16 Hrs
Source:
الاقتصادية
Regional unrest lowers Cетрions profits
Catrion Catering Company's profits declined by 27% in the second quarter, reaching 47.5 million riyals, due to regional disruptions that led to a decrease in flights and catering services for airlines, as well as increased financing costs and provisions for credit losses, in addition to losses from investments in affiliated companies. Despite this, the company's revenues increased by 20.5% to 688 million riyals, driven by growth in non-aviation-related services, including the Red Sea project, and the completion of its acquisition of Gulf Catering. The company announced a cash dividend of 82 million riyals for the first half of the year, and during this period, it signed two contracts with Saudi Airlines and Flynas valued at over 300 million riyals. Established in 2008, the company provides catering services for aircraft and airlines in Saudi Arabia. Its market capital is 5.7 billion riyals, with Saudi Airlines holding the largest share.
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