SGS 9M 2024 profit up 54% to SAR 231.3M; Q3 at SAR 81.7M

06/11/2024 Argaam Exclusive

View other reports

Saudi Ground Services Co. (SGS) reported a net profit rise of 54% to SAR 231.3 million in the first nine months of 2024, from SAR 149.9 million in the prior-year period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	1,837.06	2,008.36	9.3 %
Gross Income	322.23	406.25	26.1 %
Operating Income	132.68	169.81	28.0 %
Net Income	149.85	231.27	54.3 %
Average Shares	188.00	188.00	-
EPS (Riyals)	0.80	1.23	54.3 %

SGS recorded a 9.3% rise year-on-year (YoY) in revenue for the current period to SAR 2 billion. The revenue growth was driven by an increase in both domestic and international flight operations, including an increase in Hajj and Umrah pilgrims.

Other income also doubled on an annual basis, with financing costs declining by SAR 17.4 million compared to 9M 2023.

On the other hand, SGS reported an increase in impairment losses on trade and other receivables by SAR 38.2 million compared to the same period of the last year.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	646.72	668.65	3.4 %
Gross Income	119.47	140.94	18.0 %
Operating Income	52.74	54.07	2.5 %
Net Income	59.88	81.68	36.4 %
Average Shares	188.00	188.00	-
EPS (Riyals)	0.32	0.43	36.4 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	686.51	668.65	(2.6 %)
Gross Income	143.88	140.94	(2.0 %)
Operating Income	60.66	54.07	(10.9 %)
Net Income	78.43	81.68	4.1 %
Average Shares	188.00	188.00	-
EPS (Riyals)	0.42	0.43	4.1 %

In Q3 2024, SGS net profit jumped 36% to SAR 81.7 million, from SAR 59.8 million in the prior-year period as revenue rose 3.4% YoY to SAR 668.6 billion due to an increase in both domestic and international flight operations, including an increase in Hajj and Umrah pilgrims.

The cost of sales declined 1% YoY, leading gross profits to jump 18%.

Net earnings grew by 4.1% quarter-on-quarter (QoQ) from SAR 78.4 million in Q2 2024, thanks to a 2.8% QoQ decline in the cost of sales. Other income climbed 71.3% QoQ.

Total shareholders’ equity, no minority interest, increased to SAR 2.37 billion as of Sept. 30, 2024, from SAR 2.25 million a year earlier.

View More Financial Results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×