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Saudi Ground Services logs SAR 104m profit in Q1

Saudi Ground Services logs SAR 104m profit in Q1
Revenues registered SAR 609.07 million in Q1
SGS
4031
72.79% 50.80 21.40

Riyadh – Mubasher: Saudi Ground Services Co. (SGS) posted a 2.4% year-on-year drop in net profits for the first quarter of 2019.

The Saudi firm’s net profits, after zakat and taxes, amounted to SAR 104.12 million in Q1-19, compared to SAR 106.66 million in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The Q1-19 profit decrease was attributed to the SAR 12.7 million decline in revenues, while operating cost retreated SAR 5.1 million, primarily due to the cost of living allowance in Q1-18. 

Meanwhile, the company’s revenues registered SAR 609.07 million in Q1-19, down from SAR 621.81 million in the corresponding period a year earlier.

Quarter-on-quarter, SGS’s profits leapt by 84.7% from SAR 56.37 million in Q4-18.

For the full-year 2018, the Saudi firm’s profits plunged by 26.54% to SAR 368.43 million, compared to SAR 501.5 million in the prior year.