Saudi Ground Services’ Q2 profit exceeds expectations: NCB Cap

30/07/2019 Argaam

 

Saudi Ground Services Co.'s (SGS) second-quarter profit has exceeded NCB Capital's and analysts’ expectations, NCB Capital said in a note.

 

“The company's better-than-expected results are driven by lower operating costs in Q2,” the brokerage firm said.

 

“Operating efficiency, the air traffic growth and attractive dividend yield of 6.1 percent are key drivers for the stock, the brokerage added.

 

NCB Capital recommended "an overweight" rating on the stock, with a target price of SAR 37.20.

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