Saudi Ground Services Co. (SGS) narrowed 2022 net loss to SAR 244.5 million, compared to SAR 254.4 million a year earlier.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 1,607.93 | 1,977.04 | 23.0 % |
| Gross Income | 194.98 | 159.04 | (18.4 %) |
| Operating Income | (183.62) | (146.21) | 20.4 % |
| Net Income | (254.41) | (244.49) | 3.9 % |
| Average Shares | 188.00 | 188.00 | - |
| EPS (Riyals) | (1.35) | (1.30) | 3.9 % |
The company noted the continuous recovery of operations, which led to an increase in operating revenues by 23% year-on-year (YoY) in addition to higher actuarial gain by SAR 61.9 million.
The increase in revenue from investments at fair value through profit or loss (SAR 20.4 million), while, share of profit from equity accounted investment and other income grew by SAR 58.8 million and SAR 8.1 million, respectively.
The recovery in operations resulted in decreasing the operational loss by 31% YoY.
Meanwhile, Zakat expenses increased by SAR 126.8 million, and financing costs rose by SAR 4.4 million YoY. The SAR 68.2 million support provided by the SANED program stopped in 2022.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 439.46 | 501.44 | 14.1 % |
| Gross Income | 69.59 | 22.30 | (68.0 %) |
| Operating Income | (71.45) | (79.41) | (11.1 %) |
| Net Income | (101.07) | (107.77) | (6.6 %) |
| Average Shares | 188.00 | 188.00 | - |
| EPS (Riyals) | (0.54) | (0.57) | (6.6 %) |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 555.09 | 501.44 | (9.7 %) |
| Gross Income | 43.98 | 22.30 | (49.3 %) |
| Operating Income | (25.70) | (79.41) | (209.0 %) |
| Net Income | (50.85) | (107.77) | (111.9 %) |
| Average Shares | 188.00 | 188.00 | - |
| EPS (Riyals) | (0.27) | (0.57) | (111.9 %) |
Q4 2022 net loss stood at SAR 107.8 million, versus SAR 101.07 million in Q4 2021.
On a sequential basis, SGS widened net loss from SAR 50.85 million in Q3 2022.
Shareholders’ equity, excluding minority interest, reached SAR 2.10 billion as of Dec. 31, 2022, compared to SAR 2.26 billion in a year earlier period.
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