Financial Results : Saudi Ground Services turns to loss of SAR 51.5 mln in Q1 2020

Saudi Ground Services turns to loss of SAR 51.5 mln in Q1 2020

21/06/2020 Argaam Exclusive

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Saudi Ground Services Co. (SGS) reported a net loss after Zakat of SAR 51.1 million for the first quarter of 2020, from a net profit of SAR 104.1 million, a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 609.07 512.17 (15.9 %)
Gross Income 173.15 107.16 (38.1 %)
Operating Income 105.77 (8.53) (108.1 %)
Net Income 104.12 (51.54) (149.5 %)
Average Shares 188.00 188.00 -
EPS (Riyals) 0.55 (0.27) (149.5 %)

The net loss was attributed to the suspension of both international and domestic flights as a result of precautionary measures taken by the government due to the outbreak of COVID-19, which had a direct impact that caused a decrease in revenue and an increase in impairment loss on trade receivables.

 

 In addition, COVID-19 has indirectly impacted investment which is reflected in the unrealized net loss on FVTPL investment.

 

Further, the company recorded a loss from an equity accounted investment.

 

When compared to previous quarter, the company turned to losses from a net profit of SAR 74.07 million.

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