What was Saudi Ground Services' net profit in Q1 2026?

Net profit was SAR 60.45 million, down 38.1% from Q1 2025.

What was the company's revenue in Q1 2026?

Revenue was SAR 672.49 million, a marginal 0.15% increase YoY.

What was the EPS for Q1 2026?

EPS was SAR 0.32, down from SAR 0.52 in Q1 2025.

Does the company have accumulated losses?

No, the company reported no accumulated losses, with total shareholders' equity at SAR 2,626 million.

Saudi Ground Services Q1 2026 Net Profit Falls 38% to SAR 60.45M

Q: What caused the profit decline?

The decline was mainly due to a SAR 56.7 million increase in operating expenses to support Umrah season operations.

Saudi Ground Services Co. (4031) announced a net profit of SAR 60.45 million for the first quarter ended March 31, 2026, a 38% decline year-on-year, while revenue remained nearly flat at SAR 672.49 million.

Saudi Ground Services Co. (4031) reported its interim financial results for the three months ended March 31, 2026, posting a net profit of SAR 60.45 million, down 38.1% from the same period last year. Revenue remained nearly flat at SAR 672.49 million, a marginal 0.15% increase.

Key Financial Results

Metric	Q1 2026	Q1 2025	Change
Revenue	SAR 672.49M	SAR 671.50M	+0.15%
Net Profit	SAR 60.45M	SAR 97.60M	-38.1%
EPS	SAR 0.32	SAR 0.52	-38.5%

Highlights from the Statement

The company attributed the YoY profit decline to a SAR 56.7 million increase in operating expenses to support heightened operational requirements during the Umrah season, partially offset by a SAR 34.7 million decrease in Zakat expense due to reversal of prior year provisions and a SAR 4.1 million increase in other income.

Quarter-on-quarter, net profit fell 43.1% compared to Q4 2025, primarily driven by a SAR 40.9 million increase in operating expenses and a SAR 39.6 million decrease in share of results from equity-accounted investments, partially offset by a SAR 46.1 million decrease in impairment losses and an SAR 8.2 million reduction in Zakat expense.

Guidance

The company did not provide specific forward guidance.

Impact on Stock

No stock reaction was mentioned. The decline in earnings and EPS is likely to weigh on the stock price.

What This Means for Investors

The Q1 performance highlights the impact of seasonal operating costs associated with the Umrah season, which squeezed margins. While revenue held steady, higher expenses weighed on profitability. Investors may focus on the company's ability to manage costs and improve operational efficiency in coming quarters.