Saudi Ground Services turns to losses in 9M-26; revenues fall

SGS
4031 2.56% 19.23 0.48

Riyadh – Mubasher: The net losses of Saudi Ground Services Company (SGS) hit SAR 32.49 million for the third quarter (Q3) of 2026, compared to net profits of SAR 101.50 million in Q3-25.

The company attributed the reversal to a 14.35% decline in quarterly revenue, which fell to SAR 585.27 million from SAR 683.38 million.

The financial results were significantly impacted by a non-recurring impairment charge of SAR 32.80 million related to intangible assets and customer relationships.

Excluding this charge, the company stated its adjusted net profit would have been SAR 300,000. Operating performance was further pressured by a drop in operational volumes and a SAR 10.80 million increase in general and administrative expenses.

In the first nine months (9M) of 2026, the group reported a net loss of SAR 28.62 million, compared to a profit of SAR 298.50 million a year earlier.

Total revenue for the nine months reached SAR 1.89 billion, down from SAR 2.04 billion. Loss per share for the period stood at SAR 0.15.

Despite the losses, the company noted it maintained operational readiness to meet future demand, though operating expenses rose by SAR 130.50 million during the nine-month period.

Retained earnings decreased to SAR 493.50 million following a board-approved cash dividend distribution of SAR 188 million.

In the first half (H1) of 2026, Saudi Ground Services maintained a slim net profit of SAR 3.88 million, an annual plunge of 98.03% from SAR 197 million.

Source: Mubasher Source: {{details.article.source}}