Financial Results : Saudi Ground Services turns to losses of SAR 249.4 mln in H1 2020

Saudi Ground Services turns to losses of SAR 249.4 mln in H1 2020

05/08/2020 Argaam Exclusive

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Saudi Ground Services Co. reported a net loss after Zakat and tax of around SAR 249.4 million for the first half of 2020, compared to a net profit of SAR 227.9 million in the same period last year.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 1,257.09 627.26 (50.1 %)
Gross Income 367.45 (22.74) (106.2 %)
Operating Income 230.88 (204.72) (188.7 %)
Net Income 227.98 (249.41) (209.4 %)
Average Shares 188.00 188.00 -
EPS (Riyals) 1.21 (1.33) (209.4 %)

The losses were attributed to the suspension of flights following the precautionary measures to control the spread of COVID-19 except for evacuation flights and return of domestic air traffic early June which did not exceed 18% of the volume of operations before the pandemic. These events led to a direct impact on the company's operations as revenue fell by 50% to SAR 629.8 million, and impairment loss on trade receivables increased by SAR 45.1 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 648.02 115.09 (82.2 %)
Gross Income 194.30 (129.89) (166.9 %)
Operating Income 125.11 (196.19) (256.8 %)
Net Income 123.86 (197.87) (259.8 %)
Average Shares 188.00 188.00 -
EPS (Riyals) 0.66 (1.05) (259.8 %)

The company reported a net loss after Zakat and tax of SAR 197.9 million in Q2 2020, compared to a net profit of SAR 123.9 million in the year-earlier period, due to suspension of flights leading to an 83% drop in revenues.

 

On a sequential basis, Q2 net loss widened from SAR 51.5 million reported in Q1 2020.

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