Catering profits jump 362% during Q3 to SR71 mln

The net profit after zakat and tax for Saudi Airlines Catering Company jumped to SR71 million during the third quarter, compared to SR15 million in the same quarter of last year, by 362%.
This came after the announcement on Tuesday of the preliminary financial results for the period ending on September 30, 2022 (9 months).
The operational profit amounted to SR84 million in the third quarter, compared to SR29 million in the same quarter of the previous year, an increase of 187%.
As for the gross profit, it amounted to SR148 million in the third quarter, compared to SR102 million in the same quarter of the previous year, a growth of 46%.
The net profit after zakat and tax in the 9-month period amounted to SR150 million, compared to a loss of SR32 million in the same period last year.
Profits per share in the current period amounted to SR1.83, compared to a loss of SR0.39 in the same period last year.
The reason for the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is:
The Company reported an increase of revenue by 51.1% (amounting to SR502.0 million) mainly due to the gradual resumption of the flight and other business operations. This led to total comprehensive income for the period (Q3) amounting to SR71.2 million as compared to a total comprehensive income of SR15.4 million reported in the previous year.
The reason for the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is:
Saudi Airlines Catering Company reported a profit of SR71.2 million in current quarters with an increase in the profit by 63.7 % (SR27.7 million) due to an increase in business operations.
The reason for the increase (decrease) in the net profit during the current period compared to the same period of the last year is:
The main reasons for the net profit amounting to SR150.0 million compared to the previous year amount of net loss of SR32.1 million were improved sales aligned with an increase in flight and other business operations. In addition to the decrease in allowance for expected credit loss expense by SR19.5 million as compared to the similar period of the previous year.
The Company incurred profit during the nine months ended on 30 September 2022 amounting to SR150.0 million, which represents 17.2% of the net assets of the company amounted to SR872.5 million according to the financial statements as of 31 December 2021.
The Company accumulated losses as at end of September 2022 amounting to SR43.5 million representing 5.3 % of the Share Capital.
Profits per share have been calculated based on net income/(loss) after zakat and tax.