earnings per share for the current year amounted to SAR 1.12 per share, compared to a loss of SAR 1.30 per share for the previous year. |
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