Saudi Ground Services switches to profitability in 2023

Reuters Images/Fahad Shadeed

Revenues jumped 24.37% year-on-year (YoY) to SAR 2.45 billion last year from SAR 1.97 billion, according to the annual financial results

Staff Writer, Mubasher

March 25, 2024

PHOTO

Saudi Ground Services Company shifted to profitability in 2023, recording a net profit of SAR 211.47 million, versus a net loss of SAR 244.48 million in 2022.

Revenues jumped 24.37% year-on-year (YoY) to SAR 2.45 billion last year from SAR 1.97 billion, according to the annual financial results.

The earnings per share (EPS) reached SAR 1.12 in 2023, versus SAR 1.30 in 2022.

The accumulated loss amounted to SAR 68.68 million, accounting for 3.65% of the company’s capital.

Saudi Ground Services turned to profitability in the first nine months (9M) of 2023, registering a net profit of SAR 149.85 million, compared to a net loss of SAR 136.71 million in 9M-22.

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