Financial Results : SAPTCO cuts losses to SAR 3.5 mln in Q1 2022

SAPTCO cuts losses to SAR 3.5 mln in Q1 2022

23/05/2022 Argaam Exclusive

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Saudi Public Transport Co. (SAPTCO) narrowed net loss after Zakat and tax to SAR 3.5 million for Q1 2022, from SAR 53.6 million in the same quarter last year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 211.58 299.31 41.5 %
Gross Income (12.97) 25.38 295.7 %
Operating Income (35.49) (9.20) 74.1 %
Net Income (53.73) (3.54) 93.4 %
Average Shares 125.00 125.00 -
EPS (Riyals) (0.43) (0.03) 93.4 %

The company trimmed losses as revenues rose after local and international transport services resumed, following eased COVID-19 measures. In addition, SAPTCO noted a decrease in losses from a joint venture and an increase in other revenues.  

 

Q1 2021 also included a further decrease in the value of trade receivables.  

 

On a sequential basis, SAPTCO trimmed net loss after Zakat and tax by 94.7%.  

 

Shareholders’ equity, after minority interest, increased to SAR 1.046 billion as of March 31, 2022, from SAR 1.217 billion a year earlier.  

 

Accumulated losses amounted to SAR 203.887 million as of March 31, 2022, representing 16.3% of the company's capital.

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