Saudi Airlines Catering Co. (SACC) reported a 62% jump in Q1 2023 net profit to SAR 57.1 million, from SAR 35.3 million in the year-earlier period, thanks to improved sales from inflight, remote sites and railways catering services.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 394.61 | 521.58 | 32.2 % |
| Gross Income | 103.06 | 142.65 | 38.4 % |
| Operating Income | 44.66 | 62.28 | 39.5 % |
| Net Income | 35.31 | 57.13 | 61.8 % |
| Average Shares | 82.00 | 82.00 | - |
| EPS (Riyals) | 0.43 | 0.70 | 61.8 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 507.99 | 521.58 | 2.7 % |
| Gross Income | 152.66 | 142.65 | (6.6 %) |
| Operating Income | 78.17 | 62.28 | (20.3 %) |
| Net Income | 107.08 | 57.13 | (46.7 %) |
| Average Shares | 82.00 | 82.00 | - |
| EPS (Riyals) | 1.31 | 0.70 | (46.7 %) |
Further, the increase in number of flights and growth in customer’s trading from non-aviation catering segments led to a direct impact on the company's operations, driving revenue higher by 32.2% year-on-year (YoY) to SAR 127 million.
Compared to Q4 2022, the first-quarter net profit fell 46.7% from SAR 107.1 million, due to reversal of impairment of the company’s investment in an associate and termination of lease contracts concluded in Q4 2022. By contrast, SACC reported a rise in net revenue.
Shareholders’ equity, no minority interest, reached SAR 1.13 billion by March 31, 2023, compared to SAR 907.8 million in the year-earlier period.
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