Financial Results : Saudi Catering Q1 2023 profit up 62% to SAR 57.1 mln

Saudi Catering Q1 2023 profit up 62% to SAR 57.1 mln

17/05/2023 Argaam Exclusive

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Saudi Airlines Catering Co. (SACC) reported a 62% jump in Q1 2023 net profit to SAR 57.1 million, from SAR 35.3 million in the year-earlier period, thanks to improved sales from inflight, remote sites and railways catering services.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 394.61 521.58 32.2 %
Gross Income 103.06 142.65 38.4 %
Operating Income 44.66 62.28 39.5 %
Net Income 35.31 57.13 61.8 %
Average Shares 82.00 82.00 -
EPS (Riyals) 0.43 0.70 61.8 %

Further, the increase in number of flights and growth in customer’s trading from non-aviation catering segments led to a direct impact on the company's operations, driving revenue higher by 32.2% year-on-year (YoY) to SAR 127 million.

 

Compared to Q4 2022, the first-quarter net profit fell 46.7% from SAR 107.1 million, due to reversal of impairment of the company’s investment in an associate and termination of lease contracts concluded in Q4 2022. By contrast, SACC reported a rise in net revenue.

 

Shareholders’ equity, no minority interest, reached SAR 1.13 billion by March 31, 2023, compared to SAR 907.8 million in the year-earlier period. 

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