Saudi Ground Services achieves 54% growth in 9M-24 net profit on SAR 171m higher revenue - Mubasher Info

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Riyadh – Mubasher: Saudi Ground Services Company registered net profits worth SAR 231.27 million during the first nine months (9M) of 2024 compared with SAR 149.85 million in 9M-23, signalling a 54.33% annual increase.

The rise in Saudi Ground Services’ net profit during the January-September 2024 period was driven by a growth of SAR 171.30 million (9.32% ) in revenue to SAR 2 billion from SAR 1.83 billion in the same period last year, according to the financial results.

The earnings per share (EPS) rose to SAR 1.23 in 9M-24 from SAR 0.80 in 9M-23.

Financial Results for Q3

During the third quarter (Q3) of 2024, Saudi Ground Services posted 36.41% higher net profit at SAR 81.67 million compared to SAR 59.87 million in Q3-23.

The company generated revenue worth SAR 668.65 million during July-September 2024, marking a 3.39% rise from SAR 646.71 million in the same quarter a year earlier.

On a quarterly basis, the net profits in Q3-24 were 4.13% higher than SAR 78.43 million in Q2-24 whereas the revenue declined by 2.60% from SAR 686.51 million.

It is worth mentioning that in the previous financial results, Saudi Ground Services posted net profits worth SAR 149.59 million in the first half (H1) of 2024 and revenues of SAR 1.33 billion.

Source: Mubasher Source: {{details.article.source}}