SAPTCO cuts 2021 net loss to SAR 216.2 mln; Q4 at SAR 66.5 mln

28/03/2022 Argaam Exclusive

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Saudi Public Transport Co. (SAPTCO) narrowed net losses after Zakat and tax to SAR 216.2 million in 2021, from SAR 375.2 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	1,169.66	960.57	(17.9 %)
Gross Income	(120.14)	2.35	102.0 %
Operating Income	(258.66)	(157.74)	39.0 %
Net Income	(375.16)	(216.19)	42.4 %
Average Shares	125.00	125.00	-
EPS (Riyals)	(3.00)	(1.73)	42.4 %

The company attributed the decline in net losses to lower cost of revenue, as well as general, administrative and distribution expenses.

SAPTCO also said that the comparative period implied a higher decrease in the assets held for sale, lower joint venture losses, along with better other revenue and financing income.

In Q4 2021, net losses after Zakat and tax narrowed by 12% to SAR 66.5 million from SAR 75.6 million in the year-ago period.

When compared to the previous quarter, SAPTCO widened net losses by 18.8% from SAR 56 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	312.93	280.93	(10.2 %)
Gross Income	(14.58)	37.40	356.5 %
Operating Income	(60.83)	(57.66)	5.2 %
Net Income	(75.59)	(66.51)	12.0 %
Average Shares	125.00	125.00	-
EPS (Riyals)	(0.60)	(0.53)	12.0 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	221.68	280.93	26.7 %
Gross Income	(12.22)	37.40	406.0 %
Operating Income	(39.81)	(57.66)	(44.9 %)
Net Income	(55.96)	(66.51)	(18.8 %)
Average Shares	125.00	125.00	-
EPS (Riyals)	(0.45)	(0.53)	(18.8 %)

Shareholders’ equity, after minority interest, dropped 17.3% to SAR 1.049 billion as of Dec. 31, 2021, from SAR 1.270 billion a year earlier.

Accumulated losses stood at SAR 200.4 million in 2021, accounting for 16% of the company’s capital.

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