SGS Reports SAR 3.88M Net Profit in the Six Months 2026
SGS 4031.SA | 0.00 |
On 2026-08-06 08:39:57 (Saudi Time), Saudi Ground Services Co. announced its Interim financial results for the six months ended on June 30, 2026.
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 635,149 | 688,948 | -7.808 | 672,495 | -5.553 |
| Gross Profit (Loss) | 10,155 | 137,990 | -92.64 | 107,569 | -90.559 |
| Operational Profit (Loss) | -61,904 | 96,663 | - | 27,400 | - |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | -56,577 | 99,373 | - | 60,452 | - |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -31,590 | 114,220 | - | 60,452 | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 1,307,644 | 1,360,443 | -3.881 |
| Gross Profit (Loss) | 117,724 | 301,273 | -60.924 |
| Operational Profit (Loss) | -34,504 | 192,464 | - |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | 3,875 | 197,000 | -98.032 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | 28,862 | 211,847 | -86.376 |
| Total Shareholders Equity (after Deducting Minority Equity) | 2,594,457 | 2,537,541 | 2.242 |
| Profit (Loss) per Share | 0.02 | 1.05 | |
| 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
For the six-month period ending 30 June 2026, Saudi Ground Services Co. reported sales/revenue of SAR 1,307.64 million, down 3.881% YoY from SAR 1,360.44 million, primarily driven by a decline in operational activities that began at the end of the previous quarter. Net profit fell sharply by 98.032% YoY to SAR 3.88 million from SAR 197.00 million, mainly due to the revenue decline of SAR 52.8 million combined with a significant increase in operational expenses of 130.8(currency not specified in original) million as the company maintained operational readiness and resources to support recovery and Hajj/Umrah season operations. These negative impacts were partially offset by a decrease in Zakat expense of SAR 39.3 million (largely from the reversal of prior-year Zakat provisions) and an increase in interest income on term deposits of SAR 5.4 million, while general and administrative expenses rose by SAR 36.3 million due to exceptional non-recurring costs.
Quarter-on-Quarter Performance Drivers
QoQ revenue declined 5.553% to SAR 635.10 million (from SAR 672.50 million in the prior quarter), driven by an ongoing decrease in operational activities that began at the end of the previous quarter. The company swung to a net loss of SAR 56.60 million from a net profit of SAR 60.50 million in the prior quarter, primarily due to the revenue decline combined with a SAR 60.1(currency not specified in original) increase in operational expenses as the company maintained operational readiness and resources for the Hajj and Umrah season. This was partially offset by a SAR 13.5 million decrease in general and administrative expenses, a SAR 1.8 million reduction in impairment losses, and a SAR 1.9 million increase in income from term deposits; however, zakat charges rose by SAR 28.9 million, largely due to the reversal of prior-year zakat provisions that had benefited the previous quarter.
Other Items
The external auditor issued an unmodified conclusion with no additional comments or reservations noted. Total shareholders' equity stood at SAR 2,594.4 million at the end of the current quarter, up from SAR 2,537.5 million at the end of the same quarter of the prior year. Retained earnings as of the current quarter were SAR 714.5 million, a decrease of SAR 31.6 million compared to the previous quarter's retained earnings of SAR 746.1 million. No accumulated losses were reported. The company has no minority interest.
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=97338&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.