SGS earns SAR 3.9M in H1 2026, loses SAR 56.6M in Q2

06/08/2026 Argaam Exclusive

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Saudi Ground Services Co. (SGS) reported a net profit of SAR 3.9 million in H1 2026, a 98% drop from SAR 197 million a year earlier.


Financials (Million Riyal)

Item 6m 2025 6m 2026 Change‬
Revenues 1,360.44 1,307.64 (3.9 %)
Gross Income 301.27 117.72 (60.9 %)
Operating Income 192.46 (34.50) (117.9 %)
Net Income 197.00 3.88 (98.0 %)
Average Shares 188.00 188.00 -
Earnings Per Share before unusual items (Riyals) 1.05 0.04 (96.6 %)
EPS (Riyal) 1.05 0.02 (98.0 %)

The earnings decline was mainly driven by a drop in revenue to SAR 1.31 billion, reflecting lower operating activity versus the same period last year. The company also maintained operational readiness despite weaker activity, resulting in a SAR 130.8 million increase in operating expenses to support the expected recovery in operations and the Hajj and Umrah seasons.

 

Partially offsetting the decline, Zakat expense fell by SAR 39.3 million due to the reversal of provisions related to prior years, while interest income from time deposits increased by SAR 5.4 million. However, administrative expenses rose due to SAR 36.3 million in non-recurring exceptional costs.



Current Quarter Comparison (Million Riyal)

Compared With The
Item Q2 2025 Q2 2026 Change‬
Revenues 688.95 635.15 (7.8 %)
Gross Income 137.99 10.16 (92.6 %)
Operating Income 96.66 (61.90) (164.0 %)
Net Income 99.37 (56.58) (156.9 %)
Average Shares 188.00 188.00 -
Earnings Per Share before unusual items (Riyal) 0.53 (0.19) (136.6 %)
EPS (Riyal) 0.53 (0.30) (156.9 %)

For Q2 2026, the company reported a net loss of SAR 56.6 million, compared with a SAR 99.4 million profit in Q2 2025 and SAR 60.45 million earnings in Q1 2026.

 

The profit decline in Q2 2026 YoY was mainly due to lower revenue and weak operations.

 

Total shareholders' equity, with no minority interest, reached SAR 2.59 billion as of June 30, 2026, compared with SAR 2.53 billion a year earlier.

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Share Price

Saudi Ground Services Co.
25.92
(1.56) (5.68 %)

Saudi Ground Services Co. (SGS)

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Financial Ratios
Current
Market Cap (M Riyal) 4,872.96
Enterprise Value (EV) (M Riyal) 3,959.65
Shares Outstanding ((M)) 188.00
Recurring EPS ( Riyal) (TTM) 1.04
Book Value (BV) ( Riyal) 13.80
Par Value ( Riyal) 10.00
Recurring P/E (TTM) 24.96
P/E (TTM) 23.03
Price/book 1.88
Dividend Yield (%) (Last Year) -
Return on Average Assets (%) (TTM) 4.8
Return on Average Equity (%) (TTM) 8.2
EV/Revenues 1.48
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