Saudi Ground Services trims 9M 2021 net loss to SAR 153.3 mln

Saudi Ground Services trims 9M 2021 net loss to SAR 153.3 mln

07/11/2021 Argaam Exclusive

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Saudi Ground Services Co. (SGS) narrowed its net loss after Zakat and tax to SAR 153.3 million for the first nine months of 2021, compared to SAR 336.2 million in the same period a year earlier.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 895.17 1,168.47 30.5 %
Gross Income (32.96) 125.39 480.4 %
Operating Income (301.73) (112.17) 62.8 %
Net Income (336.20) (153.34) 54.4 %
Average Shares 188.00 188.00 -
EPS (Riyals) (1.79) (0.82) 54.4 %

The decrease in losses was driven by the continuous recovery of business operations, which resulted in higher revenue and reduced impairment losses.

 

Operating costs increased by SAR 115 million due to significant reduction in Saned subsidization by SAR 112 million in the current period.

 

Along with the improvement in the flights recovery, the company took initiatives aimed at increasing operating efficiency and reducing the impact of the pandemic on profitability.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 267.90 420.69 57.0 %
Gross Income (10.22) 56.94 656.9 %
Operating Income (97.02) (32.01) 67.0 %
Net Income (86.79) (43.49) 49.9 %
Average Shares 188.00 188.00 -
EPS (Riyals) (0.46) (0.23) 49.9 %

The company trimmed its net loss after Zakat and tax by 49.8% year-on-year (YoY) to SAR 43.5 million in Q3 2021, driven by the continuous recovery of business operations.

 

On a sequential basis, Q3 2021 net loss declined 53.3% due to higher volume of operation.

 

