Riyadh – Mubasher: Saudi Ground Services Company’s board has approved the establishment of a fully-owned subsidiary under the name Ground Service Company for Travel and Tourism Services in Saudi Arabia.

The new subsidiary is a limited liability company with a share capital of SAR 500,000, according to a bourse filing.

Saudi Ground Services noted that the incorporation of the new company comes in line with its strategic direction for growth, business development, and diversification of revenues.

In the first quarter (Q1) of 2024, Saudi Ground Services logged net profits of SAR 71.16 million, a 77.71% surge from SAR 40.04 million in Q1-23.