Riyadh – Mubasher: Saudi Ground Services Co (SGS) on Thursday said its net profits slid 37.6% year-on-year in the second quarter of 2017.

Net profits decreased to SAR 122.3 million in Q2-17, from SAR 195.8 million in Q2-16, according to a bourse filing.

Quarter-on-quarter, net profits tumbled 21.2%.

The Saudi ground services firm attributed the decline in its year-on-year net profits to a drop in revenues by SAR 33.2 million due to changes and amending some services charges, as well as an increase in general and administrative expenses by SAR 66.7 million.

In the first half of 2017, net profits dropped 28.5% to reach SAR 277.4 million, compared to SAR 388 million in H1-16.

By 12:59 pm Saudi time, the stock retreated 4.18% to SAR 42.15.