Financial Results : SAPTCO widens losses to SAR 49.1M in Q1 2024

SAPTCO widens losses to SAR 49.1M in Q1 2024

14/05/2024 Argaam Exclusive

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Saudi Public Transport Co. (SAPTCO) extended its net losses to SAR 49.1 million in Q1 2024, compared to SAR 44.4 million in the same quarter last year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 307.67 308.52 0.3 %
Gross Income 10.20 14.37 40.8 %
Operating Income (27.07) (17.56) 35.1 %
Net Income (44.43) (49.10) (10.5 %)
Average Shares 125.00 125.00 -
EPS (Riyals) (0.36) (0.39) (10.5 %)

The company recognized losses in a joint venture project, recorded higher impairment on trade receivables and an increase in cost of finance.

 

However, revenues increased during the current quarter due to higher operation during Ramadan. This is in addition to incremental other income, increase in finance income, and recognition of profit in an associate company. Furthermore, the cost of revenues, selling and distribution expenses, general and administrative costs and Zakat expenses decreased in the current quarter.

 

Compared with Q4 2023, the company trimmed the first-quarter loss from SAR 71.83 million.

 

Shareholders’ equity, excluding minority interest, stood at SAR 864.99 million as of March 31, 2024, compared to SAR 900.65 million a year earlier.

 

Accumulated losses amounted to SAR 335.9 million as of March 31, 2024, representing 26.87% of the company's capital.

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