Saudi Airlines Catering Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

A6004 CATERING-1.0 (-1.04 %)
1443/03/27 Tue Nov 2, 2021 15:28:30

Saudi Airlines Catering Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

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Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	332.2	154.8	114.599	257.1	29.21
Gross Profit (Loss)	101.5	-26.8	-	53.8	88.661
Operational Profit (Loss)	29.3	-92.6	-	-7	-
Net Profit (Loss) after Zakat and Tax	15.4	-106.5	-	-17.4	-
Total Comprehensive Income	15.4	-106.5	-	-17.4	-
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	845.5	720.6	17.332
Gross Profit (Loss)	206.9	51.7	300.193
Operational Profit (Loss)	3.7	-185.6	-
Net Profit (Loss) after Zakat and Tax	-32.1	-234.7	-86.322
Total Comprehensive Income	-32.1	-234.7	-86.322
Total Share Holders Equity (after Deducting Minority Equity)	828	958	-13.569
Profit (Loss) per Share	-0.39	-2.86
All figures are in (Millions) Saudi Arabia, Riyals

Accumulated Losses	Capital	Percentage %
238	820	-29.03
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The total comprehensive profit for the period (Q3) amounts to SAR 15.4 million which is a change of 114% compared to loss in corresponding period of the previous year; This is due to improved sales in particular, the resumptions of commercial flights during the period. The resumptions of flights led to a direct impact on the company's operations with an increase of revenue by 115% (amounting to SAR 177.4 million). Despite the challenges of the pandemic, Saudi Airlines Catering Company has considered and implemented various initiatives to improve the operational efficiency and optimize the costs, thereby reducing the impact on the company's profitability, sustainability and competitiveness.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is	Saudi Airlines Catering Company reported a profit of SAR 15.4 million in current quarter and with an increase in turnover by 29% (SAR 75.1 million) due to the resumptions of flights and Hajj Operations. Initiatives on controlling the operating cost also contributed to reduction in losses significantly.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	Main reasons for the decrease in net loss to SAR 32.1 million from SAR 234.7 million were improved sales and the reduction of the cost of materials. In addition to the decrease in allowance for expected credit loss expense by SAR 33.2 million (60% reduction) as compared to the similar period of the previous year.
Statement of the type of external auditor's report	Unmodified conclusion
Reclassification of Comparison Items	NA
Additional Information	Saudi Airlines Catering Company has incurred losses during the period ended on 30 September 2021 amounting to SAR 32.1 million. This is -3.7% of SAR. 860.1 million net assets as at 31 December 2020 (-3.9% of net assets as at 30 September 2021). The accumulated losses as at end of September 2021 amounting to SAR 238.0 million representing -29.0% of the share capital. Saudi Airlines Catering Company confirms that it will apply and follow the procedures and instructions related to listed companies with accumulated losses reaching 20% or more of their total capital. Earnings per share has been calculated based on net income/(loss) after zakat and tax.

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