Saudi Ground Services Reports SAR 60.45M Net Profit in Three Months 2026
SGS 4031.SA | 0.00 |
On 2026-05-06 08:45:06 (Saudi Time), Saudi Ground Services Co. announced its Interim financial results for the three months ended on March 31, 2026.
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 672,495 | 671,495 | 0.148 | 685,890 | -1.952 |
| Gross Profit (Loss) | 107,569 | 163,283 | -34.121 | 161,835 | -33.531 |
| Operational Profit (Loss) | 27,400 | 95,801 | -71.399 | 40,583 | -32.484 |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | 60,452 | 97,627 | -38.078 | 106,206 | -43.08 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | 60,452 | 97,627 | -38.078 | 114,551 | -47.226 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 2,626,047 | 2,423,321 | 8.365 |
| Profit (Loss) per Share | 0.32 | 0.52 | |
| 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 | - | - | |
| Accumulated Losses | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
Year-on-Year Performance Drivers
Sales remained relatively flat with a marginal 0.148% YoY increase to SAR 672.49 million, driven by increased operational activities during the Umrah season at the beginning of the quarter, which was offset by a decline towards the end of the quarter. Net profit decreased 38.078% YoY to SAR 60.45 million, primarily due to a SAR 56.7 million increase in operating expenses to support heightened operational requirements during the Umrah season, partially offset by a SAR 34.7 million decrease in Zakat expense due to reversal of prior year provisions and a SAR 4.1 million increase in other income.
Quarter-on-Quarter Performance Drivers
QoQ revenue declined 1.952% to 672.50 million SAR due to decreased operational activities toward the end of the quarter despite initial increases during Umrah season. Net profit fell 43.08% to 60.45 million SAR, primarily driven by 40.9 million SAR increase in operating expenses to support higher operational requirements during Umrah season. This negative impact was partially offset by decreased impairment losses of 46.1 million SAR, reduced Zakat expense of 8.2 million SAR, though share of results from equity-accounted investments decreased by 39.6 million SAR.
Other Items
The external auditor issued an unmodified conclusion with no additional comments, disclaimers, or adverse opinions noted. The company reported no accumulated losses, with total shareholders' equity reaching SAR 2,626.0 million compared to SAR 2,423.3 million in the same quarter last year. Retained earnings increased to SAR 746.0 million for the current quarter, representing a SAR 60.5 million increase from the previous quarter's SAR 685.5 million. Earnings per share declined to SAR 0.32 from SAR 0.52 in the comparable prior year period.
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=95010&anCat=1&cs=4031&locale=arImportant Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.