Riyadh – Mubasher: Net profits of Saudi Airlines Catering Company (Saudi Catering) inched down by 0.42% year-on-year to SAR 142 million during the third quarter of 2019.
Revenues of the Saudi firm grew by 6.14% to SAR 585.2 million in Q3-19, compared to SAR 551.3 million in the same quarter of 2018, according to a bourse filing on Wednesday.
“Main reason for the marginal decrease in net profit was the adoption of IFRS 16 from 01/01/2019, which has substantially increased the interest costs (non-cash) when compared to the quarter last year,” the statement said.
For the first nine months of 2019, Saudi Catering’s profits declined by 5.35% to SAR 362.6 million, from SAR 383.1 million in the same period last year.
The company generated SAR 1.65 billion in revenues in nine months, 6.5% higher than SAR 1.54 billion in the same period a year ago.
By the end of September, profit per share stood at SAR 4.42.
