Saudi Airlines Catering Co. (SACC) reported a net loss after Zakat and tax of SAR 30 million for the first quarter of 2021, against a net profit of SAR 15.6 million in the year-ago period.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 452.70 | 256.26 | (43.4 %) |
| Gross Income | 119.16 | 51.70 | (56.6 %) |
| Operating Income | 34.54 | (15.88) | (146.0 %) |
| Net Income | 15.56 | (30.02) | (293.0 %) |
| Average Shares | 82.00 | 82.00 | - |
| EPS (Riyals) | 0.19 | (0.37) | (293.0 %) |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 205.95 | 256.26 | 24.4 % |
| Gross Income | (9.50) | 51.70 | 644.5 % |
| Operating Income | (64.44) | (15.88) | 75.4 % |
| Net Income | (100.00) | (30.02) | 70.0 % |
| Average Shares | 82.00 | 82.00 | - |
| EPS (Riyals) | (1.22) | (0.37) | 70.0 % |
The losses were attributed to the COVID-19 impact, namely the temporary suspension of international commercial flights from mid-March 2020, because of the precautionary measures adopted by the government. The temporary suspension of flights led to a direct impact on the company's operations, represented in a 43.4% year-on-year (YoY) decrease in revenue to SAR 256.3 million.
When compared to Q4 2020, the company narrowed its net loss after Zakat and tax by 70% from SAR 100 million,
Shareholders’ equity, excluding minority interest, dropped by 31.3% to SAR 830.1 million by the end of Q1 2021, compared to SAR 1.208 billion in the year-ago period.
The company’s accumulated losses by the end of March 2021 reached SAR 343.8 million, representing 41.92% of its capital.
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