SAPTCO 9M 2024 earnings plunge to SAR 1.1M; Q3 at SAR 10.2M

Saudi Public Transport Co. (SAPTCO) posted a net profit of SAR 1.1 million in the first nine months of 2024, down from SAR 36.2 million in the prior-year period.

The profit decline was a result of a decrease in operating revenue due to a reduction in the public transportation operations.

In addition, the company saw an increase in general and administrative expenses, financing costs, and Zakat and tax expenses.

During the period, SAPTCO recognized a higher impairment in trade receivables and an increase in losses from joint ventures, as well as a decrease in other income.

However, cost of revenue, selling and distribution expenses decreased, and finance income increased. Additionally, there was a recognition of profit from the associated company, and reversal of impairment loss on assets held for sale.

The company's net earnings fell 50% to SAR 10.2 million in Q3 2024 from SAR 20.2 million in Q3 2023, as public transport operation decreased due to the end of concession contract.

When compared to the previous quarter, SAPTCO’s Q3 net profit dropped 74.5% from SAR 40 million as Hajj revenues edged lower along with a decrease in public transport operations.

Shareholders’ equity, after minority interest, stood at SAR 915.20 million as of Sept. 30, 2024, compared to SAR 981.33 million a year earlier.

Accumulated losses amounted to SAR 334.79 million as of Sept. 30, 2024, representing 26.78% of the company's capital.

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