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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Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 192.14 73.4 % 1.02 - 192.14 1.02
Q2 2016 195.82 12.4 % 1.04 - 195.82 1.04
Q3 2016 193.71 15.9 % 1.03 - 193.71 1.03
Q4 2016 104.10 (38.4 %) 0.55 - 104.10 0.55
Q1 2017 155.12 (19.3 %) 0.83 - 155.12 0.83
Q2 2017 122.28 (37.6 %) 0.65 - 122.28 0.65
Q3 2017 160.05 (17.4 %) 0.85 - 160.05 0.85
Q4 2017 64.05 (38.5 %) 0.34 - 64.05 0.34
Q1 2018 106.66 (31.2 %) 0.57 - 106.66 0.57
Q2 2018 112.72 (7.8 %) 0.60 - 112.72 0.60
Q3 2018 92.68 (42.1 %) 0.49 - 92.68 0.49
Q4 2018 56.37 (12.0 %) 0.30 - 56.37 0.30
Q1 2019 104.12 (2.4 %) 0.55 - 104.12 0.55
Q2 2019 123.86 9.9 % 0.66 - 123.86 0.66
Q3 2019 120.21 29.7 % 0.64 - 120.21 0.64
Q4 2019 75.17 33.3 % 0.40 - 75.17 0.40
Q1 2020 (51.54) (149.5 %) (0.27) - (51.54) (0.27)
Q2 2020 (197.87) (259.8 %) (1.05) - (197.87) (1.05)
Q3 2020 (86.79) (172.2 %) (0.46) - (86.79) (0.46)
Q4 2020 (118.09) (257.1 %) (0.63) - (118.09) (0.63)
Q1 2021 (16.69) 67.6 % (0.09) - (16.69) (0.09)
Q2 2021 (93.16) 52.9 % (0.50) - (93.16) (0.50)
Q3 2021 (43.49) 49.9 % (0.23) - (43.49) (0.23)
Q4 2021 (101.07) 14.4 % (0.54) - (101.07) (0.54)
Q1 2022 (19.01) (13.9 %) (0.10) 24.23 (43.24) (0.23)
Q2 2022 (66.85) 28.2 % (0.36) - (66.85) (0.36)
Q3 2022 (50.85) (16.9 %) (0.27) - (50.85) (0.27)
Q4 2022 (107.77) (6.6 %) (0.57) 12.39 (120.16) (0.64)
Q1 2023 40.04 310.6 % 0.21 - 40.04 0.21
Q2 2023 49.93 174.7 % 0.27 - 49.93 0.27
Q3 2023 59.88 217.7 % 0.32 - 59.88 0.32
Q4 2023 61.63 157.2 % 0.33 9.50 52.13 0.28
Q1 2024 71.16 77.7 % 0.38 - 71.16 0.38
Q2 2024 78.43 57.1 % 0.42 - 78.43 0.42
Q3 2024 81.68 36.4 % 0.43 - 81.68 0.43
Q4 2024 95.76 55.4 % 0.51 - 95.76 0.51
Q1 2025 97.63 37.2 % 0.52 - 97.63 0.52


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 685.76 10.2 % 257.00 64.6 % 195.75 111.0 %
Q2 2016 692.45 13.4 % 252.28 12.5 % 192.66 11.5 %
Q3 2016 741.27 12.1 % 251.31 13.8 % 190.80 15.1 %
Q4 2016 607.19 (6.0 %) 163.66 (30.7 %) 96.20 (41.4 %)
Q1 2017 643.79 (6.1 %) 222.66 (13.4 %) 149.17 (23.8 %)
Q2 2017 659.26 (4.8 %) 246.56 (2.3 %) 120.25 (37.6 %)
Q3 2017 697.26 (5.9 %) 227.75 (9.4 %) 159.06 (16.6 %)
Q4 2017 585.23 (3.6 %) 177.46 8.4 % 63.54 (34.0 %)
Q1 2018 621.81 (3.4 %) 180.82 (18.8 %) 106.93 (28.3 %)
Q2 2018 659.90 0.1 % 189.43 (23.2 %) 111.95 (6.9 %)
Q3 2018 700.67 0.5 % 166.49 (26.9 %) 85.50 (46.2 %)
Q4 2018 571.66 (2.3 %) 147.70 (16.8 %) 66.72 5.0 %
Q1 2019 609.07 (2.0 %) 173.15 (4.2 %) 105.77 (1.1 %)
Q2 2019 648.02 (1.8 %) 194.30 2.6 % 125.11 11.8 %
Q3 2019 683.34 (2.5 %) 191.44 15.0 % 113.75 33.0 %
Q4 2019 599.33 4.8 % 127.62 (13.6 %) 71.23 6.8 %
Q1 2020 512.17 (15.9 %) 107.16 (38.1 %) (8.53) (108.1 %)
Q2 2020 115.09 (82.2 %) (129.89) (166.9 %) (196.19) (256.8 %)
Q3 2020 267.90 (60.8 %) (10.22) (105.3 %) (97.02) (185.3 %)
Q4 2020 356.67 (40.5 %) 12.26 (90.4 %) (103.27) (245.0 %)
Q1 2021 372.96 (27.2 %) 57.62 (46.2 %) (16.25) (90.6 %)
Q2 2021 374.82 225.7 % 10.84 108.3 % (63.90) 67.4 %
Q3 2021 420.69 57.0 % 56.94 656.9 % (32.01) 67.0 %
Q4 2021 439.46 23.2 % 69.59 467.5 % (71.45) 30.8 %
Q1 2022 424.80 13.9 % 43.73 (24.1 %) (22.79) (40.2 %)
Q2 2022 495.71 32.3 % 49.04 352.6 % (18.31) 71.3 %
Q3 2022 555.09 31.9 % 43.98 (22.8 %) (25.70) 19.7 %
Q4 2022 501.44 14.1 % 22.30 (68.0 %) (79.41) (11.1 %)
Q1 2023 563.87 32.7 % 100.65 130.2 % 35.77 257.0 %
Q2 2023 626.47 26.4 % 102.12 108.2 % 44.17 341.2 %
Q3 2023 646.72 16.5 % 119.47 171.7 % 52.74 305.2 %
Q4 2023 621.83 24.0 % 86.78 289.2 % 43.35 154.6 %
Q1 2024 653.20 15.8 % 121.43 20.7 % 55.08 54.0 %
Q2 2024 686.51 9.6 % 143.88 40.9 % 60.66 37.3 %
Q3 2024 668.65 3.4 % 140.94 18.0 % 54.07 2.5 %
Q4 2024 675.48 8.6 % 214.69 147.4 % 87.38 101.6 %
Q1 2025 671.50 2.8 % 163.28 34.5 % 87.87 59.5 %

