Saudi Airlines Catering Co. turned to a net loss after Zakat and tax of SAR 334.7 million in 2020, compared to a net profit of SAR 463.9 million in 2019.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 2,156.27 | 926.57 | (57.0 %) |
| Gross Income | 786.93 | 42.23 | (94.6 %) |
| Operating Income | 541.39 | (251.30) | (146.4 %) |
| Net Income | 463.93 | (334.69) | (172.1 %) |
| Average Shares | 82.00 | 82.00 | - |
| EPS (Riyals) | 5.66 | (4.08) | (172.1 %) |
The company attributed the loss to the impact of COVID-19 and the temporary suspension of domestic and international commercial flights from mid-March 2020, as a result of precautionary measures taken by the government.
The temporary suspension of flights led to a direct impact on the company's operations with a decrease in revenue by 57.03%, amounting to SAR 1.229 billion.
The company recognized impairment losses of SAR 22.9 million.
The company also turned to a net loss after Zakat and tax of SAR 100 million for Q4 2020.
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 504.87 | 205.95 | (59.2 %) |
| Gross Income | 172.13 | (9.50) | (105.5 %) |
| Operating Income | 107.37 | (64.44) | (160.0 %) |
| Net Income | 101.32 | (100.00) | (198.7 %) |
| Average Shares | 82.00 | 82.00 | - |
| EPS (Riyals) | 1.24 | (1.22) | (198.7 %) |
| Item | Q3 2020 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 154.78 | 205.95 | 33.1 % |
| Gross Income | (26.76) | (9.50) | 64.5 % |
| Operating Income | (92.57) | (64.44) | 30.4 % |
| Net Income | (106.47) | (100.00) | 6.1 % |
| Average Shares | 82.00 | 82.00 | - |
| EPS (Riyals) | (1.30) | (1.22) | 6.1 % |
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