Saudi Ground Services turns to losses of SAR 249.4 mln in H1 2020

05/08/2020 Argaam Exclusive

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Saudi Ground Services Co. reported a net loss after Zakat and tax of around SAR 249.4 million for the first half of 2020, compared to a net profit of SAR 227.9 million in the same period last year.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	1,257.09	627.26	(50.1 %)
Gross Income	367.45	(22.74)	(106.2 %)
Operating Income	230.88	(204.72)	(188.7 %)
Net Income	227.98	(249.41)	(209.4 %)
Average Shares	188.00	188.00	-
EPS (Riyals)	1.21	(1.33)	(209.4 %)

The losses were attributed to the suspension of flights following the precautionary measures to control the spread of COVID-19 except for evacuation flights and return of domestic air traffic early June which did not exceed 18% of the volume of operations before the pandemic. These events led to a direct impact on the company's operations as revenue fell by 50% to SAR 629.8 million, and impairment loss on trade receivables increased by SAR 45.1 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	648.02	115.09	(82.2 %)
Gross Income	194.30	(129.89)	(166.9 %)
Operating Income	125.11	(196.19)	(256.8 %)
Net Income	123.86	(197.87)	(259.8 %)
Average Shares	188.00	188.00	-
EPS (Riyals)	0.66	(1.05)	(259.8 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	512.17	115.09	(77.5 %)
Gross Income	107.16	(129.89)	(221.2 %)
Operating Income	(8.53)	(196.19)	(2,200.2 %)
Net Income	(51.54)	(197.87)	(283.9 %)
Average Shares	188.00	188.00	-
EPS (Riyals)	(0.27)	(1.05)	(283.9 %)

The company reported a net loss after Zakat and tax of SAR 197.9 million in Q2 2020, compared to a net profit of SAR 123.9 million in the year-earlier period, due to suspension of flights leading to an 83% drop in revenues.

On a sequential basis, Q2 net loss widened from SAR 51.5 million reported in Q1 2020.

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	1,790.60	-	757.11	-	555.01	-
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	2,007.12	12.1 %	833.23	10.1 %	604.59	8.9 %
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	2,143.85	6.8 %	835.22	0.2 %	625.51	3.5 %
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	-
2014	2,408.03	12.3 %	881.73	5.6 %	626.65	0.2 %
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 %
2015	2,540.51	5.5 %	837.18	(5.1 %)	595.63	(5.0 %)
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 %)
2016	2,726.67	7.3 %	924.24	10.4 %	675.42	13.4 %
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 %)
2017	2,585.53	(5.2 %)	874.44	(5.4 %)	492.02	(27.2 %)
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 %
2018	2,554.04	(1.2 %)	684.44	(21.7 %)	371.10	(24.6 %)
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 %
2019	2,539.76	(0.6 %)	686.50	0.3 %	415.86	12.1 %
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 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2010	-	-	-	-	-	-
2011	1,790.60	-	757.11	-	555.01	-
2012	2,007.12	12.1 %	833.23	10.1 %	604.59	8.9 %
2013	2,143.85	6.8 %	835.22	0.2 %	625.51	3.5 %
2014	2,408.03	12.3 %	881.73	5.6 %	626.65	0.2 %
2015	2,540.51	5.5 %	837.18	(5.1 %)	595.63	(5.0 %)
2016	2,726.67	7.3 %	924.24	10.4 %	675.42	13.4 %
2017	2,585.53	(5.2 %)	874.44	(5.4 %)	492.02	(27.2 %)
2018	2,554.04	(1.2 %)	684.44	(21.7 %)	371.10	(24.6 %)
2019	2,539.76	(0.6 %)	686.50	0.3 %	415.86	12.1 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	537.84	-	2.86	-	537.84	2.86
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	589.29	9.6 %	3.13	-	589.29	3.13
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	605.96	2.8 %	3.22	2.90	603.06	3.21
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
2014	656.98	8.4 %	3.49	22.23	634.75	3.38
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
2015	621.07	(5.5 %)	3.30	(117.04)	738.11	3.93
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
2016	685.77	10.4 %	3.65	-	685.77	3.65
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
2017	501.50	(26.9 %)	2.67	-	501.50	2.67
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
2018	368.43	(26.5 %)	1.96	-	368.43	1.96
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
2019	423.35	14.9 %	2.25	-	423.35	2.25
Q1 2020	(51.54)	(149.5 %)	(0.27)	-	(51.54)	(0.27)
Q2 2020	(197.87)	(259.8 %)	(1.05)	-	(197.87)	(1.05)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2010	-	-	-	-	-	-
2011	537.84	-	2.86	-	537.84	2.86
2012	589.29	9.6 %	3.13	-	589.29	3.13
2013	605.96	2.8 %	3.22	2.90	603.06	3.21
2014	656.98	8.4 %	3.49	22.23	634.75	3.38
2015	621.07	(5.5 %)	3.30	(117.04)	738.11	3.93
2016	685.77	10.4 %	3.65	-	685.77	3.65
2017	501.50	(26.9 %)	2.67	-	501.50	2.67
2018	368.43	(26.5 %)	1.96	-	368.43	1.96
2019	423.35	14.9 %	2.25	-	423.35	2.25

