Saudi Public Transport Co. (SAPTCO) narrowed net losses after Zakat and tax to SAR 149.7 million in the first nine months of 2021, from SAR 299.6 million in the prior-year period.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 856.73 | 679.64 | (20.7 %) |
| Gross Income | (105.56) | (35.05) | 66.8 % |
| Operating Income | (197.83) | (100.08) | 49.4 % |
| Net Income | (299.57) | (149.68) | 50.0 % |
| Average Shares | 125.00 | 125.00 | - |
| EPS (Riyals) | (2.40) | (1.20) | 50.0 % |
The company attributed the decline in losses to lower cost of revenue, as well as general and administrative expenses. It also cited a decrease in Zakat and income tax expenses, along with higher other revenues.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 313.93 | 221.68 | (29.4 %) |
| Gross Income | (26.46) | (12.22) | 53.8 % |
| Operating Income | (56.77) | (39.81) | 29.9 % |
| Net Income | (120.95) | (55.96) | 53.7 % |
| Average Shares | 125.00 | 125.00 | - |
| EPS (Riyals) | (0.97) | (0.45) | 53.7 % |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 246.38 | 221.68 | (10.0 %) |
| Gross Income | (9.86) | (12.22) | (23.9 %) |
| Operating Income | (24.78) | (39.81) | (60.6 %) |
| Net Income | (39.98) | (55.96) | (40.0 %) |
| Average Shares | 125.00 | 125.00 | - |
| EPS (Riyals) | (0.32) | (0.45) | (40.0 %) |
In Q3 2021, net losses after Zakat and tax more than halved to SAR 56 million from SAR 121 million a year earlier. SAPTCO reported a decline in its subsidiary’s cost of revenue, as well as general and administrative expenses. It also incurred lower losses from a joint venture.
When compared to the previous quarter, SAPTCO widened net losses by 40% from SAR 40 million, hit by higher selling, distribution, general and administrative expenses. The company also reported a decline in other revenue.
Shareholders’ equity, after minority interest, dropped 16.6% to SAR 1.121 billion as of Sept. 30, 2021, from SAR 1.343 billion a year earlier.
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