Saudi Ground Services Co. (SGS) reported a net profit of SAR 211.5 million for 2023, versus a net loss of SAR 244.5 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 1,977.04 | 2,458.89 | 24.4 % |
| Gross Income | 159.04 | 409.01 | 157.2 % |
| Operating Income | (146.21) | 176.03 | 220.4 % |
| Net Income | (244.49) | 211.48 | 186.5 % |
| Average Shares | 188.00 | 188.00 | - |
| EPS (Riyals) | (1.30) | 1.12 | 186.5 % |
This was driven by a 24.4%, or SAR 481.9 million, increase in revenue compared to the previous year. The company also cited a decline of SAR 76.1 million in administrative expenses compared to a year earlier and a drop of SAR 107.5 million in Zakat provisions.
Meanwhile, income from term deposits and mutual funds increased by SAR 1.3 million.
Q4 2023 net profit stood at SAR 61.6 million, versus a net loss of SAR 107.8 million.
On a quarterly basis, net earnings grew 2.9% from SAR 59.88 million in Q3 2023.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 501.44 | 621.83 | 24.0 % |
| Gross Income | 22.30 | 86.78 | 289.2 % |
| Operating Income | (79.41) | 69.03 | 186.9 % |
| Net Income | (107.77) | 61.63 | 157.2 % |
| Average Shares | 188.00 | 188.00 | - |
| EPS (Riyals) | (0.57) | 0.33 | 157.2 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 646.72 | 621.83 | (3.8 %) |
| Gross Income | 119.47 | 86.78 | (27.4 %) |
| Operating Income | 52.74 | 69.03 | 30.9 % |
| Net Income | 59.88 | 61.63 | 2.9 % |
| Average Shares | 188.00 | 188.00 | - |
| EPS (Riyals) | 0.32 | 0.33 | 2.9 % |
Total shareholders’ equity, no minority interest, stood at SAR 2.33 billion by Dec. 31, 2023, compared to SAR 2.10 billion a year earlier.
Accumulated losses reached SAR 68.68 million by the end of the 12-month period, representing 3.65% of SGS’ capital.
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