Riyadh – Mubasher: Saudi Airlines Catering Co. on Wednesday reported a 7.2% year-on-year decline in its net profits during the full-year 2017, compared to the prior year.

The state-owned firm’s net profits reached SAR 481.7 million last year, down from SAR 519.1 million in 2016, according to a statement to the Saudi Stock Exchange (Tadawul).

The Tadawul-listed company attributed the fall of annual profits to a drop in sales of retail, catering, and facilities sectors, in addition to incurring losses in its stake in a subsidiary, whereas there was a growth in Zakat and income tax.

Total sales fell 1.5% to SAR 2.22 billion during 2017 versus SAR 2.26 billion in the year before.

By 10:40 am KSA time, Saudi Airlines Catering’s stock fell 2.01% to SAR 83.20.