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Saudia subsidiary Saudi Ground Services’s (SGS) bottomline rebounded into black with a SAR 211.5 mn bottomline for 2023, up from a SAR 244.5 mn loss last year, according to a Tadawul disclosure. The company’s topline also rose 24.37% during the period to reach SAR 2.46 bn on the back of a boost in air traffic.
The story behind the numbers: The company attributed the boosted bottomline to the 24.37% surge in revenues as a result of increased productivity and reduced expenses, the statement said. Lower Zakat and administrative expenses coupled with higher returns from term deposits and mutual funds also contributed to the firm’s improved bottomline. The main drivers for topline growth were increased international air traffic and a greater number of Umrah visitors, the statement added.
About SGS: SGS was established by Saudia in a bid to consolidate ground handling services across the Kingdom, according to its website. The firm operates at 28 airports across KSA, with four main hubs at Riyadh, Jeddah, Dammam, and Medina.
