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Saudi Ground Services Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 (Nine Months)
Saudi Ground Services Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 (Nine Months)
| ELEMENT LIST | CURRENT QUARTER | SIMILAR QUARTER FOR PREVIOUS YEAR | %CHANGE | PREVIOUS QUARTER | % CHANGE |
|---|---|---|---|---|---|
| Sales/Revenue | 420,692 | 267,901 | 57.032 | 374,821 | 12.238 |
| Gross Profit (Loss) | 56,935 | -10,224 | – | 10,836 | 425.424 |
| Operational Profit (Loss) | -28,776 | -96,889 | -70.3 | -63,360 | -54.583 |
| Net Profit (Loss) after Zakat and Tax | -43,487 | -86,790 | -49.893 | -93,163 | -53.321 |
| Total Comprehensive Income | -43,487 | -86,790 | -49.893 | -93,163 | -53.321 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| ELEMENT LIST | CURRENT PERIOD | SIMILAR PERIOD FOR PREVIOUS YEAR | %CHANGE |
|---|---|---|---|
| Sales/Revenue | 1,168,469 | 895,165 | 30.531 |
| Gross Profit (Loss) | 125,392 | -32,960 | – |
| Operational Profit (Loss) | -103,901 | -301,201 | -65.504 |
| Net Profit (Loss) after Zakat and Tax | -153,342 | -336,202 | -54.389 |
| Total Comprehensive Income | -153,342 | -336,202 | -54.389 |
| Total Share Holders Equity (after Deducting Minority Equity) | 2,345,842 | 2,609,686 | -10.11 |
| Profit (Loss) per Share | -0.82 | -1.79 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| ELEMENT LIST | EXPLANATION |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | “The Company’s losses decreased by 49.9% compared to the same quarter of the previous year as the current quarter recorded a net loss of SAR 43.5 million in comparison to previous year same quarter net loss of SAR 86.8 million. The main reason for this decline is due to continuous recovery of the business operation which has directly impacted the revenue with an increase of SAR 152.8 millionThe operating costs have increased by SAR 85.6 million mainly due to suspension of Saned subsidization amounting to SAR 90 million during current quarter, the company has taken initiatives aimed at increasing operating efficiency and reducing the impact of the pandemic on profitability.
The finance cost increased by SAR 4.5 million due to the drawdown from bank facilities and zakat expenses have increased by SR 9.4 million compared to same quarter of the previous year. The Company also recorded a decrease in gain on FVTPL investment amounting to SAR 9.7 million.” |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | “The Company’s losses decreased by 53.3% mainly driven from recovery of flights, the current quarter recorded a net loss of SAR 43.5 million in comparison to previous quarter net loss of SAR 93.2 million. The main reason for this decline is due to continuous recovery of the business operation which has directly impacted the revenue by an increase of SAR 45.9 million.Despite the suspension of Saned subsidization amounting to SAR 8 million and increase in business operations in current quarter, the company has taken initiatives aimed at increasing operating efficiency and reducing the impact of the pandemic on profitability.
The Company recorded an increase in impairment loss and zakat expenses by SAR 13.8 million and SAR 10.1 million respectively compared to the previous quarter. The share of losses from equity accounted investments reduced by 14.2 million whilst gain on FVTPL investments increased by SAR 12 million. “ |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | “The Company’s losses decreased by 54.4% compared to the same period of the previous year as the current period recorded a net loss of SAR 153.3 million in comparison to previous year same period net loss of SAR 336.2 million. The main reason for this decline is due to the continuous recovery of the business operation has directly impacted the revenue by an increase of SAR 273.3 million and indirectly reduced the impairment loss by SAR 45 million.The operating costs have increased by SAR 115 million mainly due to significant reduction in Saned subsidization by SAR 112 million in the current period. Along with the improvement in the flights recovery, the company has taken initiatives aimed at increasing operating efficiency and reducing the impact of the pandemic on profitability.
The share of loss from equity accounted investment reduced by SAR 6.5 million whilst the other income and gain on FVTPL investment increased by SAR 7.7 million and SAR 2 million respectively. The finance cost increased by SAR 15.1 million due to the drawdown from bank facilities. “ |
| Statement of the type of external auditor’s report | Unmodified conclusion |
| Reclassification of Comparison Items | Certain comparative amounts have been reclassified to conform to the current period’s presentation. |
| Additional Information | “(1) With the outbreak of COVID-19 and the suspension of domestic and international commercial flights from mid March 2020, as a result of precautionary measures taken by the government, the company’s management has formed a Business Continuity Executive Committee, which developed a plan with different scenarios and several possibilities to reduce the impact of COVID-19 on the expected financial results and the associated cash flows. The committee has identified initiatives to optimize costs without affecting the company’s ability to ramp-up its operational capabilities with the gradual recovery from easing the precautionary measures taken by the official authorities to limit the spread of COVID-19.(2) Total revenue for the current quarter amounted to SAR 420.7 million compared to SAR 267.9 million for the same quarter of the previous year which is an increase of 57%. The net loss for the current quarter amounts to SAR 43.5 million compared to net loss of SAR 86.8 million for the same quarter last year which is a decrease of 49.9%. The net loss for the current period amounts to SAR 153.3 million compared to net loss of SAR 336.2 million for the same period last year which is a decrease of 54.4%.The net loss for the current quarter is SAR 43.5 million compared to net loss of SAR 93.2 million for the previous quarter which is a decrease of 53.3%. The comprehensive loss for the current quarter is SAR 43.5 million compared to comprehensive loss of SAR 86.8 million for the same quarter last year which is a decrease of 49.9%. The comprehensive loss for the current period amounts to SAR 153.3 million compared to comprehensive loss of SAR 336.2 million for the same period last year which is a decrease of 54.4%. The Company has no minority interest with total shareholders’ equity reaching to SAR 2,345.8 million for the current period compared to SAR 2,609.7 million for the same period last year which is a decrease of 10.1%.” |
Cooperation between SGS & Monshaat
Cooperation between the Saudi Ground Services Company and “Monshaat” in the field of aviation services
The Saudi Ground Services Company has signed a cooperation agreement with the General Authority for Small and Medium Enterprises (Monsha’at) to work on developing and allowing facilities to enter the field of aviation services and ground handling in a way that serves the aviation sector in general.
