Financial Results : SAPTCO cuts 2022 net loss to SAR 90.9 mln; Q4 at SAR 93.3 mln

SAPTCO cuts 2022 net loss to SAR 90.9 mln; Q4 at SAR 93.3 mln

27/02/2023 Argaam Exclusive

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Saudi Public Transport Co. (SAPTCO) narrowed net losses after Zakat and tax to SAR 90.9 million in 2022, from SAR 216.2 million a year earlier.



Financials (M)

Item 2021 2022 Change‬
Revenues 960.57 1,319.47 37.4 %
Gross Income 2.35 176.08 7399.3 %
Operating Income (157.74) (41.70) 73.6 %
Net Income (216.19) (90.87) 58.0 %
Average Shares 125.00 125.00 -
EPS (Riyals) (1.73) (0.73) 58.0 %

The company attributed the decline in net losses to higher revenue, incremental other income, lower loss recognized on investments in joint venture, as well as decrease in Zakat and tax expenses. The firm also cited recognition of reversal for impairment in assets held for sale in the current year, in addition to lower financing income and recognition of losses in an associate during 2022.

 

In Q4 2022, net losses after Zakat and tax narrowed by 40.3% to SAR 93.3 million from SAR 66.51 million in the year-ago period.

 

When compared to the previous quarter, SAPTCO turned to net losses from earnings of SAR 4.03 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 280.93 356.82 27.0 %
Gross Income 37.40 26.22 (29.9 %)
Operating Income (57.66) (80.48) (39.6 %)
Net Income (66.51) (93.34) (40.3 %)
Average Shares 125.00 125.00 -
EPS (Riyals) (0.53) (0.75) (40.3 %)

Shareholders’ equity, after minority interest, reached SAR 945 million as of Dec. 31, 2022, from SAR 1.049 billion a year earlier.

 

Accumulated losses stood at SAR 304.9 million in 2022, accounting for 24.39% of the company’s capital.

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