Saudi Airlines Catering Co. swung to a net profit after Zakat and tax of SAR 14.1 million in 2021, versus a loss of SAR 334.7 million in the previous year.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 926.57 | 1,212.51 | 30.9 % |
| Gross Income | 42.23 | 331.85 | 685.7 % |
| Operating Income | (251.30) | 57.62 | 122.9 % |
| Net Income | (334.69) | 14.06 | 104.2 % |
| Average Shares | 82.00 | 82.00 | - |
| EPS (Riyals) | (4.08) | 0.17 | 104.2 % |
The improvement in earnings came on the back of improved sales and the resumption of commercial flights, which led to a direct impact on the company's operations with a 31% increase in revenue year-on-year (YoY).
Saudi Catering also continues to implement various initiatives to improve operational efficiency and optimize costs.
The company posted a net profit after Zakat and tax of SAR 46.2 million in Q4 2021, compared to a loss of SAR 100 million in the previous-year period.
On a sequential basis, the net profit more than tripled from SAR 15.37 million in Q3 2021.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 205.95 | 366.97 | 78.2 % |
| Gross Income | (9.50) | 124.92 | 1415.7 % |
| Operating Income | (64.44) | 55.11 | 185.5 % |
| Net Income | (100.00) | 46.15 | 146.1 % |
| Average Shares | 82.00 | 82.00 | - |
| EPS (Riyals) | (1.22) | 0.56 | 146.1 % |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 332.18 | 366.97 | 10.5 % |
| Gross Income | 101.46 | 124.92 | 23.1 % |
| Operating Income | 26.86 | 55.11 | 105.1 % |
| Net Income | 15.37 | 46.15 | 200.3 % |
| Average Shares | 82.00 | 82.00 | - |
| EPS (Riyals) | 0.19 | 0.56 | 200.3 % |
Shareholders’ equity, after minority interest, increased to SAR 872.5 million in 2021 from SAR 860.1 million a year earlier.
Accumulated losses amounted to SAR 196.5 million at the end of 2021, representing 23.6% of the company's capital.
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