Riyadh – Mubasher: Saudi Airlines Catering Co on Wednesday posted a 9.4% year-on-year growth in net profits for the third quarter of 2018.

The firm’s profits after calculating Zakat and Tax amounted to SAR 142.6 million ($38.02 million) during Q3-18, up from SAR 130.4 million ($34.76 million) in Q3-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Saudi Airlines Catering attributed the third-quarter profit rise to a growth in sales from In-flight catering and Business Lounge activities, coupled with lower administrative and general expenses.

Sales rose 4.2% to SAR 627.7 million from July to September, compared to SAR 602.2 million in the same period last year.

Year-on-year, operational profits went up 9% to SAR 154 million in the quarter ended September, versus SAR 141.2 million.

Quarter-on-quarter, the Saudi firm’s profits increased by 18.5% during the three-month period ended September, from SAR 120.3 million.

During the first nine months of 2018, the firm’s net profits after calculating Zakat and Tax inched up 0.1% to SAR 383.1 million, against SAR 382.8 million a year earlier.

Saudi Airlines Catering attributed the nine-month profit growth to 2.8% drop in materials cost.

Revenues rose 2% to SAR 1.72 billion in the first nine months of 2018, versus SAR 1.68 billion in the same period last year.

By 11:57 Saudi time, Saudi Airlines Catering’s stock rose 2.53% to SAR 85.20.