Saudi Airlines Catering turns to profit during 2021

Saudi Airlines Catering Co. announced turning to profit after zakat and tax at SR 14 million in 2021 compared to a net loss of SR 335 million during the year of 2020.

The Saudi company said that, in its financial result statement published on Tadawul, that it has recorded operational profit of SR 60 million last year against losses at SR 271 million in the year before.

Gross profits jumped 686% to SR 332 million from SR 42 million, while the company recorded profit per share (EPS) at SR 0.17 from loss per share at SR 4.08.

Turning to profits was spurred by improved sales in particular and the resumptions of commercial flights last year. The Company also reported total comprehensive income for the year amounts to SR 12.4 million compared to comprehensive loss of SR 332.6 million in previous year

The gradual resumption of flights led to a direct impact on the company’s operations with an increase of revenue by 31% (amounting to SR 285.9 million).

Despite the challenges of the pandemic, Saudi Airlines Catering Company continues to implement various initiatives to improve the operational efficiency and optimize the costs, thereby reducing the impact on the Company’s profitability, sustainability, and competitiveness.