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Saudi Ground Services Co. (SGS) swung to a net profit of SAR 90 million in H1 2023, from a net loss of SAR 85.9 million in H1 2022.
Financials (M)
Item | 6m 2022 | 6m 2023 | Change |
---|---|---|---|
Revenues | 920.50 | 1,190.34 | 29.3 % |
Gross Income | 92.77 | 202.76 | 118.6 % |
Operating Income | (41.10) | 79.94 | 294.5 % |
Net Income | (85.86) | 89.98 | 204.8 % |
Average Shares | 188.00 | 188.00 | - |
EPS (Riyals) | (0.46) | 0.48 | 204.8 % |
The company reported a 29% rise in revenues year-on-year (YoY) on the gradual improvement in air traffic. Moreover, gross profits surged 119% YoY despite a 19% YoY increase in the cost of revenues.
Current Quarter Comparison (M)
Item | Q2 2022 | Q2 2023 | Change |
---|---|---|---|
Revenues | 495.71 | 626.47 | 26.4 % |
Gross Income | 49.04 | 102.12 | 108.2 % |
Operating Income | (18.31) | 44.17 | 341.2 % |
Net Income | (66.85) | 49.93 | 174.7 % |
Average Shares | 188.00 | 188.00 | - |
EPS (Riyals) | (0.36) | 0.27 | 174.7 % |
Item | Q1 2023 | Q2 2023 | Change |
---|---|---|---|
Revenues | 563.87 | 626.47 | 11.1 % |
Gross Income | 100.65 | 102.12 | 1.5 % |
Operating Income | 35.77 | 44.17 | 23.5 % |
Net Income | 40.04 | 49.93 | 24.7 % |
Average Shares | 188.00 | 188.00 | - |
EPS (Riyals) | 0.21 | 0.27 | 24.7 % |
The six-month results were lifted by an increase in SGS’ profit share from equity-accounted investees and income from term deposits by SAR 14.7 million and SAR 22.1 million, respectively. The company also reported a decrease in administrative expenses and provisions for Zakat by SAR 14.1 million and SAR 42.1 million, respectively, compared to H1 2022.
The ground handling services provider recorded a one-off gain of SAR 23.7 million from the sale of local equity shares in H1 2022.
SGS made a net profit of SAR 49.9 million in Q2 2023, against a net loss of SAR 66.85 million in Q2 2022. Revenues jumped 26% YoY due to better air traffic despite a 17% increase in the cost of revenues. Gross profits soared 108% YoY in Q2 2023.
Further, administrative expenses declined by SAR 13.1 million YoY. SGS’ profit share from equity-accounted investees rose by SAR 7.9 million. Income from term deposits grew by SAR 11.5 million.
The second-quarter net profit jumped 24.7% from SAR 40 million in Q1 2023, thanks to an 11% rise quarter-on-quarter (QoQ) in revenues. Administrative expenses decreased 20% on a sequential basis.
Shareholders’ equity, no minority interest, rose marginally to SAR 2.19 billion as of June 30, 2023, from SAR 2.17 billion a year earlier.
