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.
| 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.
| 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 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 113.15 | 154.78 | 36.8 % |
| Gross Income | (40.67) | (26.76) | 34.2 % |
| Operating Income | (128.83) | (92.57) | 28.1 % |
| Net Income | (143.78) | (106.47) | 26.0 % |
| Average Shares | 82.00 | 82.00 | - |
| EPS (Riyals) | (1.75) | (1.30) | 26.0 % |
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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