Riyadh – Mubasher: Saudi Ground Services Company posted net profits valued at SAR 71.16 million in the first quarter (Q1) of 2024, marking a 77.71% surge from SAR 40.04 million in Q1-23.
The revenues hit SAR 653.19 million in Q1-24, up 15.84% year-on-year (YoY) from SAR 563.86 million, according to the interim financials.
Earnings per share (EPS) went up to SAR 0.38 in the first three months (3M) of 2024 from SAR 0.21 in Q1-23.
As of 31 March 2024, Saudi Ground Services recorded a 20.70% rise in gross profit despite a SAR 68.50 million increase in cost of revenue compared to the same quarter in 2023.
On a quarterly basis, the Q1-24 net profits jumped by 15.47% from SAR 61.62 million in Q4-23, while the revenues grew by 5.04% from SAR 621.83 million.
In 2023, the Saudi firm turned profitable at SAR 211.47 million, against net losses valued at SAR 244.48 million in 2022.
