Saudi Ground Services Co. announces its Interim Financial results for the Period Ending on 2025-06-30 (Six Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 688,948 | 686,514 | 0.354 | 671,495 | 2.599 |
| Gross Profit (Loss) | 137,990 | 143,876 | -4.091 | 163,283 | -15.49 |
| Operational Profit (Loss) | 97,108 | 72,767 | 33.45 | 97,067 | 0.042 |
| Net profit (Loss) | 99,373 | 78,433 | 26.697 | 97,627 | 1.788 |
| Total Comprehensive Income | 114,220 | 78,433 | 45.627 | 97,627 | 16.996 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 1,360,443 | 1,339,711 | 1.547 |
| Gross Profit (Loss) | 301,273 | 265,306 | 13.556 |
| Operational Profit (Loss) | 194,175 | 148,037 | 31.166 |
| Net profit (Loss) | 197,000 | 149,595 | 31.688 |
| Total Comprehensive Income | 211,847 | 149,595 | 41.613 |
| Total Shareholders Equity (after Deducting Minority Equity) | 2,537,541 | 2,481,087 | 2.275 |
| Profit (Loss) per Share | 1.05 | 0.8 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The Company recorded a total revenue for the current quarter amounting to SAR 688.9 million, representing a 0.4% (SAR 2.4 million) increase compared to the same quarter of the last year, which recorded revenues of SAR 686.5 million. The main reason of revenue growth is the increase in both domestic and international flight operations. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The Company reported an increase in net profits by 26.7% (SAR 20.9 million) reaching a net profit of SAR 99.4 million during the current quarter compared to a net profit of SAR 78.4 million for the same quarter last year. The improvement was primarily driven by decline in impairment losses by SAR 23.8 million compared to the same quarter of the last year due to continuous collection efforts by the management which includes impairment reversal of SAR 4.4 million during the current quarter.
The cost of revenues increased by 1.5% (SAR 8.3 million) while administrative expenses reduced by 9.3% (SAR 5.9 million) as a result of the Company's productivity enhancement and expense rationalization initiatives, which resulted in net profits to increase by SAR 20.9 million for the current quarter, an increase of 26.7% compared to same quarter of the last year. In addition, actuarial gain of SAR 14.7 million was recorded during the current quarter. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The Company recorded a total revenue for the current quarter amounting to SAR 688.9 million, representing an increase of 2.6% (SAR 17.5 million) compared to the previous quarter's revenue of SAR 671.5 million. The main reason of revenue growth is the increase of domestic and international flight operations, including an increase in Hajj and Umrah flights during the current quarter. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The Company recorded an increase in net profits by 1.8% (SAR 1.8 million) reaching a net profit of SAR 99.4 million during the current quarter compared to net profit of SAR 97.6 million for the previous quarter. The main reason for the increase in profits is the increase in revenue by SAR 17.5 million compared to the previous quarter.
The cost of revenues increased by 8.4% (SAR 42.7 million) due to seasonal costs, while the Company’s results in the current quarter were positively impacted due to decrease in administrative costs by SAR 17.6 million and impairment reversal of SAR 4.4 million as a result of management's continuous efforts in collection.In addition, actuarial gain of SAR 14.7 million was recorded during the current quarter. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The Company recorded a total revenue for the current period amounting to SAR 1,360.4 million, representing an increase of 1.6% (SAR 20.7 million) compared to the same period of the last year, which recorded revenue of SAR 1,339.7 million. The main reason of revenue growth is the increase of domestic and international flight operations. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The Company recorded an increase in net profits by 31.7% (SAR 47.4 million) reaching a net profit amounting to SAR 197.0 million during the current period compared to net profit amounting to SAR 149.6 million for the same period last year. The main reason for the increase in net profits is the increase in revenue by SAR 20.7 million compared to the same period last year.
The Company's financial performance was positively impacted by SAR 15.2 million (1.4%) due to decrease in cost of revenues compared to same period last year. Moreover, a reduction in impairment losses by SAR 36.0 million was recorded due to management's continuous efforts on collection. In addition, actuarial gain of SAR 14.7 million was recorded during the current period. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | None |
| Additional Information | The Company recorded a total revenue for the current quarter amounting to SAR 688.9 million , an increase of 0.4% compared to the same quarter of the previous year in which revenues amounted to SAR 686.5 million.
The gross profit amounted to SAR 137.9 million , compared to a gross profit of SAR 143.9 million for the same quarter of the previous year, a decrease of 4.1%. Operating profit for the current quarter amounted to SAR 97.1 million , compared to an operating profit of SR 72.8 million for the same quarter of the last year, an increase of 33.5%. Net profit and total comprehensive income during the current quarter amounted to SAR 99.4 million and SAR 114.2 million respectively, compared to net profit and total comprehensive income of SAR 78.4 million and SAR 78.4 million respectively, for the same quarter of the last year, an increase of 26.7% and 45.6% respectively.
The Company does not have minority rights, as the total shareholders' equity amounted to SAR 2,537.5 million as of the end of current quarter compared to SAR 2,481.1 million as of the end of same quarter of the last year reflecting an increase of 2.3%. Earnings per share for the current quarter amounted to SAR 0.53 per share compared to SAR 0.42 per share for same quarter last year resulting in 26.7% increase
In addition, the retained earnings as of the end of current quarter is SAR 657.5 million, an increase of SAR 114.2 million compared to the end of the previous quarter, in which the Company recorded a retained earnings of SAR 543.3 million, The reason for the increase is the net profit amounting to SAR 99.4 million and other comprehensive income of SAR 14.8 million |
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