Mubasher TV
Contact Us Advertising   العربية

Saudi Airlines Catering incurs losses in Q1

Saudi Airlines Catering incurs losses in Q1
Saudi Airlines Catering generated SAR 256.3 million in revenues
CATERING
6004
0.96% 105.40 1.00

Riyadh – Mubasher: Saudi Airlines Catering Company suffered a net loss after Zakat and tax worth SAR 30 million during the first quarter (Q1) of 2021, against a net profit of SAR 15.6 million in the same three months last year.

The company generated SAR 256.3 million in revenues during Q1-21, down by 43.38% from SAR 452.7 million in Q1-20, according to the interim income results.

Saudi Airlines Catering posted a loss per share of SAR 0.37 in the three-month period ended on 31 March 2021, against earnings per share of SAR 0.19.

Until the end of Q1-21, the company’s accumulated losses amounted to SAR 343.8 million, representing 41.92% of the capital.

“The temporary suspension of flights led to a direct impact on the company's operations with a decrease in revenue,” according to a bourse disclosure on Wednesday.

The board has recently approved to transfer the 30% surplus of the company’s statutory reserve to the accumulated losses balance.