The losses of the Saudi Ground Services Company (ground services) decreased by 52.9% in the second quarter of 2021
According to Arabiya Net, the company said in a statement that its losses amounted to 93.16 million riyals, compared to 197.87 million riyals during the same period last year.
The company explained that the reduction in losses came after revenues grew by more than 225% to reach 374.8 million riyals.
The main reason for this decline is due to the continuous recovery of operational operations, which directly affected revenues and indirectly affected reducing losses in accounts receivable by 3.9 million riyals, According to the company.
During the first half, the company reduced its losses by 56% to reach 109.9 million riyals, while revenues grew by 19.2% to 747.78 million riyals.
The main reason for reducing losses in the first half is the continuous recovery of operations, which indirectly contributed to reducing losses in accounts receivable by 49 million riyals.
Operating costs and administrative expenses increased by 29.3 million riyals and 15.6 million riyals, respectively, during that period, due to the increase in operating costs due to the decrease in the support provided by the Sand program .
The share of loss from investments accounted for using the equity method decreased by 7.8 million riyals, while the profit from investments at fair value through profit or loss increased and other income increased by 11.8 One million riyals and 4.6 million riyals, respectively, and financing costs increased by 10.7 million riyals as a result of withdrawals from the available bank facilities.
