Financial Results : Saudi Ground Services narrows H1 2022 net loss to SAR 85.9 mln; Q2 at SAR 66.9 mln

Saudi Ground Services narrows H1 2022 net loss to SAR 85.9 mln; Q2 at SAR 66.9 mln

22/08/2022 Argaam Exclusive

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Saudi Ground Services Co. (SGS) narrowed H1 2022 net losses to SAR 85.9 million, from SAR 109.9 million in the year-earlier period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 747.78 920.50 23.1 %
Gross Income 68.46 92.77 35.5 %
Operating Income (80.16) (41.10) 48.7 %
Net Income (109.86) (85.86) 21.8 %
Average Shares 188.00 188.00 -
EPS (Riyals) (0.58) (0.46) 21.8 %

The decline in losses followed higher revenue resulting from an increase in flight traffic after lifting of the precautionary measures related to COVID-19.

 

Meanwhile, other income and gain on FVTPL investment increased and impairment loss on trade receivable and share of loss from equity accounted investments declined during the period.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 374.82 495.71 32.3 %
Gross Income 10.84 49.04 352.6 %
Operating Income (63.90) (18.31) 71.3 %
Net Income (93.16) (66.85) 28.2 %
Average Shares 188.00 188.00 -
EPS (Riyals) (0.50) (0.36) 28.2 %

In Q2 2022, SGS cut its loss to SAR 66.9 million, from SAR 93.2 million in Q2 2021.

 

Sequentially, the company widened losses from SAR 19 million in Q1 2022 on the one-time impact on the disposal of local equity shares which resulted in a positive impact in previous quarter.

 

Total shareholders’ equity, after minority interest, fell to SAR 2.179 billion as of June 30, 2022, from SAR 2.389 billion a year earlier.

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