Under the agreement, Monsha’at will nominate qualified entrepreneurs according to the approved mechanisms, provide solutions to business challenges, and assist entrepreneurs by providing advice and guidance in all stages of developing their projects, while Saudi Ground Services will provide experts and knowledge resources for ground handling operations in all its fields. The current and future ones are entrusted with the tasks of directing and supporting the owners of emerging projects, and assisting in facilitating the entry of enterprises into the field of work by incubating projects under the umbrella of business development in the company, in addition to providing an appropriate work environment through the innovation center that will be established through this cooperation, while providing support What is required inside the center.
The CEO of the Saudi Ground Services Company, Raed Al-Idrisi, explained that the agreement includes initiatives that enable the development of the aviation sector and ground handling services, in addition to providing material and practical support and the necessary expertise from both parties to enable companies to implement their solutions on the ground.
Saudi Ground Services Co. Announces Calling Candidature for Board Members Elections
Saudi Ground Services Co. Announces Calling Candidature for Board Members Elections
Introduction:
Saudi Ground Services announces the opening of membership in the Board of Directors upcoming cycle, which will be for 3 years starting from 06th May 2022G until 05th May 2025G.
Every shareholder has the right to nominate himself or another person person/s for membership of the Board of Directors, in accordance with his ownership in the company’s capital and the regulations issued by the competent authorities. The nominee is requested to submit his nomination application during the specified period for nomination and in accordance with the conditions and controls mentioned above along with controls and forms attached here to.
The nomination process will be in accordance with the provisions of the Saudi Companies Law and its implementing regulations issued by the Ministry of Commerce and the Corporate Governance Regulations issued by the Capital Market Authority, in addition to the company’s bylaws and the company’s policies, standards and procedures for membership in the Board of Directors approved by the assembly general meeting.
Noting that, date of General Assembly Meeting will be announced later after obtaining approvals needed from the authorities.
Type of Assembly: New Session
Assembly Start Date: 2022-05-06 Corresponding to 1443-10-05
Assembly End Date: 2025-05-05 Corresponding to 1446-11-07
Number of members: 9
Application Start Date: 2021-11-01 Corresponding to 1443-03-26
Application End Date: 2021-12-31 Corresponding to 1443-05-27
Applications Submission Method: The nomination application, its attachments of below mentioned forms shall be sent during the specified nomination period attention to the secretary of the nomination and remuneration committee – Governance department through one of the following options:
1) By hand – delivered to company’s headquarters with a receipt conformation to be issued to the nominee by the company.
2) to send it by mail to the company head office at the following address Jeddah 21572, Saudi Arabia – King Abdulaziz Road, Al-Basateen Dist. At Al-Yasmeen Center.
3) to send it by email mdhaifallah@saudiags.com (with the original documents sent to company address)
for more information please call number 0126909999 EXT (8866) (8803)
Application Requirements:
Applicants for Board of Directors nomination must meet the following requirements:
1. Submit a letter signed by the candidate including the candidate CV, educational qualifications, work experience, contact numbers (landline and mobile), address and email the candidate.
2. Submit a copy of national identity card and family record.
3. Provide a statement of the companies in which the candidate previously held membership in their board of directors, the date of the membership, expiry date, and the legal form of the company.
4. Submit a statement of the companies which he is still a member of their boards of directors with statement of the date of membership and the legal form of the company, knowing that the candidate cannot participate in the membership of the board of directors of more than five joint stock companies listed in the financial market at one time.
5. Submitting a statement of the companies or institutions that the nominated member participates in managing or owning.
6. Disclosing any case of conflict of interest that includes the existence of any direct or indirect interest in the business and contracts made for the account of the company or his participation in a business that would compete with the company, or its competition in one of the branches of the activity that it is engaged in.
7. Fill out candidacy forms issued by the capital market authority no (3) and no (1) for the CV (attached) and submit it to the candidacy application in the two formats (words – pdf), which can be obtained through website of the capital market authority (https://cma.org.sa/RulesRegulations/FormsSite/Pages/default.aspx ).
8. If the candidate has previously served as a member of the board of directors of Saudi ground services company, must attach with the candidacy application a statement from the general secretariat of the company`s board of directors, if it includes:
a. The number of board meetings held during the last term in which he became a member of the board, the number of meetings he attended in person, and the percentage of his attendance compared to the total meeting held.
b. Committees in which the member participated, the number of meetings held by each of those committees during each year of the session, the number of meetings he attended, and the percentage of his attendance compared to the total meetings held.
c. Summary of the financial results achieved by the company during each year of the term.
voting in the General Assembly for the new session of the Board is limited to candidates who meet the term, condition and the clarified criteria set forth in this announcement. The Nominations and Remunerations Committee will consider the differentiation between candidates based on educational qualifications, practical experience and familiarity with the company’s activity.
Candidate Conditions:
Attached Documents:
Application for Membership of the Board of Directors of the Saudi Ground Services
