Saudi Airlines Catering’s shares up 1.8% after erasing $90m in losses

  • 3/23/2022
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RIYADH: Shares in Saudi Airlines Catering Company closed 1.8 percent higher on Wednesday after it returned to profit in 2021 as flight operations resumed in the Kingdom. Following recovery from COVID-19 pandemic restrictions, the Jeddah-based firm saw a 30 percent jump in sales to SR1.2 billion ($323 million), according to a bourse filing. Specialized in providing catering services on Saudia Airlines, the company’s profits reached SR14 million as it recovered from a net loss amounting to SR335 million a year earlier. “Despite the challenges of the pandemic, Saudi Airlines Catering Co. continues to implement various initiatives to improve the operational efficiency and optimize the costs,” the company said.

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