Saudi Ground Services trims net loss to SAR 109.9 mln in H1 2021

15/08/2021 Argaam Exclusive

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Saudi Ground Services Co. (SGS) trimmed net loss after Zakat and tax to SAR 109.9 million for H1 2021, compared to SAR 249.4 million in the same period a year ago.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	627.26	747.78	19.2 %
Gross Income	(22.74)	68.46	401.1 %
Operating Income	(204.72)	(80.16)	60.8 %
Net Income	(249.41)	(109.86)	56.0 %
Average Shares	188.00	188.00	-
EPS (Riyals)	(1.33)	(0.58)	56.0 %

The company attributed the decline in losses to the continuous recovery of business operations, and a revenue increase by SAR 120.5 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	115.09	374.82	225.7 %
Gross Income	(129.89)	10.84	108.3 %
Operating Income	(196.19)	(63.90)	67.4 %
Net Income	(197.87)	(93.16)	52.9 %
Average Shares	188.00	188.00	-
EPS (Riyals)	(1.05)	(0.50)	52.9 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	372.96	374.82	0.5 %
Gross Income	57.62	10.84	(81.2 %)
Operating Income	(16.25)	(63.90)	(293.1 %)
Net Income	(16.69)	(93.16)	(458.1 %)
Average Shares	188.00	188.00	-
EPS (Riyals)	(0.09)	(0.50)	(458.1 %)

The company narrowed net losses to SAR 93.2 million in Q2 2021, from SAR 197.8 million in year-ago period, due to the recovery of business operations.

Operating as well as general administration costs increased by SAR 119 million and SAR 12.4 million, respectively.

On a sequential basis, net loss widened by more than five times.

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