Saudi Ground Services Co. announces its Annual Financial Results for the Period Ending on 2019-12-31

01 March 2020 09:25 AM

SGS 4031 0.86% 29.40 0.25

Element List	Current Year	Previous Year	%Change
Sales/Revenue	2,539,760	2,554,043	-0.559
Gross Profit (Loss)	686,504	684,435	0.302
Operational Profit (Loss)	416,018	371,157	12.086
Net Profit (Loss) after Zakat and Tax	423,353	368,425	14.908
Total Comprehensive Income	422,259	370,908	13.844
Total Share Holders Equity (after Deducting Minority Equity)	2,945,888	2,876,373	2.416
Profit (Loss) per Share	2.25	1.96
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Explanation
Increase (Decrease) in Net Profit for Current Year Compared to Last Year is Attributed to	The net profit after zakat compared to last year same period has increased by SAR 54.9 million despite a decrease in revenue by SAR 14.3 million due to price reduction. This is due to decrease in operating expense by SAR 16.3 million and decrease in the administrative expense & impairment loss by SAR 4.8 million and SAR 37.9 million respectively. Further finance income has increased by SAR 16.9 million mainly from the unrealized gain from equity investment. Moreover finance cost has increased SAR 6 million due to the implementation of IFRS 16 (Lease).
Basis of the External Auditor's Opinion	Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	The independent auditors report on the annual financial statements states that the financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed in Kingdom of Saudi Arabia, other standards and pronouncements that are issued by Saudi Organization for Certified Public Accountants (SOCPA) .
Reclassification of Comparison Items	Certain comparative amounts have been reclassified to conform to the current period’s presentation. Comparatives for related party balances have been reclassified to conform to the current period’s presentation (see note 25)
Additional Information	The revenue for the current period amounted to SAR 2,540 million compared to SAR 2,554 million for the last year same period which is a decrease of 0.56%. The net profit after zakat for the current period amounts to SAR 423.4 million compared to SAR 368.4 million for the same period last year which is an increase of 14.9%. The comprehensive income for the current period amounts to SAR 422.3 million compared to SAR 370.9 million for the same period last year which is an increase of 13.8%. The Company has no minority interest with total shareholders' equity reaching to SAR 2,945.9 million for the current period compared to 2,876.4 million for the same period last year which is an increase of 2.42%.

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