Catering profit up 53% to SAR 120.9 mln in H1 2023; Q2 at SAR 63.7 mln

02/08/2023 Argaam Exclusive

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Saudi Airlines Catering Co.’s net profit rose 53% to SAR 120.9 million in H1 2023 from SAR 78.8 million in H1 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	808.05	1,018.66	26.1 %
Gross Income	215.96	267.53	23.9 %
Operating Income	98.15	128.04	30.5 %
Net Income	78.78	120.86	53.4 %
Average Shares	82.00	82.00	-
EPS (Riyals)	0.96	1.47	53.4 %

The profit increase was driven by improved sales, increased in-flight operations and higher non-aviation business operations.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	413.45	497.08	20.2 %
Gross Income	112.90	124.89	10.6 %
Operating Income	53.49	65.76	22.9 %
Net Income	43.46	63.73	46.6 %
Average Shares	82.00	82.00	-
EPS (Riyals)	0.53	0.78	46.6 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	521.58	497.08	(4.7 %)
Gross Income	142.65	124.89	(12.5 %)
Operating Income	62.28	65.76	5.6 %
Net Income	57.13	63.73	11.6 %
Average Shares	82.00	82.00	-
EPS (Riyals)	0.70	0.78	11.6 %

In Q2 2023, the company’s net profit grew by 46% to SAR 63.7 million from SAR 43.5 million in the prior-year period on a higher number of flights and growth in customer operations from non-aviation catering segments, resulting in an increase of revenue by 20.2% to SAR 83.7 million).

Sequentially, net profit jumped 11.5% from SAR 57.13 million in Q1 2023.

Total shareholders’ equity, no minority interest, rose to SAR 1.2 billion as of June 30, 2023, from SAR 951.3 million in the earlier-year period.

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