Riyadh – Mubasher: Saudi Airlines Catering Company reported a 13.8% year-on-year drop in its profits for the first quarter of 2019.

Net profits amounted to SAR 103.7 million in Q1-19, compared to SAR 120.3 million in Q1-18, according to a filing to the Saudi Stock Exchange (Tadawul) on Sunday.

Operating profits of the Saudi-based company plunged 14.54% to SAR 113.4 million in the January-March period of 2019, from SAR 132.7 million in the same period of the previous year.

In addition, the board of Saudi Airlines Catering has approved distributing a cash dividend worth SAR 1.3 per share, representing 13% of the share’s nominal value, for the first quarter of 2019.

The company will pay total dividends of SAR 106.6 million, according to a separate statement to Tadawul. 

The distribution will take place by the end of June through the Saudi British Bank (SABB) directly to the shareholders' bank account.