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	42.28 %	37.63 %	30.04 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	41.51 %	35.65 %	29.36 %
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	38.96 %	34.90 %	28.13 %
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	36.62 %	31.46 %	26.36 %
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 %
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 %
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 %
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 %
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 %
2019	27.03 %	24.48 %	16.67 %
Q1 2020	25.40 %	20.57 %	10.96 %
Q2 2020	15.51 %	9.62 %	(2.83 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2010	-	-	-
2011	42.28 %	37.63 %	30.04 %
2012	41.51 %	35.65 %	29.36 %
2013	38.96 %	34.90 %	28.13 %
2014	36.62 %	31.46 %	26.36 %
2015	32.95 %	29.33 %	29.05 %
2016	33.90 %	29.16 %	25.15 %
2017	33.82 %	23.73 %	19.40 %
2018	26.80 %	20.04 %	14.43 %
2019	27.03 %	24.48 %	16.67 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	39.68 %	31.36 %	30.30 %
Q3 2014	39.46 %	34.31 %	28.27 %
Q4 2014	28.86 %	32.11 %	24.40 %
Q1 2015	25.08 %	20.90 %	33.54 %
Q2 2015	36.71 %	34.43 %	28.53 %
Q3 2015	33.39 %	30.72 %	30.04 %
Q4 2015	36.53 %	31.21 %	24.21 %
Q1 2016	37.48 %	32.91 %	28.02 %
Q2 2016	36.43 %	32.14 %	28.28 %
Q3 2016	33.90 %	29.79 %	26.13 %
Q4 2016	26.95 %	20.76 %	17.14 %
Q1 2017	34.59 %	27.65 %	24.09 %
Q2 2017	37.40 %	22.72 %	18.55 %
Q3 2017	32.66 %	27.19 %	22.95 %
Q4 2017	30.32 %	16.43 %	10.94 %
Q1 2018	29.08 %	22.59 %	17.15 %
Q2 2018	28.71 %	22.22 %	17.08 %
Q3 2018	23.76 %	17.31 %	13.23 %
Q4 2018	25.84 %	18.08 %	9.86 %
Q1 2019	28.43 %	26.42 %	17.09 %
Q2 2019	29.98 %	26.56 %	19.11 %
Q3 2019	28.02 %	24.54 %	17.59 %
Q4 2019	21.29 %	20.19 %	12.54 %
Q1 2020	20.92 %	8.11 %	(10.06 %)
Q2 2020	(112.86 %)	(127.27 %)	(171.92 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2011	-	-	-	-
Q2 2011	-	-	-	-
Q3 2011	-	-	-	-
Q4 2011	-	-	-	-
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2010	-	-	-	-
2011	188.00	2.86	2.86	10.70
2012	188.00	3.13	3.13	12.51
2013	188.00	3.22	3.21	11.48
2014	188.00	3.49	3.38	13.22
2015	188.00	3.30	3.93	14.38
2016	188.00	3.65	3.65	15.83
2017	188.00	2.67	2.67	15.28
2018	188.00	1.96	1.96	15.30
2019	188.00	2.25	2.25	15.67

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
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

Period	P/E	Adjusted P/E	Price/book
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	13.70	11.53	3.15
2016	18.14	18.14	4.18
2017	14.74	14.74	2.57
2018	15.77	15.77	2.02
2019	15.59	15.59	2.24

Analysts Estimates (Million)

Item	Q2 2020 (e)	Q2 2020 (a)	Change‬
Average	(193.65)	(197.87)	(2.2 %)

Estimates vs Actual (Million)

Item	Q2 2020 (e)	Q2 2020 (a)	Change
OSOOL AND BAKHEET	(228.40)	(197.87)	13.4 %
AlJazira Capital	(158.90)	(197.87)	(24.5) %

Financial Ratios

	Current
Market Cap (M Riyal)	9,165.00
Enterprise Value (EV) (M)	8,512.83
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)	32.34
P/E (TTM)	31.29
Price/book	3.85
Return on Average Assets (%) (TTM)	6.9
Return on Average Equity (%) (TTM)	12.7

Saudi Ground Services Co. (SGS)

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Saudi Ground Services turns to losses of SAR 249.4 mln in H1 2020

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Ground Services Co. (SGS)

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Saudi Ground Services turns to losses of SAR 249.4 mln in H1 2020

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Ground Services Co. (SGS)

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