Saudi Ground Services Co. (SGS) reported a net profit of SAR 40 million in Q1 2023, against a loss of SAR 19 million a year earlier.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 424.80 | 563.87 | 32.7 % |
| Gross Income | 43.73 | 100.65 | 130.2 % |
| Operating Income | (22.79) | 40.41 | 277.3 % |
| Net Income | (19.01) | 40.04 | 310.6 % |
| Average Shares | 188.00 | 188.00 | - |
| EPS (Riyals) | (0.10) | 0.21 | 310.6 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 501.44 | 563.87 | 12.4 % |
| Gross Income | 22.30 | 100.65 | 351.4 % |
| Operating Income | (79.41) | 40.41 | 150.9 % |
| Net Income | (107.77) | 40.04 | 137.2 % |
| Average Shares | 188.00 | 188.00 | - |
| EPS (Riyals) | (0.57) | 0.21 | 137.2 % |
The profit was driven by higher revenue, which rose by 33% or SAR 139 million, driven by the gradual increase in the air traffic.
The company also recorded a 130% increase in gross profit by SAR 57 million, despite an increase in cost of revenues by 22%, or SAR 82 million, compared to the same quarter of the previous year.
The share of profit from equity accounted investments increased by SAR 7 million and the Zakat expense decreased by SAR 6 million compared to the same quarter of the previous year. In addition, income from term deposits increased by SAR 11 million, which had a positive impact on the company's results.
This is despite recording a gain from the disposal of equity shares amounting to SAR 24 million in the same quarter of the previous year.
Sequentially, the company turned to profit in Q1 2023 against a loss of SAR 107.77 million in Q4 2022.
Shareholders’ equity, no minority interest, stood at SAR 2.14 billion as of March 31, 2023, from SAR 2.24 billion a year earlier.
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