Saudi Airlines Catering Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 497.1 | 413.4 | 20.25 | 521.6 | -4.7 |
| Gross Profit (Loss) | 124.9 | 112.9 | 10.63 | 142.6 | -12.41 |
| Operational Profit (Loss) | 68.4 | 55.5 | 23.24 | 65.2 | 4.91 |
| Net Profit (Loss) after Zakat and Tax | 63.7 | 43.5 | 46.44 | 57.1 | 11.56 |
| Total Comprehensive Income | 65.4 | 43.5 | 50.34 | 57.1 | 14.54 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 1,018.7 | 808.1 | 26.06 |
| Gross Profit (Loss) | 267.5 | 216 | 23.84 |
| Operational Profit (Loss) | 133.6 | 101.5 | 31.62 |
| Net Profit (Loss) after Zakat and Tax | 120.9 | 78.8 | 53.43 |
| Total Comprehensive Income | 122.5 | 78.8 | 55.46 |
| Total Share Holders Equity (after Deducting Minority Equity) | 1,201.4 | 951.3 | 26.29 |
| Profit (Loss) per Share | 1.47 | 0.96 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The profit after Zakat and tax for the 2nd quarter 2023 amounts to SAR 63.7 million as compared to SAR 43.5 million of 2nd quarter 2022 is due to improved sales from inflight catering, business lounges, remote sites catering and railways catering services.
The increase in number of flights and growth in customers operations from non-aviation catering segments led to a positive impact on the Saudi Airline Catering’s operations resulting in increase of revenue by 20.2% (amounting to SAR 83.7 million). |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The profit after Zakat and tax increased by 11.6% to SAR 63.7 million from SAR 57.1 million. The turnover in 2nd quarter, 2023 had decreased by 4.7 % to SAR 497.1 million from SAR 521.6 million from 1st quarter 2023.
The decrease in turnover is mainly due to DAKAR event which was completed in 1st quarter of 2023. Whereas the increase in profit in 2nd quarter 2023 compared to 1st quarter 2023 is due to increase in Interest income from time deposits, reversal of provision against trade receivable and reduction in administration expenses. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Main reasons for increase of the net profit SAR 120.9 million compared to previous year amount of net profit SAR 78.8 million is due to improved sales aligned with increase in-flight operations and increase in non-aviation business operations. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | NA |
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