24 Hrs
Source:
الاقتصادية
Ground services lose over 56M riyals in Q2
The Saudi Ground Services Company posted a financial loss of 56.6 million riyals in the second quarter of the year, compared to a profit of approximately 99 million riyals in the same period last year. This was due to a 7.8% decline in revenues, which dropped to 635.1 million riyals, as a result of ongoing reductions in operational activity since the end of the previous quarter. Additionally, its profits for the first half of the year fell by 98% to about 3.9 million riyals, down from 197 million riyals in the same period last year. Its revenues decreased by 3.88% to 1.3 billion riyals, despite last year's revenue increasing by 1.7%. The company was founded in 2008, provides services to airlines at 29 airports across Saudi Arabia, has a market value of 5.8 billion riyals, and Saudi Airlines owns 52.5% of its capital.
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