Financial Results : SGS profit up 37% to SAR 97.6M in Q1 2025

SGS profit up 37% to SAR 97.6M in Q1 2025

11/05/2025 Argaam Exclusive

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Saudi Ground Services Co. (SGS) reported a net profit of SAR 97.6 million for the first quarter of 2025, a rise of 37% from SAR 71.2 million in Q1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 653.20 671.50 2.8 %
Gross Income 121.43 163.28 34.5 %
Operating Income 55.08 87.87 59.5 %
Net Income 71.16 97.63 37.2 %
Average Shares 188.00 188.00 -
Earnings Per Share before unusual items (Riyal) 0.38 0.52 37.2 %
EPS (Riyal) 0.38 0.52 37.2 %

Revenue rose 2.8% year-on-year (YoY) to SAR 671.5 million, due to the increase in both domestic and international flight operations, along with an increase in number of Umrah pilgrims across the quarter.

 

Cost of revenue decreased by 4.4% on productivity enhancement and expense rationalization initiatives, which resulted in gross profits to increase by 34.5% YoY to SAR 41.9 million.

 

The profit growth came despite a 39% rise in administrative expenses and a 54.4% decline in other income.

 

Operating profit for the current quarter reached SAR 97.1 million, up 28.9% by SAR 21.8 million compared to the year-ago period.

 

SGS’s net earnings rose 1.9% quarter-on-quarter (QoQ) from SAR 95.76 million in Q4 2024.

 

Shareholders’ equity, no minority interest, reached SAR 2.42 billion as of March 31, 2025, up from SAR 2.40 billion a year earlier.

 

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