Saudi Ground Services trims 9M 2021 net loss to SAR 153.3 mln

07/11/2021 Argaam Exclusive

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Saudi Ground Services Co. (SGS) narrowed its net loss after Zakat and tax to SAR 153.3 million for the first nine months of 2021, compared to SAR 336.2 million in the same period a year earlier.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	895.17	1,168.47	30.5 %
Gross Income	(32.96)	125.39	480.4 %
Operating Income	(301.73)	(112.17)	62.8 %
Net Income	(336.20)	(153.34)	54.4 %
Average Shares	188.00	188.00	-
EPS (Riyals)	(1.79)	(0.82)	54.4 %

The decrease in losses was driven by the continuous recovery of business operations, which resulted in higher revenue and reduced impairment losses.

Operating costs increased by SAR 115 million due to significant reduction in Saned subsidization by SAR 112 million in the current period.

Along with the improvement in the flights recovery, the company took initiatives aimed at increasing operating efficiency and reducing the impact of the pandemic on profitability.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	267.90	420.69	57.0 %
Gross Income	(10.22)	56.94	656.9 %
Operating Income	(97.02)	(32.01)	67.0 %
Net Income	(86.79)	(43.49)	49.9 %
Average Shares	188.00	188.00	-
EPS (Riyals)	(0.46)	(0.23)	49.9 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	374.82	420.69	12.2 %
Gross Income	10.84	56.94	425.4 %
Operating Income	(63.90)	(32.01)	49.9 %
Net Income	(93.16)	(43.49)	53.3 %
Average Shares	188.00	188.00	-
EPS (Riyals)	(0.50)	(0.23)	53.3 %

The company trimmed its net loss after Zakat and tax by 49.8% year-on-year (YoY) to SAR 43.5 million in Q3 2021, driven by the continuous recovery of business operations.

On a sequential basis, Q3 2021 net loss declined 53.3% due to higher volume of operation.

Shareholders’ equity, excluding minority interest, stood at SAR 2.345 million in 9M 2021 compared to SAR 2.609 million in the year-earlier period.

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