Saudi Airlines Catering swings to $40mln profits in 9M-22; accumulated losses unveiled

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Riyadh – Saudi Airlines Catering Company shifted to net profits after Zakat and tax worth SAR 150 million in the first nine months (9M) of 2022, versus net losses of SAR 32.10 million in 9M-21.

The revenues amounted to SAR 1.31 billion in 9M-22, an annual jump of 54.94% from SAR 845.50 million, according to the interim income statements.

During January-September 2022, the earnings per share (EPS) stood at SAR 1.83, against a loss per share worth SAR 0.39 in the year-ago period.

Additionally, the accumulated losses totalled SAR 43 million as of 30 September 2022, representing 5.30% of the SAR 820 million capital.

In the third quarter (Q3) of 2022, the Tadawul-listed firm reported a 362.34% year-on-year (YoY) hike in net profit after Zakat and tax to SAR 71.20 million, compared to SAR 15.40 million.

Revenues enlarged by 51.11% YoY to SAR 502 million in Q3-22 from SAR 332.20 million.

On a quarterly basis, the Q3-22 gains widened by 63.68% from SAR 43.50 million in Q2-22, while the revenues increased by 21.43% from SAR 413.40 million.

In the first half (H1) of 2022, Saudi Airlines Catering turned profitable at SAR 78.80 million, against net losses after Zakat and tax valued at SAR 47.50 million in H1-21.