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Saudi Ground Services profit falls 27% in 2017

Saudi Ground Services profit falls 27% in 2017
The firm’s profits decreased to SAR 501.5m in 2017
SGS
4031
72.79% 50.80 21.40

Riyadh – Mubasher: Saudi Ground Services Co on Wednesday reported a 26.9% year-on-year slump in its net profits during the full-year 2017, compared to the previous year.

The firm’s profits decreased to SAR 501.5 million last year, down from SAR 685.77 million in 2016, according to a statement to the Saudi Stock Exchange (Tadawul).

The Tadawul-listed company attributed the drop in its profits to a SAR 141.1 million decline in revenues on the back of adjusting prices of some services, while administrative and general expenses increased by SAR 133.6 million after the hike of provisions.

Ground Services’ total revenues fell 5.2% to SAR 2.59 billion during 2017, compared to SAR 2.73 billion in the year before.

The stock inched up 0.3% to close Wednesday at SAR 15.26.