AUDI Ground Services Company (SGS) held the Ordinary General Assembly of the shareholders last May 18, chaired by Abdullah Bin Ibrahim Al Howaish, Chairman of the Board of Directors. It was held in the presence of members of the Board 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. "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," said Al Howaish in his speech at the meeting, "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. He noted that the company›s revenues in 2016 increased by 7.3% compared to 2015, reaching SR2,726 million with operating profit increasing by 11.58% compared to SR703 million in 2016. Net profit for 2016 was SR685 million. Al-Otaibi said "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 boosted the level of confidence among our customers and employees in our ability to develop and provide the best services, keeping in mind that we are the only ground handling services company providing aviation services everywhere in KSA throughout the year." SGS' board approved the distribution of SR0.65 cash dividend per share for the first quarter of 2017, representing 6.5% of the nominal value and totaling SR122.2 million.
