Saudi Ground Services unveil $213.33mln deal with Flyadeal

Riyadh –  Saudi Ground Services Company renewed its contract with Flyadeal Company, on 31 January 2024, to provide the latter with ground handling services at airports.

The agreement is expected to be valid for three years until 31 December 2026, with an estimated value of SAR 800 million, according to a bourse filing.

Under the deal, the listed company will provide Flayadeal with ground handling services for domestic and international flights, including ramp and passenger services at airports all around the Kingdom

In the first nine months (9M) of 2023, Saudi Ground Services logged net profits after Zakat and tax worth SAR 149.85 million, compared to net losses valued at SAR 136.71 million a year earlier.

Revenues enlarged by 24.50% to SAR 1.83 billion in 9M-23 from SAR 1.47 billion in 9M-22.

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