Riyadh - Mubasher: Saudi Ground Services Company (SGS) moved to a net loss of SAR 454.295 million in 2020, versus a net profit of SAR 423.353 million in 2019.
The annual losses came in light of the temporary suspension of domestic and international commercial flights from mid-March 2020 as part of measures to curb the spread of Covid-19, according to a bourse filing on Sunday.
In addition, the pandemic indirectly impacted the equity accounted investment in Saudi Amad Airport Services Company, resulting in a loss of SAR 22.3 million this year.
Nonetheless, the company executed several initiatives to increase the efficiency of operation and reduce the pandemic impact on its profitability. These initiatives helped reduce the losses to SAR 446.7 million from an estimated SAR 1.027 billion.
Revenues came in at SAR 1.25 billion in 2020, down by 50.7% from SAR 2.5 billion in 2019.
