Saudi Ground Services cuts 9M 2022 net loss to SAR 136.7 mln; Q3 widens to SAR 50.9 mln

Saudi Ground Services Co. (SGS) narrowed 9M 2022 net losses to SAR 137 million, from SAR 153.3 million in the year-earlier period.

The decline in losses followed higher revenue by SAR 307.1 million (26.3%, resulting from an increase in flight traffic after lifting of the precautionary COVID-19 measures. 

Meanwhile, other income and gain on fair value through profit or loss (FVTPL) investment increased and the share of loss from equity-accounted investments declined during the period. 

Accordingly, the company's costs decreased during the current period compared to the same period of the previous year. 

This came despite a suspension of the subsidy provided by Saned program, amounting to SAR 68.2 million, and an increase in Zakat expenses by SAR 71 million. 

Also, revenue costs rose 27.4% by SAR 285.3 million during the nine-month period. 

In Q3 2022, SGS widened its loss to SAR 50.9 million from SAR 43.5 million in Q3 2021. 

Sequentially, the company shrank losses from SAR 66.9 million in Q2 2022. 

Total shareholders’ equity (no minority interest) fell to SAR 2.127 billion as of Sept. 30, 2022, from SAR 2.345 billion a year earlier. 

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