Saudi Ground Services earns SAR 149.9 mln in 9M 2023, SAR 59.9 mln in Q3

05/11/2023 Argaam Exclusive

Saudi Ground Services Co. (SGS) swung to a net profit of SAR 149.9 million in the first nine months of 2023, against a net loss of SAR 136.7 million in the prior-year period.  

 

It also turned a profit of SAR 59.9 million in Q3 2023 from a net loss of SAR 50.8 million in Q3 2022.  



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 1,475.60 1,837.06 24.5 %
Gross Income 136.74 322.23 135.7 %
Operating Income (66.80) 132.68 298.6 %
Net Income (136.72) 149.85 209.6 %
Average Shares 188.00 188.00 -
EPS (Riyals) (0.73) 0.80 209.6 %

The ground handling services provider cited a year-on-year (YoY) increase of 24%, or SAR 361.5 million, in revenues driven by better air traffic.

 

Gross profit also surged 136% YoY. The company’s share of profits from equity accounted investment and income from term deposits increased by SAR 20.1 million and SAR 31.3 million, respectively. Meanwhile, administrative expenses and Zakat provisions decreased YoY.

 

By contrast, the cost of revenues increased by 13%, or SAR 176 million, YoY due to the company’s initiatives to boost productivity and rationalize expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 555.09 646.72 16.5 %
Gross Income 43.98 119.47 171.7 %
Operating Income (25.70) 52.74 305.2 %
Net Income (50.85) 59.88 217.7 %
Average Shares 188.00 188.00 -
EPS (Riyals) (0.27) 0.32 217.7 %

It also turned a profit of SAR 59.9 million in Q3 2023 from a net loss of SAR 50.8 million in Q3 2022, thanks to a 17% rise YoY in revenues amid better air traffic. Gross profit also saw a YoY spike of 172%. Income from term deposits grew by SAR 9.1 million.

 

Meanwhile, SGS recorded a decrease in administrative expenses and Zakat provision by SAR 4.5 million and SAR 13.7 million, respectively, compared to the same period of the previous year.

 

SGS bottom line jumped 19.9% quarter-on-quarter (QoQ) from SAR 49.9 million, thanks to 3% revenue growth.

 

Total shareholders’ equity, no minority interest, increased to SAR 2.25 billion as of Sept. 30, 2023, from SAR 2.12 billion in the year-earlier period.

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Share Price

Saudi Ground Services Co.
48.30
(0.30) (0.62 %)

Saudi Ground Services Co. (SGS)

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Financial Ratios
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
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q4 2021 439.46 23.2 % 69.59 467.5 % (71.45) 30.8 %
Q1 2022 424.80 13.9 % 43.73 (24.1 %) (22.79) (40.2 %)
Q2 2022 495.71 32.3 % 49.04 352.6 % (18.31) 71.3 %
Q3 2022 555.09 31.9 % 43.98 (22.8 %) (25.70) 19.7 %
Q4 2022 501.44 14.1 % 22.30 (68.0 %) (79.41) (11.1 %)
Q1 2023 563.87 32.7 % 100.65 130.2 % 35.77 257.0 %
Q2 2023 626.47 26.4 % 102.12 108.2 % 44.17 341.2 %
Q3 2023 646.72 16.5 % 119.47 171.7 % 52.74 305.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q4 2021 (101.07) 14.4 % (0.54) - (101.07) (0.54)
Q1 2022 (19.01) (13.9 %) (0.10) 24.23 (43.24) (0.23)
Q2 2022 (66.85) 28.2 % (0.36) - (66.85) (0.36)
Q3 2022 (50.85) (16.9 %) (0.27) - (50.85) (0.27)
Q4 2022 (107.77) (6.6 %) (0.57) 12.39 (120.16) (0.64)
Q1 2023 40.04 310.6 % 0.21 - 40.04 0.21
Q2 2023 49.93 174.7 % 0.27 - 49.93 0.27
Q3 2023 59.88 217.7 % 0.32 - 59.88 0.32

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2021 12.13 % (0.87 %) (15.82 %)
Q1 2022 10.91 % (1.23 %) (16.93 %)
Q2 2022 12.31 % 1.63 % (14.30 %)
Q3 2022 10.77 % 1.98 % (13.68 %)
Q4 2022 8.04 % 1.80 % (14.22 %)
Q1 2023 10.21 % 4.54 % (9.35 %)
Q2 2023 11.97 % 7.02 % (3.61 %)
Q3 2023 14.73 % 10.11 % 1.27 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2021 188.00 (1.35) (1.35) 12.05
Q1 2022 188.00 (1.37) (1.49) 11.95
Q2 2022 188.00 (1.23) (1.35) 11.59
Q3 2022 188.00 (1.26) (1.39) 11.32
Q4 2022 188.00 (1.30) (1.50) 11.18
Q1 2023 188.00 (0.99) (1.05) 11.39
Q2 2023 188.00 (0.37) (0.43) 11.66
Q3 2023 188.00 0.22 0.16 11.98

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2021 NEG NEG 2.45
Q1 2022 NEG NEG 2.81
Q2 2022 NEG NEG 2.28
Q3 2022 NEG NEG 2.28
Q4 2022 NEG NEG 1.95
Q1 2023 NEG NEG 1.97
Q2 2023 NEG NEG 2.95
Q3 2023 More than 100 More than 100 2.47

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
Q4 2021 435.80 3.66
Q1 2022 421.47 3.33
Q2 2022 491.00 4.71
Q3 2022 550.00 5.09
Q4 2022 497.12 4.32
Q1 2023 559.37 4.50
Q2 2023 620.92 5.55
Q3 2023 640.80 5.92

Analysts Estimates (Million)

Item Q3 2023 (e) Q3 2023 (a) Change‬
Average 53.60 59.88 11.71 %

Estimates vs Actual (Million)

Item Q3 2023 (e) Q3 2023 (a) Change
Sico 61.00 59.88 (1.8) %
AlJazira Capital 53.70 59.88 11.5 %
SNB Capital 46.10 59.88 29.9 %

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