Saudi Airlines for Catering has recorded a loss of 30 million riyals, in the first quarter of 2021, compared to SAR 15.6 million during the same period from 2020.
According to Arab Net, these losses are about 70% of the losses achieved by the company in the last quarter of last year, which amounted to 100 million riyals.
The cumulative losses at the end of March 2021,343.8 million represent 41.9% of the capital.
The company said in a statement to the Saudi Financial Market, revenue fell 43% to SAR 256.3 million, compared to SR 452.7 million during the same period last year.
The company attributed losses to the Kovid 19, especially the interim stopping of international trade trips from mid-March 2020, as a result of the precautionary procedures taken by the Government to reduce the spread of virus.
The temporary suspension for the direct impact on the company's operations caused a decrease in revenues by - 43.4% (256.3 million riyals).
Despite the challenges faced by the company because of Kovid 19, the company carried out several initiatives aimed at increasing operating efficiency and thus reducing the impact of the corporate profit by ensuring its continuity and competitive capacity, which has reduced the cost of SR 23.4 million, and reduce cost Rent and maintenance 6.0 million riyals in the current quarter, where these initiatives contributed to reducing losses to SR 30 million.
