Saudi Catering narrows 9M 2021 loss to SAR 32.1 mln

02/11/2021 Argaam Exclusive

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Saudi Airlines Catering Co. narrowed its net loss after Zakat and tax by 86.3% in the first nine months of 2021 to reach SAR 32.1 million, compared with SAR 234.7 million a year earlier.

The company attributed the decline in the nine-month loss to improved sales and lower cost of materials, in addition to the decrease in allowance for expected credit loss expense by SAR 33.2 million compared to the similar period of the previous year.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	720.63	845.54	17.3 %
Gross Income	51.73	206.92	300.0 %
Operating Income	(186.85)	2.52	101.3 %
Net Income	(234.69)	(32.09)	86.3 %
Average Shares	82.00	82.00	-
EPS (Riyals)	(2.86)	(0.39)	86.3 %

The Tadawul-listed firm posted a net profit after Zakat and tax of SAR 15.40 million in Q3 2021, against a net loss of SAR 106.47 million in Q3 2020, on improved sales and resumption of commercial flights during the period.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	154.78	332.18	114.6 %
Gross Income	(26.76)	101.46	479.1 %
Operating Income	(92.57)	26.86	129.0 %
Net Income	(106.47)	15.37	114.4 %
Average Shares	82.00	82.00	-
EPS (Riyals)	(1.30)	0.19	114.4 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	257.10	332.18	29.2 %
Gross Income	53.76	101.46	88.7 %
Operating Income	(8.46)	26.86	417.4 %
Net Income	(17.44)	15.37	188.1 %
Average Shares	82.00	82.00	-
EPS (Riyals)	(0.21)	0.19	188.1 %

On a subsequential basis, Saudi Catering swung from losses of SAR 17.4 million in Q2 2021.

Total shareholders' equity, after minority interest, reached SAR 828 million in the nine-month period, down 13.6% compared with SAR 958 million a year earlier.

Accumulated losses amounted to SAR 238 million, or 29% of the company's capital, at the end of the current period.

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