Saudi Ground Services Co. announces its interim Financial results for the period ending on 2019-03-31 ( Three Months )

05 May 2019 08:17 AM

SGS 4031 0.86% 29.40 0.25

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	609,070	621,812	-2.049	571,655	6.545
Total Profit (Loss)	173,147	180,819	-4.242	147,695	17.232
Profit (Loss) Operational	105,837	107,880	-1.893	66,777	58.493
Net Profit (Loss) after Zakat and Tax	104,116	106,658	-2.383	56,369	84.704
Total Comprehensive Income	104,116	106,658	-2.383	56,369	84.704
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (after deducting minority equity)	2,966,145	2,876,373	3.121
Profit (Loss) per Share	0.55	0.57
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Explanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year	The reason for the marginal decrease in the net profit by SAR 2.54 million compared to previous year same quarter is due to a drop in the revenue by SAR 12.7 million due to price reduction. However the decrease in the revenue has been offset by the decrease in operating cost by SAR 5.1 million due to one time expenses of cost of living allowance in previous year same quarter and decrease in administration expenses by SAR 5.6 million due to reduced impairment loss on trade receivable.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter	The net profit compared to previous quarter has increased by SAR 47.7 million due to the increase in revenue by SAR 37.4 million and a reduction in G&A by SAR 13.6 million due to decrease in impairment loss on trade receivables compared to previous quarter. Further operating cost has increased by SAR 12 million due increase in the operating cost.
Type of the external auditor's opinion	Unmodified opinion
Reclassifications in quarter financial result	Certain comparative amounts have been reclassified to conform to the current period’s presentation. This is the first set of the Company’s condensed interim financial statements in which IFRS 16 has been applied. Changes to significant accounting policies are described in note 20.
Additional Information	Total revenue for the current quarter amounted to SAR 609.1 million compared to SAR 621.8 million for the same quarter of the previous year which is a decrease of 2.05%. The net profit for the current period amounts to SAR 104.1 million compared to SAR 106.7 million for the same period last year which is a decrease of 2.38%. The net profit for the current quarter is SAR 104.1 million compared to SAR 56.4 million for the previous quarter which is an increase of 84.7% The comprehensive income for the current quarter is SAR 104.1 million compared to SAR 106.7 million for the same period last year which is a decrease of 2.38%. The Company has no minority interest with total shareholders' equity reaching to SAR 2,966.1 million for the current period compared to SAR 2,876.4 million for the same period last year which is an increase of 3.12%.

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