SAPTCO incurs SAR 9.1M loss in H1 2024, earns SAR 40M in Q2

01/08/2024 Argaam Exclusive

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Saudi Public Transport Co. (SAPTCO) swung to a net loss of SAR 9.1 million in H1 2024, against a net profit of SAR 16.1 million in the corresponding period of 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	765.57	735.71	(3.9 %)
Gross Income	132.16	121.90	(7.8 %)
Operating Income	43.39	46.31	6.7 %
Net Income	16.05	(9.10)	(156.7 %)
Average Shares	125.00	125.00	-
EPS (Riyals)	0.13	(0.07)	(156.7 %)

The losses were attributed to a drop in operating revenue amid lower operating rates of public transport services after the expiry of its concession contract.

The current period included a larger drop in trade receivables, as well as higher financing costs, Zakat expenses and income tax. SAPTCO also incurred bigger losses from its joint venture, and reported a decline in other income despite the lower cost of sales, as well as decreased distribution and selling expenses.

The company also recorded an increase in finance income and generated profits from an associate against losses in H1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	457.90	427.20	(6.7 %)
Gross Income	121.96	107.53	(11.8 %)
Operating Income	70.46	74.02	5.0 %
Net Income	60.48	40.00	(33.9 %)
Average Shares	125.00	125.00	-
EPS (Riyals)	0.48	0.32	(33.9 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	308.52	427.20	38.5 %
Gross Income	14.37	107.53	648.5 %
Operating Income	(17.56)	74.02	521.5 %
Net Income	(49.10)	40.00	181.5 %
Average Shares	125.00	125.00	-
EPS (Riyals)	(0.39)	0.32	181.5 %

In Q2 2024, SAPTCO’s net earnings dropped 33.9% to SAR 40 million, from SAR 60.48 million in Q2 2023. The company reported a drop in operating revenue amid lower operating rates of public transport services after the expiry of its concession contract. The current quarter also included a larger drop in trade receivables.

SAPTCO turned to profitability from a net loss of SAR 49 million in Q1 2024, backed by better operating revenue, other income, finance income and profits of associates. It also recorded a decline in financing costs.

Shareholders’ equity, excluding minority interest, stood at SAR 904 million as of June 30, 2024, compared to SAR 961 million a year earlier.

Accumulated losses amounted to SAR 345.01 million as of March 31, 2024, representing 27.6% of the company's capital.

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