Financial Results : SAPTCO swings to SAR 2.5 mln net profit in 9M 2022; Q3 at SAR 4 mln

SAPTCO swings to SAR 2.5 mln net profit in 9M 2022; Q3 at SAR 4 mln

07/11/2022 Argaam Exclusive

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Saudi Public Transport Co. (SAPTCO) turned to a net profit after Zakat and tax of SAR 2.5 million in the first nine month of 2022, from a loss of SAR 149.7 million in the prior-year period.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 679.64 962.65 41.6 %
Gross Income (35.05) 149.87 527.6 %
Operating Income (100.08) 38.78 138.8 %
Net Income (149.68) 2.47 101.7 %
Average Shares 125.00 125.00 -
EPS (Riyals) (1.20) 0.02 101.7 %

The company said revenue grew due to increased operations, including the resumption of Ramadan and Hajj seasons. In addition, SAPTCO noted a rise in financing income, lower loss recognized on investments in joint venture, an increase in other income, and recognition of incremental impairment on accounts receivable.

 

During the previous period, SAPTCO accounted for a higher gain on disposal of assets held for sale.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 221.68 352.98 59.2 %
Gross Income (12.22) 80.68 760.2 %
Operating Income (39.81) 33.63 184.5 %
Net Income (55.96) 4.04 107.2 %
Average Shares 125.00 125.00 -
EPS (Riyals) (0.45) 0.03 107.2 %

In Q3 2022, the company recorded SAR 4 million in net profit after Zakat and tax, versus a loss of SAR 56 million a year earlier.

 

When compared to the previous quarter, SAPTCO’s Q3 net profit jumped from SAR 1.97 million.

 

Shareholders’ equity, after minority interest, stood at SAR 1.052 billion as of Sept. 30, 2022, compared to SAR 1.120 billion a year earlier.

 

Accumulated losses amounted to SAR 197.879 million as of Sept. 30, 2022, representing 15.83% of the company's capital.

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