Saudi Ground Services 2021 losses narrow to SAR 254.4 mln; Q4 at SAR 101.1 mln

24/03/2022 Argaam Exclusive

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Saudi Ground Services Co.’s net loss after Zakat and tax narrowed to SAR 254.4 million in 2021, compared to SAR 454.3 million in 2020.

Financials (M)

Item	2020	2021	Change‬
Revenues	1,251.84	1,607.93	28.4 %
Gross Income	(20.70)	194.98	1042.0 %
Operating Income	(405.01)	(183.62)	54.7 %
Net Income	(454.30)	(254.41)	44.0 %
Average Shares	188.00	188.00	-
EPS (Riyals)	(2.42)	(1.35)	44.0 %

The company’s comprehensive loss decreased 47.5% year-on-year (YoY) to SAR 234.5 million due to the continuous operational recovery. Although revenue improved 28.4%, operating costs rose 11% amid the reduction of SANED support of SAR 141.7 million YoY.

The company’s Q4 2021 net loss after Zakat and tax trimmed to SAR 101.1 million from SAR 118.1 million.

Sequentially, losses more than doubled from SAR 43.49 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	356.67	439.46	23.2 %
Gross Income	12.26	69.59	467.5 %
Operating Income	(103.27)	(71.45)	30.8 %
Net Income	(118.09)	(101.07)	14.4 %
Average Shares	188.00	188.00	-
EPS (Riyals)	(0.63)	(0.54)	14.4 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	420.69	439.46	4.5 %
Gross Income	56.94	69.59	22.2 %
Operating Income	(32.01)	(71.45)	(123.2 %)
Net Income	(43.49)	(101.07)	(132.4 %)
Average Shares	188.00	188.00	-
EPS (Riyals)	(0.23)	(0.54)	(132.4 %)

Total shareholders’ equity, excluding minority interest, fell 9.4% YoY to SAR 2.264 billion.

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