Riyadh – Mubasher: Saudi Airlines Catering Company announced its interim financial results for the second quarter of 2019.
Net profits after zakat and tax inched down 2.6% to SAR 117.1 million in Q2-19, compared to SAR 120.3 million in Q2-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Wednesday.
The company attributed the decrease in profits to the adoption of IFRS 16 from 1 January 2019, which has substantially increased the interest costs (non-cash)
Total revenues of the Saudi firm grew by 6.8% to SAR 544.5 million during the three-month period between April and June, from SAR 509.8 million in the same period of the prior year.
For the first six months of 2019, net profits of Saudi Catering plunged by 8.27% to SAR 220.6 million, versus SAR 240.5 million in H1-18.
The company generated SAR 1.06 billion in revenues in H1-19, compared to SAR 998.3 million in H1-18.
Profit per share stood at SAR 2.69 during the six-month period between January and June, from SAR 2.93 in the same period a year ago.
