Saudi Ground Services Co. (SGS) reported a net loss after Zakat of SAR 51.1 million for the first quarter of 2020, from a net profit of SAR 104.1 million, a year earlier.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 609.07 | 512.17 | (15.9 %) |
| Gross Income | 173.15 | 107.16 | (38.1 %) |
| Operating Income | 105.77 | (8.53) | (108.1 %) |
| Net Income | 104.12 | (51.54) | (149.5 %) |
| Average Shares | 188.00 | 188.00 | - |
| EPS (Riyals) | 0.55 | (0.27) | (149.5 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 599.33 | 512.17 | (14.5 %) |
| Gross Income | 127.62 | 107.16 | (16.0 %) |
| Operating Income | 71.23 | (8.53) | (112.0 %) |
| Net Income | 75.17 | (51.54) | (168.6 %) |
| Average Shares | 188.00 | 188.00 | - |
| EPS (Riyals) | 0.40 | (0.27) | (168.6 %) |
The net loss was attributed to the suspension of both international and domestic flights as a result of precautionary measures taken by the government due to the outbreak of COVID-19, which had a direct impact that caused a decrease in revenue and an increase in impairment loss on trade receivables.
In addition, COVID-19 has indirectly impacted investment which is reflected in the unrealized net loss on FVTPL investment.
Further, the company recorded a loss from an equity accounted investment.
When compared to previous quarter, the company turned to losses from a net profit of SAR 74.07 million.
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