Saudi Arabia

Saudi Ground Services: Q2 22 – Losses on lower margins despite sales growth

  • Revenues increased by 32.3% yoy (+16.7 qoq) to SAR496mn, higher than our estimates of SAR461mn.

  • Gross profit stood SAR52m, up 381% yoy (+9.6% qoq) vs a profit of SAR48mn in Q1 22.

  • Net non-opex stood at SAR56mn, higher than our estimates of SAR15mn.

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August 22nd, 2022
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