Saudi Public Transport Co. (SAPTCO) narrowed net loss after Zakat and tax to SAR 1.6 million in H1 2022, from a loss of SAR 93.7 million in the prior-year period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 457.96 | 609.67 | 33.1 % |
| Gross Income | (22.83) | 69.19 | 403.0 % |
| Operating Income | (60.27) | 5.16 | 108.6 % |
| Net Income | (93.71) | (1.56) | 98.3 % |
| Average Shares | 125.00 | 125.00 | - |
| EPS (Riyals) | (0.75) | (0.01) | 98.3 % |
The company said the decline in losses came as revenues rose due to the increase in transportation activities and Ramadan revenues, in addition to a decrease in the provision of trade receivables.
The company also noted higher other revenues and financing income, along with a decrease in the joint venture losses. The previous period recorded higher reversal of impairment of assets held for sale.
However, cost of revenues, selling and distribution expenses, general and administrative expenses, financing costs, and Zakat expenses increased year-on-year (YoY).
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 246.38 | 310.36 | 26.0 % |
| Gross Income | (9.86) | 43.81 | 544.2 % |
| Operating Income | (24.78) | 14.36 | 157.9 % |
| Net Income | (39.98) | 1.97 | 104.9 % |
| Average Shares | 125.00 | 125.00 | - |
| EPS (Riyals) | (0.32) | 0.02 | 104.9 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 299.31 | 310.36 | 3.7 % |
| Gross Income | 25.38 | 43.81 | 72.6 % |
| Operating Income | (9.20) | 14.36 | 256.0 % |
| Net Income | (3.54) | 1.97 | 155.8 % |
| Average Shares | 125.00 | 125.00 | - |
| EPS (Riyals) | (0.03) | 0.02 | 155.8 % |
SAPTCO turned to a net profit after Zakat and tax of SAR 2 million in Q2 2022, from a net loss of SAR 40 million in the same quarter last year.
On a sequential basis, the company turned to profit from a loss of SAR 2 million.
Shareholders’ equity, after minority interest, stood at SAR 1.048 billion as of June 30, 2022, compared to SAR 1.176 billion a year earlier.
Accumulated losses amounted to SAR 201.914 million as of June 30, 2022, representing 16.15% of the company's capital.
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