Saudi “Ground Services” reduced its quarterly losses by 52.9%

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Today, Sunday, the Saudi Ground Services Company (Ground Services) announced its preliminary financial results for the second quarter of this year, reducing its losses by 52.9%.

The company said, in a statement to Saudi Tadawul, that its losses amounted to 93.16 million riyals, compared to 197.87 million riyals during the same period last year.

The company explained that the reduction in losses came after revenues grew by more than 225% to reach 374.8 million riyals.

The main reason for this decline is due to the continuous recovery of operations, which directly affected revenues and indirectly affected the reduction of losses in accounts receivable by 3.9 million riyals, according to the company.

During the first half, the company reduced its losses by 56% to reach 109.9 million riyals, while revenues grew by 19.2% to 747.78 million riyals.

The main reason for reducing losses in the first half is due to the continuous recovery of operational operations, which indirectly contributed to reducing losses in accounts receivable by 49 million riyals.

Operating costs and administrative expenses increased by 29.3 million riyals and 15.6 million riyals, respectively, during that period, due to an increase in operating costs due to the decrease in the support provided by the Sanid program.

The share of loss from investments calculated using the equity method decreased by 7.8 million riyals, while the profit from investments at fair value through profit or loss increased, and other revenues increased by 11.8 million riyals and 4.6 million riyals, respectively, and financing costs increased by 10.7 million riyals as a result of the withdrawal. of the bank facilities available.





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