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2016 36.03 % 32.29 % 27.71 %
Q2 2016 35.98 % 31.76 % 27.67 %
Q3 2016 36.04 % 31.48 % 26.69 %
Q4 2016 33.90 % 29.16 % 25.15 %
Q1 2017 33.15 % 27.84 % 24.16 %
Q2 2017 33.35 % 25.45 % 21.69 %
Q3 2017 33.01 % 24.68 % 20.77 %
Q4 2017 33.82 % 23.73 % 19.40 %
Q1 2018 32.48 % 22.47 % 17.67 %
Q2 2018 30.24 % 22.34 % 17.30 %
Q3 2018 27.82 % 19.65 % 14.65 %
Q4 2018 26.80 % 20.04 % 14.43 %
Q1 2019 26.63 % 20.94 % 14.40 %
Q2 2019 26.95 % 22.05 % 14.91 %
Q3 2019 28.13 % 24.05 % 16.10 %
Q4 2019 27.03 % 24.48 % 16.67 %
Q1 2020 25.40 % 20.57 % 10.96 %
Q2 2020 15.51 % 9.62 % (2.83 %)
Q3 2020 6.33 % (2.08 %) (17.47 %)
Q4 2020 (1.65 %) (19.52 %) (36.29 %)
Q1 2021 (6.31 %) (23.33 %) (37.70 %)
Q2 2021 5.14 % (9.85 %) (22.93 %)
Q3 2021 9.03 % (5.00 %) (17.80 %)
Q4 2021 12.13 % (0.87 %) (15.82 %)
Q1 2022 10.91 % (1.23 %) (16.93 %)
Q2 2022 12.31 % 1.63 % (14.30 %)
Q3 2022 10.77 % 1.98 % (13.68 %)
Q4 2022 8.04 % 1.80 % (14.22 %)
Q1 2023 10.21 % 4.54 % (9.35 %)
Q2 2023 11.97 % 7.02 % (3.61 %)
Q3 2023 14.73 % 10.11 % 1.27 %
Q4 2023 16.63 % 14.58 % 8.21 %
Q1 2024 16.87 % 14.91 % 9.15 %
Q2 2024 18.08 % 15.21 % 10.03 %
Q3 2024 18.75 % 15.07 % 10.77 %
Q4 2024 23.14 % 16.42 % 12.19 %
2024 23.14 % 16.42 % 12.19 %
Q1 2025 24.53 % 17.46 % 13.08 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2016 188.00 3.74 3.84 14.51
Q2 2016 188.00 3.85 3.95 14.90
Q3 2016 188.00 3.99 3.93 15.28
Q4 2016 188.00 3.65 3.65 15.83
Q1 2017 188.00 3.45 3.45 15.36
Q2 2017 188.00 3.06 3.06 15.36
Q3 2017 188.00 2.88 2.88 15.56
Q4 2017 188.00 2.67 2.67 15.28
Q1 2018 188.00 2.41 2.41 15.84
Q2 2018 188.00 2.36 2.36 15.79
Q3 2018 188.00 2.00 2.00 14.99
Q4 2018 188.00 1.96 1.96 15.30
Q1 2019 188.00 1.95 1.95 15.78
Q2 2019 188.00 2.01 2.01 15.64
Q3 2019 188.00 2.15 2.15 15.28
Q4 2019 188.00 2.25 2.25 15.67
Q1 2020 188.00 1.42 1.42 15.40
Q2 2020 188.00 (0.29) (0.29) 14.34
Q3 2020 188.00 (1.39) (1.39) 13.88
Q4 2020 188.00 (2.42) (2.42) 13.29
Q1 2021 188.00 (2.23) (2.23) 13.20
Q2 2021 188.00 (1.67) (1.67) 12.71
Q3 2021 188.00 (1.44) (1.44) 12.48
Q4 2021 188.00 (1.35) (1.35) 12.05
Q1 2022 188.00 (1.37) (1.49) 11.95
Q2 2022 188.00 (1.23) (1.35) 11.59
Q3 2022 188.00 (1.26) (1.39) 11.32
Q4 2022 188.00 (1.30) (1.50) 11.18
Q1 2023 188.00 (0.99) (1.05) 11.39
Q2 2023 188.00 (0.37) (0.43) 11.66
Q3 2023 188.00 0.22 0.16 11.98
Q4 2023 188.00 1.12 1.07 12.40
Q1 2024 188.00 1.29 1.24 12.78
Q2 2024 188.00 1.44 1.39 13.20
Q3 2024 188.00 1.56 1.51 12.65
Q4 2024 188.00 1.74 1.74 13.37
Q1 2025 188.00 1.88 1.88 12.89

