SAPTCO expects coronavirus precautionary measures to affect 2020 revenues

The Saudi Public Transport Co. (SAPTCO) expected the recently announced coronavirus precautionary measures related to Umrah visa issuance to affect its revenues and profits in 2020, according to bourse statement on Sunday.

The measures include a temporary suspension of Umrah and visit visas, as well as banning GCC residents from entering Makkah and Madinah.

The company further explained that its revenues are impacted by Hajj and Umrah activities, pilgrims transport in Makkah and Madinah, and travelers’ movement in general.

It added it is currently difficult to determine the financial impact and any development will be disclosed in due course.

Last week, the Saudi government took a list of precautionary measures to prevent the spread coronavirus covid-19, including a temporary suspension of entry to the Kingdom for Umrah pilgrims and those planning to visit the Prophet’s Mosque in Madinah.

Read more: Saudi Arabia temporarily suspends Umrah visas on coronavirus

It also temporarily suspended entry of GCC citizens to Makkah and Madinah to ensure highest safety standards and preserve the health of pilgrims to the holy sites.

Also: Saudi Arabia temporarily suspends entry of GCC citizens to Makkah, Madinah