SAPTCO 9M 2023 earnings rise to SAR 36.3 mln; Q3 at SAR 20.2 mln

08/11/2023 Argaam Exclusive

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Saudi Public Transport Co. (SAPTCO) posted a net profit of SAR 36.3 million in the first nine months of 2023, up from SAR 2.5 million in the prior-year period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	962.65	1,197.42	24.4 %
Gross Income	149.87	248.25	65.7 %
Operating Income	38.78	144.27	272.0 %
Net Income	2.47	36.25	1366.9 %
Average Shares	125.00	125.00	-
EPS (Riyals)	0.02	0.29	1366.9 %

The company said revenues increased due to a rise in public transport operations as well as higher revenues from Ramadan and Hajj seasons.

However, costs of revenues and finance, as well as selling, distribution, general, administrative, and Zakat expenses, increased. Meanwhile, other revenues decreased

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	352.98	431.85	22.3 %
Gross Income	80.68	116.09	43.9 %
Operating Income	33.63	77.07	129.2 %
Net Income	4.04	20.20	400.6 %
Average Shares	125.00	125.00	-
EPS (Riyals)	0.03	0.16	400.6 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	457.90	431.85	(5.7 %)
Gross Income	121.96	116.09	(4.8 %)
Operating Income	70.46	77.07	9.4 %
Net Income	60.48	20.20	(66.6 %)
Average Shares	125.00	125.00	-
EPS (Riyals)	0.48	0.16	(66.6 %)

The company's net earnings increased to SAR 20.2 million in Q3 2023 from SAR 4.04 million in Q3 2022, owing to higher revenues from improved public transportation operations as well as higher revenues from the Ramadan and Hajj seasons.

When compared to the previous quarter, SAPTCO’s Q3 net profit dropped 66.6% from SAR 60.48 million.

Shareholders’ equity, after minority interest, stood at SAR 981.33 billion as of Sept. 30, 2023, compared to SAR 1.05 billion a year earlier.

Accumulated losses amounted to SAR 268.66 million as of Sept. 30, 2023, representing 21.49% of the company's capital.

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