RIYADH: Saudi Airlines Catering Co.’s shares fell 3.24 percent on Tuesday, despite turning into profit during the first half of 2022, following a recovery from the COVID-19 pandemic restrictions and the resumption of flight operations.
Specialized in providing catering services on Saudia Airlines, the company generated SR78.8 million ($21 million) in the first half, compared to a net loss of SR47.5 million in the prior-year period, according to a bourse filing.
The firm attributed its performance to improved sales and an increase in flight operations, as well as a decrease in allowance for expected credit loss expense by SR12.4 million.
The Jeddah-based company’s revenues in the first half increased by 57 percent to SR808 million compared to SR513 reported during the same period last year.
