The financial statements of Saudi Airlines Catering Company showed that the company has shifted losses in the first half of this year compared to profits for the same period of 2019.
According to the company's results for the Saudi market (Tadawul) today, Thursday, losses for the period amounted to 128.2 million riyals, compared to the profits for the same period last year amounting to 220.6 million riyals.
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The company said in a statement to the Stock Exchange that the decline in results during the comparison periods is due to the disruption of commercial operations due to the Coronavirus (Covid 19) pandemic and its outbreak, which led to a decrease in sales (46.9 %) Despite the fact that the first two months of the first quarter witnessed the same levels of normal business operations activities and the provision for doubtful debts against receivables increased by 33.3 million riyals, while the fixed costs did not change.
The company recorded losses of 143.8 million riyals in the second quarter of this year, compared to profits of 117.1 million riyals for the same period last year.
(Amazon Fun Knowledge)
