Saudi Ground Services Co. (SGS) narrowed net losses after Zakat and tax to SAR 16.7 million in Q1 2021, from a net loss of SAR 51.5 million in the same period last year.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 512.17 | 372.96 | (27.2 %) |
| Gross Income | 107.16 | 57.62 | (46.2 %) |
| Operating Income | (8.53) | (16.25) | (90.6 %) |
| Net Income | (51.54) | (16.69) | 67.6 % |
| Average Shares | 188.00 | 188.00 | - |
| EPS (Riyals) | (0.27) | (0.09) | 67.6 % |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 356.67 | 372.96 | 4.6 % |
| Gross Income | 12.26 | 57.62 | 370.0 % |
| Operating Income | (103.27) | (16.25) | 84.3 % |
| Net Income | (118.09) | (16.69) | 85.9 % |
| Average Shares | 188.00 | 188.00 | - |
| EPS (Riyals) | (0.63) | (0.09) | 85.9 % |
The company attributed the decrease in net losses to lower costs, reduced impairment loss on trade receivables and a decline in loss from equity accounted investment.
The firm also recorded an increase in other income and gain on financial assets at fair value through profit or loss (FVTPL) investments by SAR 4 million and SAR 26.5 million, respectively.
When compared to previous quarter, SGS narrowed its losses after Zakat and tax by 85.9%.
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