Financial Results : Saudi Catering turns to profit of SAR 78.8 mln in H1 2022; Q2 at SAR 43.5 mln

Saudi Catering turns to profit of SAR 78.8 mln in H1 2022; Q2 at SAR 43.5 mln

09/08/2022 Argaam Exclusive

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Saudi Airlines Catering Co. (SACC) swung to a net profit after Zakat and tax of SAR 78.8 million in H1 2022, against a net loss of SAR 47.5 million in the year-earlier period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 513.36 808.05 57.4 %
Gross Income 105.46 215.96 104.8 %
Operating Income (24.35) 98.15 503.1 %
Net Income (47.46) 78.78 266.0 %
Average Shares 82.00 82.00 -
EPS (Riyals) (0.58) 0.96 266.0 %

The positive performance was spurred by improved sales coupled with an increase in flight operations. In addition, SACC cited a decrease of SAR 12.4 million year-on-year (YoY) in provisions for expected credit loss.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 257.10 413.45 60.8 %
Gross Income 53.76 112.90 110.0 %
Operating Income (8.46) 53.49 732.0 %
Net Income (17.44) 43.46 349.2 %
Average Shares 82.00 82.00 -
EPS (Riyals) (0.21) 0.53 349.2 %

In Q2 2022, the company turned to a net profit after Zakat and tax of SAR 43.5 million, versus a net loss of SAR 17.44 million a year earlier, backed by the gradual resumption of flight operations. This led to total comprehensive income of SAR 43.5 million in the second quarter of the year, against a total comprehensive loss of SAR 17.4 million in Q2 2021.

 

On a quarterly basis, net profit jumped by 23.2% from SAR 35.31 million, due to increase in business operations.

 

Total shareholders’ equity, after minority interest, increased to SAR 951.3 million as of June 30, 2022, from SAR 812.6 million in the prior-year period.

 

Accumulated losses amounted to SAR 114.7 million as of June 30, 2022, representing 14% of the company's capital.

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