| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 765.57 | 735.71 | (3.9 %) |
| Gross Income | 132.16 | 121.90 | (7.8 %) |
| Operating Income | 67.20 | 64.01 | (4.7 %) |
| 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.
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 457.90 | 427.20 | (6.7 %) |
| Gross Income | 121.96 | 107.53 | (11.8 %) |
| Operating Income | 87.92 | 74.02 | (15.8 %) |
| 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 | (10.00) | 74.02 | 839.9 % |
| 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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