Saudi Catering narrows losses to SAR 47.5 mln in H1 2021

12/08/2021 Argaam Exclusive

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Saudi Airlines Catering Co. narrowed net loss after Zakat and tax to SAR 47.5 million in H1 2021, from SAR 128.2 million in the prior-year period.

The company attributed the decline in losses to lower cost of raw materials and lower account receivable provisions by SAR. 33.8 million.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	565.85	513.36	(9.3 %)
Gross Income	78.49	105.46	34.4 %
Operating Income	(94.28)	(24.35)	74.2 %
Net Income	(128.22)	(47.46)	63.0 %
Average Shares	82.00	82.00	-
EPS (Riyals)	(1.56)	(0.58)	63.0 %

The company reported a net loss after Zakat and tax of SAR 17.4 million for Q2 2021, compared to SAR 143.78 million in the same quarter last year.

On a sequential basis, the company narrowed its losses in Q2 2021 on higher sales and operating initiatives to cut operational costs.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	113.15	257.10	127.2 %
Gross Income	(40.67)	53.76	232.2 %
Operating Income	(128.83)	(8.46)	93.4 %
Net Income	(143.78)	(17.44)	87.9 %
Average Shares	82.00	82.00	-
EPS (Riyals)	(1.75)	(0.21)	87.9 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	256.26	257.10	0.3 %
Gross Income	51.70	53.76	4.0 %
Operating Income	(15.88)	(8.46)	46.7 %
Net Income	(30.02)	(17.44)	41.9 %
Average Shares	82.00	82.00	-
EPS (Riyals)	(0.37)	(0.21)	41.9 %

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