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Saudi Ground Services profit falls 42% in Q3

Saudi Ground Services profit falls 42% in Q3
The company's profit dropped 28.66% to SAR 312,056 during the first nine months of 2018
SGS
4031
0.86% 29.40 0.25

Riyadh – Mubasher: Saudi Ground Services Co. (SGS) on Sunday reported a 42% year-on-year decline in its net profit after Zakat and Tax during the third quarter of 2018, recording SAR 92.677 million compared to SAR 160.047 million.

Sales of the Saudi provider of ground handling services rose 0.8% to SAR 700,671 during the three-month period ended September from SAR 697,255 in the same period a year earlier, according to a filing to the Saudi Stock Exchange (Tadawul).

During the first nine months of 2018, the company's profit dropped 28.66% to SAR 312.056 million, versus SAR 437.446 million in the prior year period.

The Saudi firm attributed the negative turn in its nine-month financials to an increase in operating cost registering SAR 64.7 million, coupled with a hike in regulatory expenses.

Earnings per Share (EPS) registered SAR 1.66 by the end of September, from SAR 2.33.