View other reports
- TASI
-
Energy
- 2222 - SAUDI ARAMCO
- 2030 - SARCO
- 2380 - PETRO RABIGH
- 4030 - BAHRI
- 4200 - ALDREES
- 2381 - ARABIAN DRILLING
- 2382 - ADES
- 1201 - TAKWEEN
- 1202 - MEPCO
- 1210 - BCI
- 1211 - MAADEN
- 1301 - ASLAK
- 1304 - ALYAMAMAH STEEL
- 1320 - SSP
- 2001 - CHEMANOL
- 2010 - SABIC
- 2020 - SABIC AGRI-NUTRIENTS
- 2090 - NGC
- 2150 - ZOUJAJ
- 2170 - ALUJAIN
- 2180 - FIPCO
- 2200 - APC
- 2210 - NAMA CHEMICALS
- 2220 - MAADANIYAH
- 2240 - ZAMIL INDUST
- 2250 - SIIG
- 2290 - YANSAB
- 2300 - SPM
- 2310 - SIPCHEM
- 2330 - ADVANCED
- 2350 - SAUDI KAYAN
- 3002 - NAJRAN CEMENT
- 3003 - CITY CEMENT
- 3004 - NORTHERN CEMENT
- 3005 - UACC
- 3010 - ACC
- 3020 - YC
- 3030 - SAUDI CEMENT
- 3040 - QACCO
- 3050 - SPCC
- 3060 - YCC
- 3080 - EPCCO
- 3090 - TCC
- 3091 - JOUF CEMENT
- 3092 - RIYADH CEMENT
- 2060 - TASNEE
- 3008 - ALKATHIRI
- 3007 - OASIS
- 1321 - EAST PIPES
- 1322 - AMAK
- 2223 - LUBEREF
- 2360 - SVCP
- 1212 - ASTRA INDUSTRIAL
- 1302 - BAWAN
- 1303 - EIC
- 2040 - SAUDI CERAMICS
- 2110 - SAUDI CABLE
- 2160 - AMIANTIT
- 2320 - ALBABTAIN
- 2370 - MESC
- 4140 - SIECO
- 4141 - ALOMRAN
- 4142 - RIYADH CABLES
- 1214 - SHAKER
- 4110 - BATIC
- 4143 - TALCO
- 4031 - SGS
- 4040 - SAPTCO
- 4260 - BUDGET SAUDI
- 2190 - SISCO HOLDING
- 4261 - THEEB
- 4263 - SAL
- 4262 - LUMI
- 1810 - SEERA
- 6013 - DWF
- 1820 - ALHOKAIR GROUP
- 4170 - TECO
- 4290 - ALKHALEEJ TRNG
- 6002 - HERFY FOODS
- 1830 - Leejam Sports
- 6012 - RAYDAN
- 4291 - NCLE
- 4292 - ATAA
- 6014 - ALAMAR
- 6015 - AMERICANA
- 6016 - BURGERIZZR
- 4003 - EXTRA
- 4008 - SACO
- 4050 - SASCO
- 4190 - JARIR
- 4240 - CENOMI RETAIL
- 4191 - ABO MOATI
- 4051 - BAAZEEM
- 4192 - ALSAIF GALLERY
- 4001 - A.OTHAIM MARKET
- 4006 - FARM SUPERSTORES
- 4061 - ANAAM HOLDING
- 4160 - THIMAR
- 4161 - BINDAWOOD
- 4162 - ALMUNAJEM
- 4164 - NAHDI
- 4163 - ALDAWAA
- 2050 - SAVOLA GROUP
- 2100 - WAFRAH
- 2270 - SADAFCO
- 2280 - ALMARAI
- 6001 - HB
- 6010 - NADEC
- 6020 - GACO
- 6040 - TADCO
- 6050 - SFICO
- 6060 - SHARQIYAH DEV
- 6070 - ALJOUF
- 6090 - JAZADCO
- 2281 - TANMIAH
- 2282 - NAQI
- 2283 - FIRST MILLS
- 4080 - SINAD HOLDING
- 2284 - MODERN MILLS
- 2285 - ARABIAN MILLS
- 2286 - FOURTH MILLING
- 4002 - MOUWASAT
- 4004 - DALLAH HEALTH
- 4005 - CARE
- 4007 - ALHAMMADI
- 4009 - SAUDI GERMAN HEALTH
- 2230 - CHEMICAL
- 4013 - SULAIMAN ALHABIB
- 2140 - AYYAN
- 4014 - EQUIPMENT HOUSE
- 4017 - FAKEEH CARE
- 1010 - RIBL
- 1020 - BJAZ
- 1030 - SAIB
- 1050 - BSF
- 1060 - SAB
- 1080 - ANB
- 1120 - ALRAJHI
- 1140 - ALBILAD
- 1150 - ALINMA
- 1180 - SNB
- 2120 - SAIC
- 4280 - KINGDOM
- 4130 - ALBAHA
- 4081 - NAYIFAT
- 1111 - TADAWUL GROUP
- 4082 - MRNA
- 1182 - AMLAK
- 1183 - SHL
- 8010 - TAWUNIYA
- 8012 - JAZIRA TAKAFUL
- 8020 - MALATH INSURANCE
- 8030 - MEDGULF
- 8040 - ALLIANZ SF
- 8050 - SALAMA
