SAPTCO trims losses to SAR 35.6M in 2023; Q4 at SAR 71.8M

Saudi Public Transport Co. (SAPTCO) posted a net loss of SAR 35.6 million in 2023 compared to a loss of SAR 90.9 million in the prior year.

The drop in losses was driven by higher revenue due to an increase in public transport operations, and Ramadan and Hajj season, which added significantly to the revenue.

SAPTCO realized lower impairment in the non-current assets and receivables as well as lower loss recognized in associate company in the current year.

The company also reported an increase in financing income, recognition of impairment in assets held for sale, higher losses in joint venture and lower other income.

On the other hand, the company noted higher cost of revenue, along with an increase in selling, distribution, general and administrative expenses, cost of finance, and Zakat costs.

The company's net losses narrowed to SAR 71.85 million in Q4 2023 from SAR 93.34 million in Q4 2022.

When compared to the previous quarter, SAPTCO turned to losses from a net profit of SAR 20.20 million in Q3 2023.

Shareholders’ equity, after excluding minority interest, stood at SAR 914.08 million as of Dec. 31, 2023, compared to SAR 945.08 million a year earlier.

Accumulated losses amounted to SAR 335.91 million as of Dec. 31, 2023, representing 26.87% of the company's capital.

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