Saudi Public Transport Co. (SAPTCO) narrowed net loss after Zakat and tax to SAR 3.5 million for Q1 2022, from SAR 53.6 million in the same quarter last year.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 211.58 | 299.31 | 41.5 % |
| Gross Income | (12.97) | 25.38 | 295.7 % |
| Operating Income | (35.49) | (9.20) | 74.1 % |
| Net Income | (53.73) | (3.54) | 93.4 % |
| Average Shares | 125.00 | 125.00 | - |
| EPS (Riyals) | (0.43) | (0.03) | 93.4 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 280.93 | 299.31 | 6.5 % |
| Gross Income | 37.40 | 25.38 | (32.1 %) |
| Operating Income | (57.66) | (9.20) | 84.0 % |
| Net Income | (66.51) | (3.54) | 94.7 % |
| Average Shares | 125.00 | 125.00 | - |
| EPS (Riyals) | (0.53) | (0.03) | 94.7 % |
The company trimmed losses as revenues rose after local and international transport services resumed, following eased COVID-19 measures. In addition, SAPTCO noted a decrease in losses from a joint venture and an increase in other revenues.
Q1 2021 also included a further decrease in the value of trade receivables.
On a sequential basis, SAPTCO trimmed net loss after Zakat and tax by 94.7%.
Shareholders’ equity, after minority interest, increased to SAR 1.046 billion as of March 31, 2022, from SAR 1.217 billion a year earlier.
Accumulated losses amounted to SAR 203.887 million as of March 31, 2022, representing 16.3% of the company's capital.
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