SAPTCO 9M 2021 net loss halves to SAR 149.7 mln

31/10/2021 Argaam Exclusive

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Saudi Public Transport Co. (SAPTCO) narrowed net losses after Zakat and tax to SAR 149.7 million in the first nine months of 2021, from SAR 299.6 million in the prior-year period.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	856.73	679.64	(20.7 %)
Gross Income	(105.56)	(35.05)	66.8 %
Operating Income	(197.83)	(100.08)	49.4 %
Net Income	(299.57)	(149.68)	50.0 %
Average Shares	125.00	125.00	-
EPS (Riyals)	(2.40)	(1.20)	50.0 %

The company attributed the decline in losses to lower cost of revenue, as well as general and administrative expenses. It also cited a decrease in Zakat and income tax expenses, along with higher other revenues.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	313.93	221.68	(29.4 %)
Gross Income	(26.46)	(12.22)	53.8 %
Operating Income	(56.77)	(39.81)	29.9 %
Net Income	(120.95)	(55.96)	53.7 %
Average Shares	125.00	125.00	-
EPS (Riyals)	(0.97)	(0.45)	53.7 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	246.38	221.68	(10.0 %)
Gross Income	(9.86)	(12.22)	(23.9 %)
Operating Income	(24.78)	(39.81)	(60.6 %)
Net Income	(39.98)	(55.96)	(40.0 %)
Average Shares	125.00	125.00	-
EPS (Riyals)	(0.32)	(0.45)	(40.0 %)

In Q3 2021, net losses after Zakat and tax more than halved to SAR 56 million from SAR 121 million a year earlier. SAPTCO reported a decline in its subsidiary’s cost of revenue, as well as general and administrative expenses. It also incurred lower losses from a joint venture.

When compared to the previous quarter, SAPTCO widened net losses by 40% from SAR 40 million, hit by higher selling, distribution, general and administrative expenses. The company also reported a decline in other revenue.

Shareholders’ equity, after minority interest, dropped 16.6% to SAR 1.121 billion as of Sept. 30, 2021, from SAR 1.343 billion a year earlier.

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