Saudi Ground Services Co. announces the interim financial results for the period ending on 31-03-2018 (Three Months)

08 May 2018 03:16 PM

SGS 4031 95.58% 57.50 28.10

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	106.66	155.12	-31.24	64.05	66.53
Gross profit (loss)	180.82	222.66	-18.79	175.28	3.16
Operational profit (loss)	106.93	149.17	-28.32	61.35	74.3
Earning or loss per share, Riyals	0.57	0.83	-	-	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year	The reason for the decline in net profit by SAR 48.5 million compared to previous year same quarter is the drop in revenue by SAR 22 million mainly due to price reduction . Further operating cost increased by SAR19.9 million mainly due to the cost of living allowance provided to staff effective january 2018. Also there was a reduction in the share of profit from equity accounted investee, investment income and other income compared to last year same quarter.
Reasons of increase (decrease) for quarter compared with previous quarter	The net profit compared to previous quarter has increased by SAR 42.6 million due to the increase in revenue by SAR 36.6 million and a reduction in G&A by SAR 40 million mainly due to decrease in provisions for doubtful debts compared to previous quarter. Further operating cost has increased by SAR 31 million due to the cost of living allowance provided to staff during the quarter and increase in other operating expenses to meet operational requirements.
Reclassifications in quarterly financial results	Some prior period comparatives have been regrouped to conform to current period classifications. These classifications did not affect either net profit or share holders equity of the period of comparision.
Other notes	Total revenue for the current quarter amounted to SAR 621.8 million compared to SAR 643.8 million for the same quarter of the previous year which is a decrease of 3.41%. The net profit for the current period amounts to SAR 106.7 million compared to SAR 155.1 million for the same period last year which is a decrease of 31.2%. The comprehensive income for the current quarter is SAR 106.7 million compared to SAR 155.1 million for the same quarter last year, which is a decline of 31.2%. The Company has no minority interest with total shareholders' equity reaching to SAR 2,978.7 million for the current period compared to SAR 2,887.4 million for the same period last year which is an increase of 3.2%.

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