Financial Results : Saudi Catering turns to loss of SAR 334.7 mln in 2020

Saudi Catering turns to loss of SAR 334.7 mln in 2020

22/03/2021 Argaam Exclusive

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Saudi Airlines Catering Co. turned to a net loss after Zakat and tax of SAR 334.7 million in 2020, compared to a net profit of SAR 463.9 million in 2019.



Financials (M)

Item 2019 2020 Change‬
Revenues 2,156.27 926.57 (57.0 %)
Gross Income 786.93 42.23 (94.6 %)
Operating Income 541.39 (251.30) (146.4 %)
Net Income 463.93 (334.69) (172.1 %)
Average Shares 82.00 82.00 -
EPS (Riyals) 5.66 (4.08) (172.1 %)

The company attributed the loss to the impact of COVID-19 and the temporary suspension of domestic and international commercial flights from mid-March 2020, as a result of precautionary measures taken by the government.

 

The temporary suspension of flights led to a direct impact on the company's operations with a decrease in revenue by 57.03%, amounting to SAR 1.229 billion.

 

The company recognized impairment losses of SAR 22.9 million.

 

The company also turned to a net loss after Zakat and tax of SAR 100 million for Q4 2020.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 504.87 205.95 (59.2 %)
Gross Income 172.13 (9.50) (105.5 %)
Operating Income 107.37 (64.44) (160.0 %)
Net Income 101.32 (100.00) (198.7 %)
Average Shares 82.00 82.00 -
EPS (Riyals) 1.24 (1.22) (198.7 %)

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