Financial Results : SGS profit jumps 78% to SAR 71.2M in Q1 2024

SGS profit jumps 78% to SAR 71.2M in Q1 2024

13/05/2024 Argaam Exclusive

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Saudi Ground Services Co. (SGS) reported a net profit of SAR 71.2 million for the first quarter of 2024, a rise of 78% from SAR 40 million in Q1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 563.87 653.20 15.8 %
Gross Income 100.65 121.43 20.7 %
Operating Income 35.77 55.08 54.0 %
Net Income 40.04 71.16 77.7 %
Average Shares 188.00 188.00 -
EPS (Riyals) 0.21 0.38 77.7 %

The profit rise was backed by a 15.8% increase year-on-year (YoY) in revenue to SAR 653.2 million on growth in domestic and international flights in addition to higher number of Umrah pilgrims.

 

Gross profit also jumped 20.7% YoY, while administrative expenses decreased by SAR 10.3 million. Other income increased by SAR 15.5 million YoY in the three-month period.

 

SGS’s net earnings jumped 15.5% quarter-on-quarter (QoQ) from SAR 61.63 million in Q4 2023, as revenue grew by 5% on a sequential basis.

 

Shareholders’ equity, no minority interest, reached SAR 2.40 billion as of March 31, 2024, up from SAR 2.14 billion a year earlier.

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