Saudi marketUpdated November 5

Saudi Ground Services posts a Q3 loss.

Last year's third quarter brought Saudi Ground Services a net profit of 101.5 million riyals. This year's Q3 came in at a net loss of 32.5 million riyals. The company said lower operating activity was the main reason revenue declined. Excluding a nonrecurring 32.8 million riyal impairment charge on intangible customer-relationship assets, the company reported adjusted Q3 net profit of 0.3 million riyals. That leaves the adjusted quarter close to break-even, even as the reported result is a loss. For the first nine months, the company reported a 28.6 million riyal net loss, compared with a 298.5 million riyal profit in the same period last year.

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Coverage started November 5