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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
-1.47% 80.20 -1.20

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.