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Saudi Ground Services profit falls 8% in Q2

Saudi Ground Services profit falls 8% in Q2
The firm posted a profit of SAR 112.72 million during Q2-18
SGS
4031
72.79% 50.80 21.40

Riyadh – Mubasher: Saudi Ground Services Co on Thursday reported a 7.78% year-on-year decrease in net profits for the second quarter of 2018.

The firm posted a profit of SAR 112.72 million during Q2-18, down from SAR 122.23 million in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi company attributed the second-quarter profit drop to a rise in operating expenses, along with a decline in its profit stake in a subsidiary by SAR 3 million, and lower investment returns.

Revenues rose 1% to SAR 659.9 million during the period between April and June, compared to SAR 659.3 million in the prior-year period.

Ground Services’ profit tumbled 20.92% to SAR 219.38 million in H1-18, compared to SAR 277.4 million during H1-17.

The stock inched up 0.42% to close Thursday at SAR 35.95.