Shareholders’ equity, excluding minority interest, stood at SAR 2.345 million in 9M 2021 compared to SAR 2.609 million in the year-earlier period.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 500.10 - 198.45 - 156.82 -
Q3 2014 625.52 - 246.84 - 180.72 -
Q4 2014 597.88 - 172.57 - 121.65 -
Q1 2015 622.53 - 156.14 - 92.78 -
Q2 2015 610.80 22.1 % 224.24 13.0 % 172.85 10.2 %
Q3 2015 661.14 5.7 % 220.77 (10.6 %) 165.80 (8.3 %)
Q4 2015 646.04 8.1 % 236.03 36.8 % 164.20 35.0 %
Q1 2016 685.76 10.2 % 257.00 64.6 % 195.75 111.0 %
Q2 2016 692.45 13.4 % 252.28 12.5 % 192.66 11.5 %
Q3 2016 741.27 12.1 % 251.31 13.8 % 190.80 15.1 %
Q4 2016 607.19 (6.0 %) 163.66 (30.7 %) 96.20 (41.4 %)
Q1 2017 643.79 (6.1 %) 222.66 (13.4 %) 149.17 (23.8 %)
Q2 2017 659.26 (4.8 %) 246.56 (2.3 %) 120.25 (37.6 %)
Q3 2017 697.26 (5.9 %) 227.75 (9.4 %) 159.06 (16.6 %)
Q4 2017 585.23 (3.6 %) 177.46 8.4 % 63.54 (34.0 %)
Q1 2018 621.81 (3.4 %) 180.82 (18.8 %) 106.93 (28.3 %)
Q2 2018 659.90 0.1 % 189.43 (23.2 %) 111.95 (6.9 %)
Q3 2018 700.67 0.5 % 166.49 (26.9 %) 85.50 (46.2 %)
Q4 2018 571.66 (2.3 %) 147.70 (16.8 %) 66.72 5.0 %
Q1 2019 609.07 (2.0 %) 173.15 (4.2 %) 105.77 (1.1 %)
Q2 2019 648.02 (1.8 %) 194.30 2.6 % 125.11 11.8 %
Q3 2019 683.34 (2.5 %) 191.44 15.0 % 113.75 33.0 %
Q4 2019 599.33 4.8 % 127.62 (13.6 %) 71.23 6.8 %
Q1 2020 512.17 (15.9 %) 107.16 (38.1 %) (8.53) (108.1 %)
Q2 2020 115.09 (82.2 %) (129.89) (166.9 %) (196.19) (256.8 %)
Q3 2020 267.90 (60.8 %) (10.22) (105.3 %) (97.02) (185.3 %)
Q4 2020 356.67 (40.5 %) 12.26 (90.4 %) (103.27) (245.0 %)
Q1 2021 372.96 (27.2 %) 57.62 (46.2 %) (16.25) (90.6 %)
Q2 2021 374.82 225.7 % 10.84 108.3 % (63.90) 67.4 %
Q3 2021 420.69 57.0 % 56.94 656.9 % (32.01) 67.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 151.55 - 0.81 - 151.55 0.81
Q3 2014 176.83 - 0.94 - 176.83 0.94
Q4 2014 168.10 - 0.89 22.23 145.87 0.78
Q1 2015 110.82 - 0.59 (98.00) 208.82 1.11
Q2 2015 174.28 15.0 % 0.93 - 174.28 0.93
Q3 2015 167.08 (5.5 %) 0.89 (31.50) 198.58 1.06
Q4 2015 168.88 0.5 % 0.90 12.46 156.42 0.83
Q1 2016 192.14 73.4 % 1.02 - 192.14 1.02
Q2 2016 195.82 12.4 % 1.04 - 195.82 1.04
Q3 2016 193.71 15.9 % 1.03 - 193.71 1.03
Q4 2016 104.10 (38.4 %) 0.55 - 104.10 0.55
Q1 2017 155.12 (19.3 %) 0.83 - 155.12 0.83
Q2 2017 122.28 (37.6 %) 0.65 - 122.28 0.65
Q3 2017 160.05 (17.4 %) 0.85 - 160.05 0.85
Q4 2017 64.05 (38.5 %) 0.34 - 64.05 0.34
Q1 2018 106.66 (31.2 %) 0.57 - 106.66 0.57
Q2 2018 112.72 (7.8 %) 0.60 - 112.72 0.60
Q3 2018 92.68 (42.1 %) 0.49 - 92.68 0.49
Q4 2018 56.37 (12.0 %) 0.30 - 56.37 0.30
Q1 2019 104.12 (2.4 %) 0.55 - 104.12 0.55
Q2 2019 123.86 9.9 % 0.66 - 123.86 0.66
Q3 2019 120.21 29.7 % 0.64 - 120.21 0.64
Q4 2019 75.17 33.3 % 0.40 - 75.17 0.40
Q1 2020 (51.54) (149.5 %) (0.27) - (51.54) (0.27)
Q2 2020 (197.87) (259.8 %) (1.05) - (197.87) (1.05)
Q3 2020 (86.79) (172.2 %) (0.46) - (86.79) (0.46)
Q4 2020 (118.09) (257.1 %) (0.63) - (118.09) (0.63)
Q1 2021 (16.69) 67.6 % (0.09) - (16.69) (0.09)
Q2 2021 (93.16) 52.9 % (0.50) - (93.16) (0.50)
Q3 2021 (43.49) 49.9 % (0.23) - (43.49) (0.23)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 32.99 % 29.56 % 29.12 %
Q2 2015 32.56 % 30.41 % 28.73 %
Q3 2015 31.04 % 29.51 % 29.19 %
Q4 2015 32.95 % 29.33 % 29.05 %
Q1 2016 36.03 % 32.29 % 27.71 %
Q2 2016 35.98 % 31.76 % 27.67 %
Q3 2016 36.04 % 31.48 % 26.69 %
Q4 2016 33.90 % 29.16 % 25.15 %
Q1 2017 33.15 % 27.84 % 24.16 %
Q2 2017 33.35 % 25.45 % 21.69 %
Q3 2017 33.01 % 24.68 % 20.77 %
Q4 2017 33.82 % 23.73 % 19.40 %
Q1 2018 32.48 % 22.47 % 17.67 %
Q2 2018 30.24 % 22.34 % 17.30 %
Q3 2018 27.82 % 19.65 % 14.65 %
Q4 2018 26.80 % 20.04 % 14.43 %
Q1 2019 26.63 % 20.94 % 14.40 %
Q2 2019 26.95 % 22.05 % 14.91 %
Q3 2019 28.13 % 24.05 % 16.10 %
Q4 2019 27.03 % 24.48 % 16.67 %
Q1 2020 25.40 % 20.57 % 10.96 %
Q2 2020 15.51 % 9.62 % (2.83 %)
Q3 2020 6.33 % (2.08 %) (17.47 %)
Q4 2020 (1.65 %) (19.52 %) (36.29 %)
Q1 2021 (6.31 %) (23.33 %) (37.70 %)
Q2 2021 5.14 % (9.85 %) (22.93 %)
Q3 2021 9.03 % (5.00 %) (17.80 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 - - - -
Q2 2012 - - - -
Q3 2012 - - - -
Q4 2012 - - - -
Q1 2013 - - - -
Q2 2013 - - - -
Q3 2013 - - - -
Q4 2013 - - - -
Q1 2014 - - - -
Q2 2014 188.00 - - 12.63
Q3 2014 188.00 - - 12.96
Q4 2014 188.00 - - 13.22
Q1 2015 188.00 3.23 3.63 13.20
Q2 2015 188.00 3.35 3.75 14.13
Q3 2015 188.00 3.30 3.87 15.02
Q4 2015 188.00 3.30 3.93 14.38
Q1 2016 188.00 3.74 3.84 14.51
Q2 2016 188.00 3.85 3.95 14.90
Q3 2016 188.00 3.99 3.93 15.28
Q4 2016 188.00 3.65 3.65 15.83
Q1 2017 188.00 3.45 3.45 15.36
Q2 2017 188.00 3.06 3.06 15.36
Q3 2017 188.00 2.88 2.88 15.56
Q4 2017 188.00 2.67 2.67 15.28
Q1 2018 188.00 2.41 2.41 15.84
Q2 2018 188.00 2.36 2.36 15.79
Q3 2018 188.00 2.00 2.00 14.99
Q4 2018 188.00 1.96 1.96 15.30
Q1 2019 188.00 1.95 1.95 15.78
Q2 2019 188.00 2.01 2.01 15.64
Q3 2019 188.00 2.15 2.15 15.28
Q4 2019 188.00 2.25 2.25 15.67
Q1 2020 188.00 1.42 1.42 15.40
Q2 2020 188.00 (0.29) (0.29) 14.34
Q3 2020 188.00 (1.39) (1.39) 13.88
Q4 2020 188.00 (2.42) (2.42) 13.29
Q1 2021 188.00 (2.23) (2.23) 13.20
Q2 2021 188.00 (1.67) (1.67) 12.71
Q3 2021 188.00 (1.44) (1.44) 12.48

