Saudi Catering renews SAR 120 mln contract with Saudi Airlines’ Flyadeal

Saudi Airlines Catering Co. renewed, on Aug. 2, its contract with Flyadeal, a subsidiary of Saudi Arabian Airlines, at a value of SAR 120 million.

The contract aims to provide in-flight catering services and sell onboard food, beverages, and other supplies for a contractual term of four years, the company said in a statement to Tadawul.

Catering expects a positive impact to reflect on its financials starting in the third quarter of 2023, saying that the renewal contributes to the sustainability of the company’s business by increasing cash flow and enhancing business relationships with the companies owned by and under Saudi Arabian Airlines.

The contract was awarded on July 3, the statement added, noting that Catering’s board member, Fahad Abdullah Moussa, is a related party to the deal.

Source : Arqaam