Riyadh – Mubasher: The net losses after zakat and tax of Saudi Airlines Catering Company plunged by 62.948% to SAR 47.5 million in the first half (H1) of 2021, compared to SAR 128.2 million in the corresponding half of 2020.
Lower net losses are driven by lower costs of raw materials and a drop in account receivable provisions by SAR 33.8 million, according to a bourse filing on Thursday.
The company's revenues declined by 9.277% to SAR 513.4 million in the first six months of 2021 from SAR 565.9 million in the year-ago period.
The losses per share settled at SAR 0.58 in H1-21, versus SAR 1.56 in the same half of 2020.
Meanwhile, the company has incurred accumulated losses of SAR 30.9 million, representing 253.3% of the capital.
It is noteworthy to mention that in the first quarter (Q1) of 2021, the company suffered a net loss after Zakat and tax worth SAR 30 million, against a net profit of SAR 15.6 million in the same three months last year.