- 8060 - WALAA
- 8070 - ARABIAN SHIELD
- 8190 - UCA
- 8230 - ALRAJHI TAKAFUL
- 8280 - LIVA
- 8150 - ACIG
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- 8270 - BURUJ
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- 8100 - SAICO
- 8120 - GULF UNION ALAHLIA
- 8200 - SAUDI RE
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- 8250 - GIG
- 8240 - CHUBB
- 8260 - GULF GENERAL
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- 4333 - TALEEM REIT
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- 4344 - SEDCO CAPITAL REIT
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- 4348 - ALKHABEER REIT
- 4349 - ALINMA HOSPITALITY REIT
- 4350 - ALISTITHMAR REIT
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- 4323 - SUMOU
- 4090 - TAIBA
- 4100 - MCDC
- 4150 - ARDCO
- 4220 - EMAAR EC
- 4230 - RED SEA
- 4250 - JABAL OMAR
- 4300 - DAR ALARKAN
- 4310 - KEC
- 4320 - ALANDALUS
- 4321 - CENOMI CENTERS
- 4322 - RETAL
- NOMU
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Real Estate Mgmt & Dev't
Food & Beverages
- 9515 - FESH FASH
- 9532 - ALJOUF WATER
- 9536 - FADECO
- 9556 - NOFOTH
- 9559 - BALADY
- 9564 - HORIZON FOOD
- 9555 - LEEN ALKHAIR
- 9612 - SAMA WATER
- 9518 - CMCER
- 9530 - TIBBIYAH
- 9527 - AME
- 9544 - FUTURE CARE
- 9546 - NABA ALSAHA
- 9574 - PRO MEDEX
- 9594 - ALMODAWAT
- 9572 - ALRAZI
- 9587 - LANA
- 9600 - QOMEL
- 9604 - MIRAL
- 9513 - WATANI STEEL
- 9514 - ALNAQOOL
- 9523 - GROUP FIVE
- 9539 - AQASEEM
- 9548 - APICO
- 9553 - MOLAN
- 9565 - MEYAR
- 9552 - SAUDI TOP
- 9563 - BENA
- 9566 - LIME INDUSTRIES
- 9580 - ALRASHID INDUSTRIAL
- 9583 - UNITED MINING
- 9576 - PAPER HOME
- 9588 - RIYADH STEEL
- 9575 - MARBLE DESIGN
- 9599 - TAQAT
- 9601 - ALRASHEED
- 9605 - NEFT ALSHARQ
- 9607 - ASG
- 9609 - NAAS PETROL
- 9510 - NBM
- 9528 - GAS
- 9531 - OBEIKAN GLASS
- 9533 - SPC
- 9529 - RAOOM
- 9525 - ALWASAIL INDUSTRIAL
- 9542 - KEIR
- 9547 - RAWASI
- 9568 - MAYAR
- 9569 - ALMUNEEF
- 9578 - ATLAS ELEVATORS
- 9560 - WAJA
- 9611 - UFG
- 9540 - TADWEEER
- 9545 - ALDAWLIAH
- 9570 - TAM DEVELOPMENT
- 9581 - CLEAN LIFE
- 9593 - PAN GULF
- 9597 - LEAF
- 9608 - ALASHGHAL ALMOYSRA
- 9606 - THARWAH
- 9613 - SHALFA
- 9541 - ACADEMY OF LEARNING
- 9562 - FOOD GATE
- 9590 - ARMAH
- 9526 - JAHEZ
- 9598 - ALMOHAFAZA FOR EDUCATION
- 9603 - HORIZON EDUCATIONAL
- 9567 - GHIDA ALSULTAN
Share Price
Saudi Ground Services Co. (SGS)
Current | |
Market Cap (M Riyal) | 9,531.60 |
Enterprise Value (EV) (M) | 8,879.43 |
Shares Outstanding ((M)) | 188.00 |
EPS ( Riyal) (TTM) | 1.56 |
Book Value (BV) ( Riyal) | 12.65 |
Par Value ( Riyal) | 10.00 |
Adjusted P/E (Last12) | 33.63 |
P/E (TTM) | 32.54 |
Price/book | 4.01 |
Return on Average Assets (%) (TTM) | 6.9 |
Return on Average Equity (%) (TTM) | 12.7 |
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