SAPTCO swings to SAR 302 mln loss in 9M 2020

08/11/2020 Argaam Exclusive

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Saudi Public Transport Co. (SAPTCO) reported net loss after Zakat and tax of SAR 302 million, versus net profit of SAR 74.5 million in prior-year period, driven by lower operating revenue and increased cost of finance.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	1,325.24	856.73	(35.4 %)
Gross Income	204.45	(105.56)	(151.6 %)
Operating Income	85.10	(197.83)	(332.5 %)
Net Income	76.89	(299.57)	(489.6 %)
Average Shares	125.00	125.00	-
EPS (Riyals)	0.62	(2.40)	(489.6 %)

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	485.31	313.93	(35.3 %)
Gross Income	172.50	(26.46)	(115.3 %)
Operating Income	119.62	(56.77)	(147.5 %)
Net Income	97.11	(120.95)	(224.6 %)
Average Shares	125.00	125.00	-
EPS (Riyals)	0.78	(0.97)	(224.6 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	122.75	313.93	155.8 %
Gross Income	(82.89)	(26.46)	68.1 %
Operating Income	(113.69)	(56.77)	50.1 %
Net Income	(138.64)	(120.95)	12.8 %
Average Shares	125.00	125.00	-
EPS (Riyals)	(1.11)	(0.97)	12.8 %

SAPTCO reported net loss after Zakat and tax of SAR 121.8 million in Q3 2020, versus net profit of SAR 95 million in year-earlier period, due to lower operating revenue on the lockdown measures, and increased cost of revenue.

The transport services provider also cited losses from an associate as well as a joint venture (JV), lower other revenue and asset impairment provisions.

On a sequential basis, Q3 2020 net loss shrank by 13.2%.

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