Saudi Airlines Catering Co. posted an 8.27 per cent drop in net profit after zakat and tax for the first half of 2019 compared to the same period last year.
The company’s profit fell to 220.6 nillion Saudi riyals compared to 240.4 million riyals for H1 2018.
It attributed the drop to the adoption of the accounting standard IFRS 16 from January, which it said “substantially increased” its interest costs.
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