Saudi Ground Services Co. announces its Annual financial results for the period ending on 2018-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 2,554,043 | 2,585,531 | -1.217 | ||
| Total Profit (Loss) | 684,435 | 874,440 | -21.728 | ||
| Profit (Loss) Operational | 371,157 | 495,024 | -25.022 | ||
| Net Profit (Loss) after Zakat and Tax | 368,425 | 501,500 | -26.535 | ||
| Total Comprehensive Income | 370,908 | 506,354 | -26.749 | ||
| Total Share Holders Equity (after deducting minority equity) | 2,876,373 | 2,872,065 | 0.149 | ||
| Profit (Loss) per Share | 1.96 | 2.67 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| Reason for increase (decrease) in net profit for current year compared to last year | The net profit after zakat compared to last year same period has decreased by SAR 133.08 million and is due to the introduction of the cost of living expenses amounting to SAR 72 million in the current period in addition to the increase in the cost of depreciation, government related cost and other operating cost compared last year same period amounting to SAR 46 million. Income from equity accounted investee also decreased by SAR 15.4 million in the current period compared last year same period. |
| Type of the external auditor's opinion | Unmodified opinion |
| External auditor's report containing reservation | None |
| Reclassifications in annual financial results | Certain comparative amounts have been reclassified to conform to the current period’s presentation. This is the first set of Company’s annual financial statements in which IFRS 15 “Revenue from Contracts with Customers” and IFRS 9 “Financial Instruments” have been applied. The effect of the application of these standards has been fully explained in note 30 |
| Additional Information | The revenue for the current period amounted to SAR 2,554 million compared to SAR 2,585.5 million for the last year same period which is a decrease of 1.22%. The net profit after zakat for the current period amounts to SAR 368.4 million compared to SAR 501.5 million for the same period last year which is a decrease of 26.5%. The comprehensive income for the current period amounts to SAR 370.9 million compared to SAR 506.4 million for the same period last year which is a decrease of 26.8%. The Company has no minority interest with total shareholders' equity reaching to SAR 2,876.4 million for the current period compared to 2,872.1 million for the same period last year which is a increase of 0.15%.
General Information The company has absorbed an impairment loss of SAR 68 million from FlyNas for the year 2018 due to the non service of payments on its long outstanding balance. |
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