SGS distributes dividends for Q1 2017

The Ordinary General Assembly of the shareholders of the Saudi Ground Services Company (SGS) was held on May 18. The meeting, chaired by Abdullah bin Ibrahim Al-Howaish, chairman of the board of directors, was held in the presence of the board members: Ayed Al-Jaeed, Attian Al-Hazmi, Mohammed bin Abdulaziz Al-Shaya, Mohammed bin Taweelah Al-Sulami and SGS CEO Qaid bin Khalaf Al-Otaibi, with the attendant shareholders, to discuss the items on the assembly agenda.
“During the fiscal year 2016, the company had successfully executed the set plan to strengthen its financial position and to turn into an investment company with distinct returns to the investors,” Al-Howaish said in his speech.
“Currently, the company is in the process of developing all departments and units, which will eventually benefit the company and help it to work hand in hand with its partners to achieve common interests,” he added.
Al-Howaish stated that the company’s revenues during 2016 increased by 7.3 percent compared to 2015, reaching SR2726 million ($726 million) with operating profit increasing by 11.58 percent compared to SR703 million in 2016. The net profit for 2016 was SR685 million.
SGS CEO Al-Otaibi said: “The year 2016 was successful for SGS, where we achieved a lot, and we are continuing on the same path for this year. Our strategy has enhanced the company’s capabilities and position in the ground services sector, which in turn has boosted the level of confidence among our customers and employees in our ability to develop and provide the best services. We are the only ground handling services company providing aviation services everywhere in Saudi Arabia throughout the year.”
SGS’ board approved the distribution of cash dividends for the first quarter of 2017, SR0.65 per share, representing 6.5 percent of the nominal value and totalling SR122.2 million.

Source: Arab News