Financial Results : SGS 9M 2025 profit grows 29% to SAR 298.5M; Q3 at SAR 101.5M

SGS 9M 2025 profit grows 29% to SAR 298.5M; Q3 at SAR 101.5M

10/11/2025 Argaam Exclusive

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Saudi Ground Services Co. (SGS) reported a net profit rise of 29% to SAR 298.5 million in the first nine months of 2025, from SAR 231.3 million in the prior year period.



Financials (M)

Item 9m 2024 9m 2025 Change‬
Revenues 2,008.36 2,043.82 1.8 %
Gross Income 406.25 456.91 12.5 %
Operating Income 222.85 292.59 31.3 %
Net Income 231.27 298.50 29.1 %
Average Shares 188.00 188.00 -
Earnings Per Share before unusual items (Riyals) 1.23 1.59 29.1 %
EPS (Riyal) 1.23 1.59 29.1 %

The company attributed the increase to a 1.8% rise in total revenue to SAR 2.04 billion, primarily driven by a higher number of flights compared with the same period last year.

 

Lower cost of revenue, down SAR 15.2 million (0.9%), due to productivity enhancements and expense rationalization, also supported profitability. Improved collection efficiency reduced impairment losses on trade receivables by SAR 52.8 million, a 106.6% improvement. These gains were partially offset by a 38.7% decline in other income (SAR 20.5 million).

 

In Q3 2025, the company’s net profit jumped 24.3% to SAR 101.5 million, from SAR 81.68 million in Q3 2024.

 

SGS’ bottom line advanced 2.1% from SAR 99.37 million in Q2 2025.



Current Quarter Comparison (M)

Compared With The
Item Q3 2024 Q3 2025 Change‬
Revenues 668.65 683.38 2.2 %
Gross Income 140.94 155.64 10.4 %
Operating Income 74.81 98.42 31.5 %
Net Income 81.68 101.50 24.3 %
Average Shares 188.00 188.00 -
Earnings Per Share before unusual items (Riyal) 0.43 0.54 24.3 %
EPS (Riyal) 0.43 0.54 24.3 %

Shareholders’ equity, no minority interest, reached SAR 2.45 billion by Sept. 30, 2025, compared to SAR 2.38 billion in the prior-year period.

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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 % 74.81 41.9 %
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 %
Q2 2025 688.95 0.4 % 137.99 (4.1 %) 97.11 60.1 %
Q3 2025 683.38 2.2 % 155.64 10.4 % 98.42 31.5 %


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
Q2 2025 99.37 26.7 % 0.53 - 99.37 0.53
Q3 2025 101.50 24.3 % 0.54 - 101.50 0.54

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 % 15.86 % 10.77 %
Q4 2024 23.14 % 17.19 % 12.19 %
2024 23.14 % 16.42 % 12.19 %
Q1 2025 24.53 % 18.23 % 13.08 %
Q2 2025 24.29 % 19.64 % 13.84 %
Q3 2025 24.70 % - 14.50 %


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
Q2 2025 188.00 1.99 1.99 13.50
Q3 2025 188.00 2.10 2.10 13.04

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring 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
Q2 2025 24.58 24.58 3.63
Q3 2025 22.20 22.20 3.57

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
Q2 2025 676.30 12.65

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 100.45 101.50

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
SNB Capital 103.00 101.50
Sico 94.70 101.50
AlJazira Capital 93.10 101.50
United Securities Company 111.00 101.50


Financial Ratios
Current
Market Cap (M Riyal) 7,922.33
Enterprise Value (EV) (M Riyal) 7,065.72
Shares Outstanding ((M)) 188.00
EPS ( Riyal) (TTM) 2.10
Book Value (BV) ( Riyal) 13.04
Par Value ( Riyal) 10.00
Recurring P/E 20.09
P/E (TTM) 20.09
Price/book 3.23
Return on Average Assets (%) (TTM) 9.2
Return on Average Equity (%) (TTM) 16.3
EV/adj EBITDA -
EV/Revenues 2.60
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Share Price

Saudi Ground Services Co.
42.14
0.28 0.67 %

Saudi Ground Services Co. (SGS)

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