Latest news with #SaudiGroundServices
Zawya
21-05-2025
- Business
- Zawya
Saudi Ground Services obtains $80mln loan from Banque Saudi Fransi
Riyadh: Saudi Ground Services Company inked a sharia-compliant bank facility agreement worth SAR 300 million with Banque Saudi Fransi on 15 May 2025, according to a bourse disclosure. The loan is valid until 30 April 2026, which is subject to a one-year renewal. It is secured by a promissory note. The company will use the funding to anchor its liquidity position and boost its working capital requirements when needed. In the three-month period that ended on 31 March 2025, Saudi Ground Services recorded 37.18% higher net profits at SAR 97.62 million, compared to SAR 71.16 million in Q1-24. Meanwhile, Banque Saudi Fransi logged net profits amounting to SAR 1.33 billion in the first quarter (Q1) of 2025, an annual rise of 16.34% from SAR 1.15 billion.
Zawya
19-05-2025
- Business
- Zawya
Saudi Ground Services secures $146.66mln shariah-complaint facility
Saudi Ground Services Company has signed a shariah-compliant bank facility agreement with the Banque Saudi Fransi (BSF) of up to 300 million riyals ($80 million). The facility, which is available to be drawn up to April 30, 2025, will be used to support working capital requirements. The company is a Saudi-based provider of ground-handling services in commercial airports and is majority owned by Saudia. (Writing by Brinda Darasha; editing by Seban Scaria)
Argaam
19-05-2025
- Business
- Argaam
SGS secures bank facilities with SNB, BSF up to SAR 850M
Saudi Ground Services Co. (SGS) signed two Shariah-compliant bank facilities agreements with Saudi National Bank (SNB) and Banque Saudi Fransi (BSF) up to SAR 550 million and SAR 300 million, respectively. The funds can be drawn when needed, SGS said in a statement to Tadawul. SNB facility was secured on May 11 and is valid until Dec. 31, 2027. Financing from BSF was issued on May 15 and will be available until April 30, 2026 (extendable for one year). SNB credit is aimed at supporting liquidity position to fund working capital requirements when needed, up to SAR 450 million. The non-funded part of SAR 100 million covers the contractual agreements for the company. Both deals are intended to provide a flexible source of funding for the working capital requirement when needed, which in turn will help achieving the balanced liquidity policy that the company has developed as one of the precautionary measures to support the liquidity position. The agreements would assist with financing the working capital requirements if needed while continuing with the expansion and growth strategic initiatives to grow the company and elevate the quality of services. The deals reflect the quality of the company's credit rating and the banking confidence in the company's capabilities and financial position, along with the strength of the ground services industry in the Kingdom. To achieve the optimum utilization of the agreements and to avoid unnecessary cost, the company will review the working capital requirements on a monthly basis and will drawdown only when needed, the statements added.
Zawya
13-05-2025
- Business
- Zawya
Saudi Ground Services sees 37% growth in Q1-25 net profit
Riyadh - Saudi Ground Services Company generated net profits worth SAR 97.62 million in the first quarter (Q1) of 2025, marking a 37.18% rise from SAR 71.16 million in Q1-24. The revenues increased by 2.80% year-on-year (YoY) to SAR 671.49 million as of 31 March 2025 from SAR 653.19 million, according to the income statements. The earnings per share (EPS) grew to SAR 0.52 in the first three months (3M) of 2025 from SAR 0.38 in Q1-24. Meanwhile, on a quarterly basis, the Q1-25 net profits increased by 1.94% from SAR 95.76 million in Q4-24, while the revenues went down by 0.59% from SAR 675.48 million. In 2024, Saudi Ground Services logged 54.64% higher net profit at SAR 327.03 million, compared with SAR 211.47 million in 2023. Source: Mubasher
CairoScene
16-03-2025
- Business
- CairoScene
Saudi Ground Services Introduces Kingdom's First AI Employee
The AI-powered digital employee is expected to save 10,000 working hours annually. Saudi Ground Services (SGS) has launched Saudi Arabia's first fully AI-powered digital employee, marking a major step in the Kingdom's digital transformation efforts in aviation services. The virtual assistant, named SGS GPT, was introduced by Saudi Ground Services CEO Mohammed bin Abdulkarim Mazi at a ceremony attended by key officials, including General Authority of Civil Aviation President Abdulaziz bin Abdullah Al-Duailej. The AI system is designed to streamline operations by automating routine administrative tasks such as attendance tracking, report generation, and data analysis. It is expected to save approximately 10,000 working hours annually, improving efficiency and real-time decision-making across SGS's operations. SGS GPT will operate in both Arabic and English and is part of the company's broader push to enhance digital capabilities and automation in aviation services. The AI system is hosted on local servers in Saudi Arabia, ensuring data security and compliance with national regulations.
