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Saudi Ground Services reports 26.5% profit drop in 2018

Saudi Ground Services reports 26.5% profit drop in 2018
The Saudi firm’s profits fell 12% in Q4-18
SGS
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72.79% 50.80 21.40

Riyadh – Mubasher: Saudi Ground Services Co. (SGS) on Tuesday posted a 26.54% year-on-year profit decline during the full-year 2018.

The Saudi firm’s net profits tumbled to SAR 368.43 million ($98.24 million) last year, compared to SAR 501.5 million ($133.73 million) in 2017, according to initial data published on the Saudi Stock Exchange (Tadawul).

The 2018 profit drop was ascribed to the introduction of the cost of living allowance and the increase in operating costs, along with the decreased income from an equity-accounted investee.

During the fourth quarter of 2018, the company’s profits fell 12% to SAR 56.37 million from SAR 64 million in the year-ago period.

As for Q3-18, the company reported a 42.1% year-on-year profit retreat to SAR 92.68 million, logging SAR 312 million in the first nine months of last year.