Ground Services made a profit of 40 million riyals in the first quarter

The Saudi Ground Services Company, “Ground Services”, turned profitable in the first quarter of 2023, with a net value of about 40.04 million riyals, compared to losses of about 19.01 million riyals in the same quarter of 2022, and losses of about 107.77 million riyals in the fourth quarter of 2022.

The company said in a statement on “Tadawul Saudi Arabia”, today, Thursday, that the main reason for achieving quarterly profits on an annual basis is due to the increase in revenues by 139 million riyals, or 33%, compared to the same quarter of the previous year, resulting from the gradual increase in air traffic.

The company recorded an increase in total profit by 57 million riyals, or 130%, compared to the same quarter of the previous year, despite the increase in the cost of revenues by 82 million riyals, or 22%, compared to the same quarter of the previous year.

Profits were positively affected by the increase in investment profits in the shares of invested companies through equity by 7 million riyals, and the zakat provision decreased during the first quarter of this year by 6 million riyals compared to the same quarter of the previous year, in addition to the increase in income from time deposits by 11 million riyals.