Saudi Airlines Catering Co. swung to a net profit after Zakat and tax of SAR 35.3 million in Q1 2022, versus a loss of SAR 30 million in the previous year.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 256.26 | 394.61 | 54.0 % |
| Gross Income | 51.70 | 103.06 | 99.3 % |
| Operating Income | (15.88) | 44.66 | 381.2 % |
| Net Income | (30.02) | 35.31 | 217.6 % |
| Average Shares | 82.00 | 82.00 | - |
| EPS (Riyals) | (0.37) | 0.43 | 217.6 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 366.97 | 394.61 | 7.5 % |
| Gross Income | 124.92 | 103.06 | (17.5 %) |
| Operating Income | 55.11 | 44.66 | (19.0 %) |
| Net Income | 46.15 | 35.31 | (23.5 %) |
| Average Shares | 82.00 | 82.00 | - |
| EPS (Riyals) | 0.56 | 0.43 | (23.5 %) |
The profit rise is attributed to improved operations after lifting the COVID-19 travel restrictions and the resumption of domestic and international commercial flights.
Accordingly, revenue increased 54% year-on-year (YoY) to SAR 394.6 million.
Saudi Catering also continues to implement various initiatives to improve operational efficiency and optimize costs.
On a sequential basis, the net profit retreated 23.5% from SAR 46.1 million, as the company cited a reversal of employee benefit provisions from actuarial valuation and reversal of vacation and consultancy accruals in Q4 2021.
Shareholders’ equity, after minority interest, increased to SAR 907.8 million in Q1 2022 from SAR 830.1 million a year earlier.
Accumulated losses amounted to SAR 158 million at the end of Q1 2022, representing 19.3% of the company's capital.
Saudi Catering registered profits of SAR 35.3 million in Q1 2022, accounting for 4.0% of the company’s net assets, which stand at SAR 872.5 million, according to the financial statements as of Dec. 31, 2021.
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