Financial Results : Saudi Catering turns to net loss of SAR 234.7 mln in 9M 2020

Saudi Catering turns to net loss of SAR 234.7 mln in 9M 2020

04/11/2020 Argaam Exclusive

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Saudi Airlines Catering Co. turned to a net loss after Zakat and tax of SAR 234.7 million in the first nine months of 2020, compared to a net profit of SAR 362.6 million in the same period a year earlier.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 1,651.40 720.63 (56.4 %)
Gross Income 614.80 51.73 (91.6 %)
Operating Income 434.03 (186.85) (143.1 %)
Net Income 362.61 (234.69) (164.7 %)
Average Shares 82.00 82.00 -
EPS (Riyals) 4.42 (2.86) (164.7 %)

The company attributed the performance to decrease in sales by 56.4% due to disruption of business activities on COVID-19 even though the first two months of Q1 2020 had seen normal business operations.

 

Provision for doubtful debts against receivables increased by SAR 36.8 million while fixed cost remained the same.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 585.24 154.78 (73.6 %)
Gross Income 230.23 (26.76) (111.6 %)
Operating Income 166.85 (92.57) (155.5 %)
Net Income 142.02 (106.47) (175.0 %)
Average Shares 82.00 82.00 -
EPS (Riyals) 1.73 (1.30) (175.0 %)

The company also turned to losses in Q3 2020 to SAR 106.5 million on the disruption of business activities due to the COVID-19 pandemic outbreak, resulting in lower sales by 73.5%.

 

When compared to the previous quarter, Q3 net profit narrowed by 26% driven by effective control exercised and initiatives undertaken to reduce the general and administrative expenses by 25.4%.

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