CATRION 9M 2024 net profit up to SAR 254M; Q3 at SAR 109.6M

CATRION Catering Holding Co. reported a net profit of SAR 254 million for the first nine months of 2024, up 19.1% from SAR 213.21 million in the year-earlier period.

The profit increase during this period was due to a 7.6% revenue growth in the nine months ending Sept. 30, 2024, reaching SAR 1.70 billion compared to SAR 1.58 million. This rise mainly reflects stronger performance in airline catering and executive lounges.

Improved collection of aged customer balances positively impacted the expected credit loss provision, along with recent Zakat regulation updates, which boosted overall profitability.

Q3 2024 net profit stood at SAR 109 million, an increase from SAR 92.35 million in the third quarter last year. The third-quarter profit growth was dented by a 3.8% YoY revenue rise, reaching SAR 587.2 million, mainly from airline catering and executive lounges, along with One-off gains from improved collections and Zakat updates.

On a sequential basis, net earnings rose 49.8% from SAR 73.18 million in Q2 2024. This came as revenues advanced by 4% quarter-on-quarter (QoQ) to SAR 587.21 million, driven by airline catering and lounges growth and additional one-off gains from collections and Zakat updates.

Total shareholders’ equity (no minority interest) advanced to SAR 1.35 billion by Sept. 30, 2024, compared to SAR 1.21 billion a year earlier.

View More Financial Results