Riyadh – Mubasher: The net losses of Saudi Ground Services Company after Zakat and tax surged by 13.91% to SAR 19.01 million in the first quarter (Q1) of 2022 from SAR 16.69 million in Q1-21.

During the January-March 2022 period, the company registered SAR 424.79 million in revenue, a 13.90% year-on-year (YoY) increase from SAR 372.95 million, according to the initial financial results on Wednesday.

Meanwhile, the loss per share settled at SAR 0.10 in Q1-22, compared to SAR 0.08 in Q1-21.

On a quarterly basis, the revenues in Q1-22 declined by 3.33% from SAR 439.46 million in Q4-21, while the net losses fell by 81.18% from SAR 101.06 million.

In 2021, the Saudi listed firm incurred net losses after Zakat and tax of SAR 254.41 million, an annual drop of 43.99% from SAR 454.29 million.