Saudi Catering swings to SAR 150 mln net profit in 9M 2022; Q3 at SAR 71.2 mln

08/11/2022 Argaam Exclusive

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Saudi Airlines Catering Co. (Catering) reported a net profit after Zakat and tax of SAR 150 million for the first nine months of 2022, versus a net loss after Zakat and tax of SAR 32.1 million in the year-earlier period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	845.54	1,310.01	54.9 %
Gross Income	206.92	363.66	75.7 %
Operating Income	2.52	180.09	7057.7 %
Net Income	(32.09)	150.02	567.5 %
Average Shares	82.00	82.00	-
EPS (Riyals)	(0.39)	1.83	567.5 %

This was fueled by improved sales and an increase in flights and other business operations.

Provisions for expected credit loss dropped by SAR 19.5 million as compared to the previous year.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	332.18	501.96	51.1 %
Gross Income	101.46	147.70	45.6 %
Operating Income	26.86	81.94	205.0 %
Net Income	15.37	71.25	363.7 %
Average Shares	82.00	82.00	-
EPS (Riyals)	0.19	0.87	363.7 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	413.45	501.96	21.4 %
Gross Income	112.90	147.70	30.8 %
Operating Income	53.49	81.94	53.2 %
Net Income	43.46	71.25	63.9 %
Average Shares	82.00	82.00	-
EPS (Riyals)	0.53	0.87	63.9 %

Q3 2022 net profit increased by more than four-fold year-on-year (YoY) to SAR 71.2 million, from 15.37 million, driven by a 51.1% YoY increase in revenue due to gradual resumption of flights and other business operations.

On a sequential basis, net profit jumped 63.8% from SAR 43.46 million in Q2 2022.

Total shareholders’ equity, excluding minority interest, reached SAR 1.022 billion as of Sept. 30, 2022, compared to SAR 828 million in a prior-year period.

Accumulated losses reached SAR 43.5 million, or 5.3% of capital, as of Sept. 30, 2022.

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