Financial Results : Saudi Ground Services widens losses to SAR 19 mln in Q1 2022

Saudi Ground Services widens losses to SAR 19 mln in Q1 2022

18/05/2022 Argaam Exclusive

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Saudi Ground Services Co.’s (SGS) net loss after Zakat and tax widened to SAR 19 million in Q1 2022, against SAR 16.7 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 372.96 424.80 13.9 %
Gross Income 57.62 43.73 (24.1 %)
Operating Income (16.25) (22.79) (40.2 %)
Net Income (16.69) (19.01) (13.9 %)
Average Shares 188.00 188.00 -
EPS (Riyals) (0.09) (0.10) (13.9 %)

The increased losses were attributed to higher operating costs to support the continued recovery of operation level and prepare for the expected increase in flight traffic resulting from the lifting of COVID-19 precautionary measures.

 

On a sequential basis, the company narrowed losses from SAR 101.1 million in Q4 2021 on lower impairment losses and administrative expenses.

 

Total shareholders’ equity, excluding minority interest, fell 9.5% to SAR 2.246 billion as of March 31, 2022, from SAR 2.482 billion a year ago.

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