Saudi Catering says accumulated losses down to 19.3% of capital

Saudi Airlines Catering equipment

Saudi Airlines Catering Co. said that it narrowed its accumulated losses from 23.60% of capital as of Dec. 31, 2021, to 19.29% as of March 31, 2022, amounting to SAR 158.17 million of its SAR 820 million capital.

In a bourse statement, the company said that the gradual resumption of flights due to the easing of COVID-19 restrictions led to a direct impact on its operations, resulting in profitability and eventually reducing the accumulated loss to 19.3% of capital as of March 31, 2022.

Despite the recovery challenges from the pandemic, Saudi Catering continues to implement various initiatives to improve the operational efficiency and optimize the costs to increase its profitability, the statement added.

According to data compiled by Argaam, Saudi Catering swung to a net profit after Zakat and tax of SAR 35.3 million in Q1 2022, versus a loss of SAR 30 million in the previous year.