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2016 10.90 10.61 2.81
Q2 2016 12.55 12.23 3.24
Q3 2016 10.15 10.32 2.65
Q4 2016 18.14 18.14 4.18
Q1 2017 14.87 14.87 3.34
Q2 2017 14.71 14.71 2.93
Q3 2017 15.01 15.01 2.78
Q4 2017 14.74 14.74 2.57
Q1 2018 15.28 15.28 2.32
Q2 2018 15.30 15.30 2.29
Q3 2018 17.59 17.59 2.35
Q4 2018 15.77 15.77 2.02
Q1 2019 14.95 14.95 1.84
Q2 2019 14.36 14.36 1.84
Q3 2019 15.29 15.29 2.15
Q4 2019 15.59 15.59 2.24
Q1 2020 16.11 16.11 1.49
Q2 2020 NEG NEG 1.96
Q3 2020 NEG NEG 2.20
Q4 2020 NEG NEG 2.41
Q1 2021 NEG NEG 2.45
Q2 2021 NEG NEG 2.85
Q3 2021 NEG NEG 2.93
Q4 2021 NEG NEG 2.45
Q1 2022 NEG NEG 2.81
Q2 2022 NEG NEG 2.28
Q3 2022 NEG NEG 2.28
Q4 2022 NEG NEG 1.95
Q1 2023 NEG NEG 1.97
Q2 2023 NEG NEG 2.95
Q3 2023 More than 100 More than 100 2.47
Q4 2023 32.14 33.65 2.91
Q1 2024 40.14 41.78 4.05
Q2 2024 36.20 37.51 3.96
Q3 2024 33.18 34.30 4.09
Q4 2024 29.38 29.38 3.82
Q1 2025 27.44 27.44 4.00

Business Segments (Million)

Compared With The
Period Rendering of services Sales of goods
Q1 2021 370.18 2.78
Q2 2021 371.27 3.55
Q3 2021 416.58 4.11
Q4 2021 435.80 3.66
Q1 2022 421.47 3.33
Q2 2022 491.00 4.71
Q3 2022 550.00 5.09
Q4 2022 497.12 4.32
Q1 2023 559.37 4.50
Q2 2023 620.92 5.55
Q3 2023 640.80 5.92
Q4 2023 616.46 5.37
Q1 2024 647.32 5.88
Q2 2024 679.05 7.46
Q3 2024 660.57 8.08
Q4 2024 667.49 7.99
Q1 2025 664.62 6.88

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 88.14 97.63 10.76 %

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
Al Rajhi Capital 92.00 97.63 5.8 %
SNB Capital 107.00 97.63 (9.6) %
AlJazira Capital 84.40 97.63 13.5 %
Sico 79.30 97.63 18.8 %
United Securities Company 78.00 97.63 20.1 %


Financial Ratios
Current
Market Cap (M Riyal) 9,366.17
Enterprise Value (EV) (M) 8,486.98
Shares Outstanding ((M)) 188.00
EPS ( Riyal) (TTM) 1.88
Book Value (BV) ( Riyal) 12.89
Par Value ( Riyal) 10.00
Recurring P/E 26.50
P/E (TTM) 26.50
Price/book 3.87
Return on Average Assets (%) (TTM) 8.2
Return on Average Equity (%) (TTM) 14.6
EV/adj EBITDA 17.64
EV/Revenues 3.08
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Share Price

Saudi Ground Services Co.
49.74
(0.26) (0.52 %)

Saudi Ground Services Co. (SGS)

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