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Saudi Airlines Catering turns profitable in Q1-22 interim results

Saudi Airlines Catering turns profitable in Q1-22 interim results
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CATERING
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3.66% 87.80 3.10

Riyadh – Mubasher: Saudi Airlines Catering Company has turned profitable in the first quarter (Q1) of 2022, recording net profits after Zakat and tax of SAR 35.30 million, against net losses of SAR 30 million in Q1-21.

Revenues jumped by 53.96% to SAR 394.60 million in Q1-22 from SAR 256.30 million in Q1-21, according to the initial financial results on Thursday.

Meanwhile, earnings per share (EPS) stood at SAR 0.43 in the first three months (3M) of 2022, versus a loss per share of SAR 0.37 during the same period in the previous year.

On a quarterly basis, the company's revenues in Q1-22 increased by 7.52% from SAR 367 million in Q4-21, while the net profits plunged by 23.42% from SAR 46.10 million.

Last year, Saudi Airlines Catering registered net profits after Zakat and tax of SAR 14.05 million, compared to net losses of SAR 334.68 million in 2020.