Saudi Airlines Catering unveils 53.5% higher profits in H1-23, dividends

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Riyadh – Mubasher: Saudi Airlines Catering Company generated SAR 120.90 million in net profit after Zakat and tax during the first half (H1) of 2023, an annual leap of 53.43% from SAR 78.80 million.

Revenues totalled SAR 1.01 billion in H1-23, marking a 26.06% year-on-year (YoY) surge from SAR 808.10 million, according to the interim income statements.

Earnings per share (EPS) hit SAR 1.47 in the first six months (6M) of 2023, versus SAR 0.96 in H1-22.

Financial Results for Q2-23

During the second quarter (Q2) of 2023, the firm logged 46.44% YoY higher net profits after Zakat and tax at SAR 63.70 million, compared to SAR 43.50 million.

The revenues stood at SAR 497.10 million in April-June 2023, up 20.25% from SAR 413.40 million a year earlier.

On a quarterly basis, the Q2-23 net profits increased by 11.56% from SAR 57.10 million in Q1-23, while the revenues declined by 4.70% from SAR 521.60 million.

Dividends for H1-23

The board members of Saudi Airlines Catering approved the payment of SAR 82 million as cash dividends for H1-23. The dividends amount represents 10% of the firm’s capital.

In this regard, the company will disburse SAR 1 per share for 82 million eligible shares.

The eligibility and distribution dates for the dividends will be 10 and 31 August 2023, respectively.