SGS turns to SAR 211.5M profit in 2023; Q4 at SAR 61.6M

25/03/2024 Argaam Exclusive

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Saudi Ground Services Co. (SGS) reported a net profit of SAR 211.5 million for 2023, versus a net loss of SAR 244.5 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	1,977.04	2,458.89	24.4 %
Gross Income	159.04	409.01	157.2 %
Operating Income	(146.21)	176.03	220.4 %
Net Income	(244.49)	211.48	186.5 %
Average Shares	188.00	188.00	-
EPS (Riyals)	(1.30)	1.12	186.5 %

This was driven by a 24.4%, or SAR 481.9 million, increase in revenue compared to the previous year. The company also cited a decline of SAR 76.1 million in administrative expenses compared to a year earlier and a drop of SAR 107.5 million in Zakat provisions.

Meanwhile, income from term deposits and mutual funds increased by SAR 1.3 million.

Q4 2023 net profit stood at SAR 61.6 million, versus a net loss of SAR 107.8 million.

On a quarterly basis, net earnings grew 2.9% from SAR 59.88 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	501.44	621.83	24.0 %
Gross Income	22.30	86.78	289.2 %
Operating Income	(79.41)	43.35	154.6 %
Net Income	(107.77)	61.63	157.2 %
Average Shares	188.00	188.00	-
EPS (Riyals)	(0.57)	0.33	157.2 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	646.72	621.83	(3.8 %)
Gross Income	119.47	86.78	(27.4 %)
Operating Income	52.74	43.35	(17.8 %)
Net Income	59.88	61.63	2.9 %
Average Shares	188.00	188.00	-
EPS (Riyals)	0.32	0.33	2.9 %

Total shareholders’ equity, no minority interest, stood at SAR 2.33 billion by Dec. 31, 2023, compared to SAR 2.10 billion a year earlier.

Accumulated losses reached SAR 68.68 million by the end of the 12-month period, representing 3.65% of SGS’ capital.

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