Riyadh – Mubasher: The preliminary financial results of the Saudi Ground Services Company “Ground Services” revealed its transformation into profitability during the first quarter of 2023, compared to a loss incurred by the company during the comparative quarter of 2022, and it also turned into profitability compared to a quarterly basis.
The company stated, according to a statement on “Tadawul Saudi Arabia” today, Thursday, that the net profit after zakat and tax amounted to about 40.04 million riyals at the end of the first quarter of this year, compared to a loss of 19.01 million riyals in the same quarter of last year.
The company attributed its transformation to profitability during the first quarter of this year 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 also recorded an increase in gross 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.
The increase in investment profits in the shares of invested companies through equity amounted to 7 million Saudi riyals, and the zakat provision decreased during the current quarter by 6 million Saudi riyals compared to the same quarter of the previous year, in addition to the increase in income from time deposits by 11 million riyals , which had a positive impact on the company’s results and net profits, despite the fact that the company had recorded its profits from selling its invested shares in the local stock market at a value of 24 million riyals in the profits of the first quarter of the previous year.
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