Saudi Ground Services Co. (SGS) reported a net profit of SAR 71.2 million for the first quarter of 2024, a rise of 78% from SAR 40 million in Q1 2023.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 563.87 | 653.20 | 15.8 % |
| Gross Income | 100.65 | 121.43 | 20.7 % |
| Operating Income | 35.77 | 55.08 | 54.0 % |
| Net Income | 40.04 | 71.16 | 77.7 % |
| Average Shares | 188.00 | 188.00 | - |
| EPS (Riyals) | 0.21 | 0.38 | 77.7 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 621.83 | 653.20 | 5.0 % |
| Gross Income | 86.78 | 121.43 | 39.9 % |
| Operating Income | 43.35 | 55.08 | 27.1 % |
| Net Income | 61.63 | 71.16 | 15.5 % |
| Average Shares | 188.00 | 188.00 | - |
| EPS (Riyals) | 0.33 | 0.38 | 15.5 % |
The profit rise was backed by a 15.8% increase year-on-year (YoY) in revenue to SAR 653.2 million on growth in domestic and international flights in addition to higher number of Umrah pilgrims.
Gross profit also jumped 20.7% YoY, while administrative expenses decreased by SAR 10.3 million. Other income increased by SAR 15.5 million YoY in the three-month period.
SGS’s net earnings jumped 15.5% quarter-on-quarter (QoQ) from SAR 61.63 million in Q4 2023, as revenue grew by 5% on a sequential basis.
Shareholders’ equity, no minority interest, reached SAR 2.40 billion as of March 31, 2024, up from SAR 2.14 billion a year earlier.
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