Saudi Airlines Catering Co. announces its Interim Financial Results for the Period Ending on 30-06-2020G ( Six Months )

13 August 2020 09:18 AM

CATRION 6004 0.96% 105.40 1.00

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	113.1	544.5	-79.228	452.7	-75.016
Gross Profit (Loss)	-40.7	192.7	-	119.2	-
Operational Profit (Loss)	-128	134	-	34.9	-
Net Profit (Loss) after Zakat and Tax	-143.8	117.1	-	15.6	-
Total Comprehensive Income	-143.8	117.1	-	15.6	-
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	565.9	1,066.2	-46.923
Gross Profit (Loss)	78.5	384.6	-79.589
Operational Profit (Loss)	-93	255.4	-
Net Profit (Loss) after Zakat and Tax	-128.2	220.6	-
Total Comprehensive Income	-128.2	220.6	-
Total Share Holders Equity (after Deducting Minority Equity)	1,064.5	1,295	-17.799
Profit (Loss) per Share	-1.56	2.69
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to	Main reason for the decrease in net profit was the disruption of the business activities due to pandemic outbreak which resulted in lower sales by -79.2%, the fixed cost remained the same and AR provision increased by MSAR 18.1
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to	Main reason for the decrease in net profit was the decrease in sales by -75.0% due to disruption of business activities whereby Q2 witnessed minimal activities under In-flight division. First two months of Q1 had seem normal business activity levels. AR provision increased MSAR 6.4 and the fixed cost remained the same.
Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to	Main reason for the decrease in net profit was the decrease in sales by -46.9% due to disruption of business activities even though the first two months of Q1 had seem normal business activity levels. AR provision increased MSAR 33.3 and the fixed cost remained the same.
Basis of the External Auditor's Opinion	Unmodified opinion
Reclassification of Comparison Items	NA
Additional Information	The Company have incurred losses during the period ended on 30 June 2020G amounting to MSAR. -128.2, which represents -12.0% of the net assets of the company amounted to MSAR. 1,064.5 according to the Interim Financial Statements as of at 30 June 2020G, these incurred losses represent -16.3% of the company’s gross profit amounted to MSAR. 786.9 according to the annual audited financial statements for the year 2019G, besides, the losses incurred during the period ended on 30 June 2020G represent -5.9% of the company's total revenues MSAR. 2,156.3 according to the annual audited financial statements for the year 2019G.

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