SAPTCO turns to SAR 16.1 mln profit in H1 2023; Q2 at SAR 60.5 mln

Saudi Public Transport Co. (SAPTCO) reported a net profit of SAR 16.1 million in H1 2023, versus a net loss of SAR 1.6 million in the year-earlier period.

The company attributed the profit to higher revenues from increased operating rates, despite rising cost of revenues, selling and distribution expenses, general and administrative expenses, financing costs and a decrease in other revenues. 

In addition, H1 2022’s financials included losses in the joint venture, a decline in trade receivables, and a reversal of impairment in the value of assets held for sale. 

This came despite incurring losses in an associate company during H1 2022. 

On a quarterly basis, the company turned a profit from a loss of SAR 44.43 in Q1 2023. 

Shareholders’ equity, excluding minority interest, stood at SAR 961.13 million as of June 30, 2023, compared to SAR 1.04 billion a year earlier. 

Accumulated losses reached SAR 288.9 million as of March 31, 2023, accounting for 23.11% of the company’s capital. The decrease in the accumulated losses was consequent to the profit realized during Q2 2023. 

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