Saudi Ground Services Co. announces its Interim Financial Results for the Period Ending on 2023-09-30 ( Nine Months )

Saudi Ground Services Co. announces its Interim Financial Results for the Period Ending on 2023-09-30 ( Nine Months )

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

|Sales/Revenue||646,717||555,091||16.51||626,472||3.23|

|Gross Profit (Loss)||119,469||43,976||171.67||102,116||16.99|

|Operational Profit (Loss)||64,297||-20,814||-||54,496||17.98|

|Net Profit (Loss) after Zakat and Tax||59,877||-50,851||-||49,933||19.91|

|Total Comprehensive Income||59,877||-50,851||-||49,933||19.91|

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

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

|Sales/Revenue||1,837,055||1,475,595||24.5|

|Gross Profit (Loss)||322,231||136,741||135.65|

|Operational Profit (Loss)||159,199||-54,520||-|

|Net Profit (Loss) after Zakat and Tax||149,852||-136,715||-|

|Total Comprehensive Income||149,852||-136,715||-|

|Total Share Holders Equity (after Deducting Minority Equity)||2,251,882||2,127,999||5.82|

|Profit (Loss) per Share||0.8||-0.73|

|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 achieved a net profit of SAR 59.9 million, an increase of SAR 110.7 million (218%) compared to a net loss of SAR 50.9 million in the same quarter of previous year. The main reason is the increase in revenues by SAR 91.6 million (17%) driven by the increased air traffic.

|

Despite an increase in the cost of revenues by SAR 16.1 million (3%) to support the increase level of operation, gross profit increased by SAR 75.5 million (172%) supported by the company's initiatives that enhanced productivity and optimized the cost, compared to the same quarter of previous year.

The positive impact on the company's results is also due to the increase in income