Saudi Public Transport Co. (SAPTCO) reported a more than three-fold increase year-on-year (YoY) in net loss after Zakat and tax of SAR 39.9 million for the first quarter of 2020, versus SAR 10.7 million in year-earlier period.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 411.06 | 420.06 | 2.2 % |
| Gross Income | (1.83) | 3.79 | 307.3 % |
| Operating Income | (32.50) | (27.37) | 15.8 % |
| Net Income | (11.00) | (39.98) | (263.6 %) |
| Average Shares | 125.00 | 125.00 | - |
| EPS (Riyals) | (0.09) | (0.32) | (263.6 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 386.66 | 420.06 | 8.6 % |
| Gross Income | 14.91 | 3.79 | (74.6 %) |
| Operating Income | (35.83) | (27.37) | 23.6 % |
| Net Income | (41.56) | (39.98) | 3.8 % |
| Average Shares | 125.00 | 125.00 | - |
| EPS (Riyals) | (0.33) | (0.32) | 3.8 % |
The increase in losses was driven by lower revenue due to the impact of the COVID-19 precautionary measures; higher activity, sales and distribution expenses and financing costs; decrease in other revenue; and losses from a joint venture affected by the pandemic.
When compared to the previous quarter, SAPTCO narrowed Q1 losses marginally by 1.4% on high funding income, and reduced sales, distribution, administrative and financing expenses.
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