Saudi Airlines Catering Co. reported a net profit after Zakat and tax of SAR 15.6 million for the first quarter of 2020, an 84.9% year-on-year (YoY) decline.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 521.63 | 452.70 | (13.2 %) |
| Gross Income | 191.87 | 119.16 | (37.9 %) |
| Operating Income | 125.56 | 34.54 | (72.5 %) |
| Net Income | 103.53 | 15.56 | (85.0 %) |
| Average Shares | 82.00 | 82.00 | - |
| EPS (Riyals) | 1.26 | 0.19 | (85.0 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 504.87 | 452.70 | (10.3 %) |
| Gross Income | 172.13 | 119.16 | (30.8 %) |
| Operating Income | 107.37 | 34.54 | (67.8 %) |
| Net Income | 101.32 | 15.56 | (84.6 %) |
| Average Shares | 82.00 | 82.00 | - |
| EPS (Riyals) | 1.24 | 0.19 | (84.6 %) |
The decrease in net profit was attributed to the disruption of the business activities, which included the suspension of commercial flights following the implementation of the precautionary measures to combat the impact of COVID-19 outbreak. The move resulted in 13.2% lower sales and higher accounts receivable provision, but fixed costs remained stable.
When compared to the previous quarter, net profit after Zakat and tax fell 84.6% due to disruption of business activities.
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