SGS 9M 2024 profit up 54% to SAR 231.3M; Q3 at SAR 81.7M

SGS 9M 2024 profit up 54% to SAR 231.3M; Q3 at SAR 81.7M

06/11/2024 Argaam Exclusive

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Saudi Ground Services Co. (SGS) reported a net profit rise of 54% to SAR 231.3 million in the first nine months of 2024, from SAR 149.9 million in the prior-year period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 1,837.06 2,008.36 9.3 %
Gross Income 322.23 406.25 26.1 %
Operating Income 132.68 169.81 28.0 %
Net Income 149.85 231.27 54.3 %
Average Shares 188.00 188.00 -
EPS (Riyals) 0.80 1.23 54.3 %
SGS recorded a 9.3% rise year-on-year (YoY) in revenue for the current period to SAR 2 billion. The revenue growth was driven by an increase in both domestic and international flight operations, including an increase in Hajj and Umrah pilgrims.
 
Other income also doubled on an annual basis, with financing costs declining by SAR 17.4 million compared to 9M 2023.
 
On the other hand, SGS reported an increase in impairment losses on trade and other receivables by SAR 38.2 million compared to the same period of the last year.


Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 646.72 668.65 3.4 %
Gross Income 119.47 140.94 18.0 %
Operating Income 52.74 54.07 2.5 %
Net Income 59.88 81.68 36.4 %
Average Shares 188.00 188.00 -
EPS (Riyals) 0.32 0.43 36.4 %

In Q3 2024, SGS net profit jumped 36% to SAR 81.7 million, from SAR 59.8 million in the prior-year period as revenue rose 3.4% YoY to SAR 668.6 billion due to an increase in both domestic and international flight operations, including an increase in Hajj and Umrah pilgrims.

 

The cost of sales declined 1% YoY, leading gross profits to jump 18%.

 

Net earnings grew by 4.1% quarter-on-quarter (QoQ) from SAR 78.4 million in Q2 2024, thanks to a 2.8% QoQ decline in the cost of sales. Other income climbed 71.3% QoQ.

 

Total shareholders’ equity, no minority interest, increased to SAR 2.37 billion as of Sept. 30, 2024, from SAR 2.25 million a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q4 2023 621.83 24.0 % 86.78 289.2 % 43.35 154.6 %
Q1 2024 653.20 15.8 % 121.43 20.7 % 55.08 54.0 %
Q2 2024 686.51 9.6 % 143.88 40.9 % 60.66 37.3 %
Q3 2024 668.65 3.4 % 140.94 18.0 % 54.07 2.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2023 61.63 157.2 % 0.33 9.50 52.13 0.28
Q1 2024 71.16 77.7 % 0.38 - 71.16 0.38
Q2 2024 78.43 57.1 % 0.42 - 78.43 0.42
Q3 2024 81.68 36.4 % 0.43 - 81.68 0.43

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2023 16.63 % 14.58 % 8.21 %
Q1 2024 16.87 % 14.91 % 9.15 %
Q2 2024 18.08 % 15.21 % 10.03 %
Q3 2024 18.75 % 15.07 % 10.77 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2023 188.00 1.12 1.07 12.40
Q1 2024 188.00 1.29 1.24 12.78
Q2 2024 188.00 1.44 1.39 13.20
Q3 2024 188.00 1.56 1.51 12.65

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2023 32.14 33.65 2.91
Q1 2024 40.14 41.78 4.05
Q2 2024 36.20 37.51 3.96
Q3 2024 33.18 34.30 4.09

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
Q4 2023 616.46 5.37
Q1 2024 647.32 5.88
Q2 2024 679.05 7.46
Q3 2024 660.57 8.08

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average 86.23 81.68 (5.3 %)

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
AlJazira Capital 81.30 81.68 0.5 %
United Securities Company 85.00 81.68 (3.9) %
SNB Capital 88.20 81.68 (7.4) %
Sico 90.40 81.68 (9.6) %


Financial Ratios
Current
Market Cap (M Riyal) 9,400.00
Enterprise Value (EV) (M) 8,747.83
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) 33.17
P/E (TTM) 32.09
Price/book 3.95
Return on Average Assets (%) (TTM) 6.9
Return on Average Equity (%) (TTM) 12.7
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Share Price

Saudi Ground Services Co.
50.00
(0.50) (0.99 %)

Saudi Ground Services Co. (SGS)

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