Financial Results : SAPTCO widens Q1 2020 losses to SAR 39.9 mln

SAPTCO widens Q1 2020 losses to SAR 39.9 mln

14/06/2020 Argaam Exclusive

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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.



Current Quarter Comparison (M)

Compared With The
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 %)

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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