Financial Results : Saudi Catering turns to SAR 30 mln net loss in Q1 2021

Saudi Catering turns to SAR 30 mln net loss in Q1 2021

05/05/2021 Argaam Exclusive

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Saudi Airlines Catering Co. (SACC) reported a net loss after Zakat and tax of SAR 30 million for the first quarter of 2021, against a net profit of SAR 15.6 million in the year-ago period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 452.70 256.26 (43.4 %)
Gross Income 119.16 51.70 (56.6 %)
Operating Income 34.54 (15.88) (146.0 %)
Net Income 15.56 (30.02) (293.0 %)
Average Shares 82.00 82.00 -
EPS (Riyals) 0.19 (0.37) (293.0 %)

The losses were attributed to the COVID-19 impact, namely the temporary suspension of international commercial flights from mid-March 2020, because of the precautionary measures adopted by the government. The temporary suspension of flights led to a direct impact on the company's operations, represented in a 43.4% year-on-year (YoY) decrease in revenue to SAR 256.3 million.

When compared to Q4 2020, the company narrowed its net loss after Zakat and tax by 70% from SAR 100 million,

 

Shareholders’ equity, excluding minority interest, dropped by 31.3% to SAR 830.1 million by the end of Q1 2021, compared to SAR 1.208 billion in the year-ago period.

 

The company’s accumulated losses by the end of March 2021 reached SAR 343.8 million, representing 41.92% of its capital.

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