SAPTCO widens losses to SAR 178.6 mln in H1 2020

23/08/2020 Argaam Exclusive

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Saudi Public Transport Co. (SAPTCO) reported a net loss after Zakat and tax of SAR 178.6 million for the first six months of 2020, from a loss of SAR 20.2 million a year earlier.

The increase in net loss was attributed to a sharp decline in activity revenue as a result of the suspension of transport services within cities, inter-city, international transport and the Ramadan season, in accordance with the precautionary measures to contain the coronavirus.

In addition, higher financing cost, lower other revenue, losses in a joint venture investment and higher Zakat and income tax also contributed to extending losses.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	839.92	542.80	(35.4 %)
Gross Income	27.66	(79.10)	(386.0 %)
Operating Income	(34.52)	(141.06)	(308.6 %)
Net Income	(20.22)	(178.62)	(783.4 %)
Average Shares	125.00	125.00	-
EPS (Riyals)	(0.16)	(1.43)	(783.4 %)

SAPTCO reported a net loss of SAR 138.7 million for Q2 2020 from a loss of SAR 9.23 million in Q2 2019 on a sharp decline in activity revenue, higher general and administrative expenses and financing costs due to the high costs of a subsidiary and losses from an associate company.

When compared to the previous quarter, the company’s net loss widened over threefold.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	428.87	122.75	(71.4 %)
Gross Income	29.49	(82.89)	(381.1 %)
Operating Income	(2.02)	(113.69)	(5,528.4 %)
Net Income	(9.23)	(138.64)	(1,402.8 %)
Average Shares	125.00	125.00	-
EPS (Riyals)	(0.07)	(1.11)	(1,402.8 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	420.06	122.75	(70.8 %)
Gross Income	3.79	(82.89)	(2286.5 %)
Operating Income	(27.37)	(113.69)	(315.5 %)
Net Income	(39.98)	(138.64)	(246.7 %)
Average Shares	125.00	125.00	-
EPS (Riyals)	(0.32)	(1.11)	(246.7 %)

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