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 21.78 19.44 5.17
Q3 2015 18.59 15.85 4.08
Q4 2015 13.70 11.53 3.15
Q1 2016 10.90 10.61 2.81
Q2 2016 12.55 12.23 3.24
Q3 2016 10.15 10.32 2.65
Q4 2016 18.14 18.14 4.18
Q1 2017 14.87 14.87 3.34
Q2 2017 14.71 14.71 2.93
Q3 2017 15.01 15.01 2.78
Q4 2017 14.74 14.74 2.57
Q1 2018 15.28 15.28 2.32
Q2 2018 15.30 15.30 2.29
Q3 2018 17.59 17.59 2.35
Q4 2018 15.77 15.77 2.02
Q1 2019 14.95 14.95 1.84
Q2 2019 14.36 14.36 1.84
Q3 2019 15.29 15.29 2.15
Q4 2019 15.59 15.59 2.24
Q1 2020 16.11 16.11 1.49
Q2 2020 NEG NEG 1.96
Q3 2020 NEG NEG 2.20
Q4 2020 NEG NEG 2.41
Q1 2021 NEG NEG 2.45
Q2 2021 NEG NEG 2.85
Q3 2021 NEG NEG 2.93

Business Segments (Million)

Compared With The
Period Rendering of services Sales of goods
Q1 2021 370.18 2.78
Q2 2021 371.27 3.55
Q3 2021 416.58 4.11

Analysts Estimates (Million)

Item Q3 2021 (e) Q3 2021 (a) Change‬
Average (44.75) (43.49) 2.82 %

Estimates vs Actual (Million)

Item Q3 2021 (e) Q3 2021 (a) Change
SNB Capital (58.00) (43.49) 25.0 %
AlJazira Capital (31.50) (43.49) (38.1) %

Current
Market Cap (M Riyal) 9,080.40
Enterprise Value (EV) (M) 8,428.23
Shares Outstanding ((M)) 188.00
EPS ( Riyal) (TTM) 1.56
Book Value (BV) ( Riyal) 12.65
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 32.04
P/E (TTM) 31.00
Price/book 3.82
Return on Average Assets (%) (TTM) 6.9
Return on Average Equity (%) (TTM) 12.7

Share Price

48.55
0.25 0.52 %

Saudi Ground Services Co. (SGS)


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