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.
| 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.
| 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.
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