The financial statements of Saudi Airlines Catering Company showed that the company's profits in the first quarter of this year decreased by 85% on an annual basis.
According to the results of the company for the Saudi market (Tadawul) today, Wednesday, the profits for the period amounted to 15.6 million riyals, compared to the profits for the first quarter of 2019 amounting to 103.5 million riyals. >
The company said in a statement to the stock exchange that the decline in profits during the comparison periods is due to the disruption of commercial operations and fundamentally to the suspension of commercial flights as a result of the Kingdom's implementation of precautionary measures to combat the Corona virus pandemic. The Newbie (Covid 19).
The company explained that these measures resulted in a decrease in sales by 13.2%, in addition to an increase in the provision for doubtful debts against receivables by 15.3 million, while fixed costs did not Change.
