Saudi Catering swings to SAR 14.1 mln profit in 2021, Q4 earnings at SAR 46.2 mln

23/03/2022 Argaam Exclusive

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Saudi Airlines Catering Co. swung to a net profit after Zakat and tax of SAR 14.1 million in 2021, versus a loss of SAR 334.7 million in the previous year.

Financials (M)

Item	2020	2021	Change‬
Revenues	926.57	1,212.51	30.9 %
Gross Income	42.23	331.85	685.7 %
Operating Income	(251.30)	57.62	122.9 %
Net Income	(334.69)	14.06	104.2 %
Average Shares	82.00	82.00	-
EPS (Riyals)	(4.08)	0.17	104.2 %

The improvement in earnings came on the back of improved sales and the resumption of commercial flights, which led to a direct impact on the company's operations with a 31% increase in revenue year-on-year (YoY).

Saudi Catering also continues to implement various initiatives to improve operational efficiency and optimize costs.

The company posted a net profit after Zakat and tax of SAR 46.2 million in Q4 2021, compared to a loss of SAR 100 million in the previous-year period.

On a sequential basis, the net profit more than tripled from SAR 15.37 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	205.95	366.97	78.2 %
Gross Income	(9.50)	124.92	1415.7 %
Operating Income	(64.44)	55.11	185.5 %
Net Income	(100.00)	46.15	146.1 %
Average Shares	82.00	82.00	-
EPS (Riyals)	(1.22)	0.56	146.1 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	332.18	366.97	10.5 %
Gross Income	101.46	124.92	23.1 %
Operating Income	26.86	55.11	105.1 %
Net Income	15.37	46.15	200.3 %
Average Shares	82.00	82.00	-
EPS (Riyals)	0.19	0.56	200.3 %

Shareholders’ equity, after minority interest, increased to SAR 872.5 million in 2021 from SAR 860.1 million a year earlier.

Accumulated losses amounted to SAR 196.5 million at the end of 2021, representing 23.6% of the company's capital.

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