Saudi Ground Services Co. reported a 36.4% rise in net profit for the third quarter of 2024, reaching 81.7 million riyals, compared to 59.8 million riyals in the same quarter last year. This follows the release of estimated financial results for the period ending September 30, 2024.
Operating profit rose to 74.8 million riyals, a 16.3% increase from 64.2 million riyals in the previous year. Earnings per share climbed to 1.23 riyals, up from 0.8 riyals in Q3 2023.
The company attributed its profit growth to a 3.4% revenue increase of SAR 21.9 million, accompanied by a less than 1% rise in the cost of revenue, thanks to productivity improvements and expense control measures. This led to an 18% gross profit rise of SAR 21.5 million. Despite this growth, administrative expenses and impairment losses on receivables rose by SAR 6.9 million and SAR 13.2 million, respectively, while other income saw a notable 79.5% increase of SAR 9 million.
