Saudi Catering 2022 profit spikes to SAR 257.1 mln; Q4 at SAR 107.1 mln

22/03/2023 Argaam Exclusive

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Saudi Airlines Catering Co. (Catering) reported a net profit surge to SAR 257.1 million for 2022, from SAR 14.1 million in 2021, thanks to an increase in commercial flights during the year. Revenue also leapt by 49.9%, or SAR 605.5 million, year-on-year (YoY).

Financials (M)

Item	2021	2022	Change‬
Revenues	1,212.51	1,818.01	49.9 %
Gross Income	331.85	516.32	55.6 %
Operating Income	57.62	258.26	348.2 %
Net Income	14.06	257.10	1729.3 %
Average Shares	82.00	82.00	-
EPS (Riyals)	0.17	3.14	1729.3 %

In Q4 2022, net profit more than doubled to SAR 107.1 million, from SAR 46.1 million in the prior-year period.

The fourth-quarter net profit rose by 50.3% from SAR 71.2 million in Q3 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	366.97	507.99	38.4 %
Gross Income	124.92	152.66	22.2 %
Operating Income	55.11	78.17	41.9 %
Net Income	46.15	107.08	132.0 %
Average Shares	82.00	82.00	-
EPS (Riyals)	0.56	1.31	132.0 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	501.96	507.99	1.2 %
Gross Income	147.70	152.66	3.4 %
Operating Income	81.94	78.17	(4.6 %)
Net Income	71.25	107.08	50.3 %
Average Shares	82.00	82.00	-
EPS (Riyals)	0.87	1.31	50.3 %

Shareholders’ equity, no minority interest, rose to SAR 1.11 billion as of Dec. 31 2022, from SAR 872.51 million a year earlier.

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