Saudi Ground Services Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )

Saudi Ground Services Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )

|Element List||Current Quarter||Similar quarter for previous year||%Change||Previous Quarter||% Change|

|Sales/Revenue||626,472||495,706||26.38||563,866||11.1|

|Gross Profit (Loss)||102,116||49,039||108.23||100,646||1.46|

|Operational Profit (Loss)||54,496||-12,282||-||40,406||34.87|

|Net Profit (Loss) after Zakat and Tax||49,933||-66,850||-||40,042||24.7|

|Total Comprehensive Income||49,933||-66,850||-||40,042||24.7|

|All figures are in (Thousands) Saudi Arabia, Riyals|

|Element List||Current Period||Similar period for previous year||%Change|

|Sales/Revenue||1,190,338||920,504||29.31|

|Gross Profit (Loss)||202,762||92,765||118.58|

|Operational Profit (Loss)||94,902||-33,706||-|

|Net Profit (Loss) after Zakat and Tax||89,975||-85,864||-|

|Total Comprehensive Income||89,975||-85,864||-|

|Total Share Holders Equity (after Deducting Minority Equity)||2,192,005||2,178,850||0.6|

|Profit (Loss) per Share||0.48||-0.46|

|All figures are in (Thousands) Saudi Arabia, Riyals|

|Element List||Explanation|

|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 recorded a net profit of SAR 49.9 million, an increase of SAR 116.8 million (175%) compared to net loss of SAR 66.9 million in the same quarter of previous year. The main reason is due to improved revenues by SAR 130.8 million (26%) from increased air traffic compared to same quarter of previous year.

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Despite an increase in the cost of revenues by SAR 77.7 million (17%), gross profit increased by SAR 53.1 million (108%), compared to the same quarter of the previous year.

The positive impact on the company's results is aslo due to the decrease in administrative costs and zakat provisions by SAR 13.1 million and SAR 35.8 million respectively and