Riyadh – Mubasher: Saudi Ground Services Company swung to net profits after Zakat and tax worth SAR 40.04 million in the first quarter (Q1) of 2023, versus net losses amounting to SAR 19.01 million in Q1-22.

The revenues totalled SAR 563.86 million as of 31 March 2023, up 32.74% year-on-year (YoY) from SAR 424.79 million, according to the initial income statements.

Earnings per share (EPS) hit SAR 0.21 in Q1-23, compared to a loss per share worth SAR 0.10 in Q1-22.

On a quarterly basis, Saudi Ground Services also turned profitable in Q1-23 against net losses after Zakat and tax valued at SAR 107.77 million in Q4-22, while the revenues increased by 12.45% from SAR 501.44 million.

Last year, the net losses after Zakat and tax of Saudi Ground Services declined by 3.90% to SAR 244.48 million from SAR 254.41 million in 2021.