SAPTCO records losses of SAR 47.4 million during Q1, an increase of 2164%

The Saudi Public Transport Company “SAPTCO” recorded losses after zakat and tax of SAR 47.4 million during the first quarter, compared to a loss of SAR 2 million in the same quarter of last year, an increase of 2164%. This came after its announcement on Sunday of the interim financial results for the period ended on 31.03.2023 (3 months).

The operating loss amounted to SAR 27 million in the first quarter, compared to a loss of SAR 9 million in the same quarter of the previous year, an increase of 194%.

As for the total profit, it amounted to SAR 10 million in the first quarter, compared to SAR 25 million in the same quarter of the previous year, a decrease of 60%.

The loss per share in the current period amounted to SAR 0.36, compared to a loss of SAR 0.03 in the same period last year.

The reason for the increase in the losses during the current quarter compared to the same quarter of the previous year is due to:

1. Increase in the cost of revenue, selling and distribution expenses, cost of finance and zakat and income tax expense; however, during the current quarter, the operational revenue has been increased, and recording a profit in a joint venture.
2. Decrease in the other revenue due to the reverse of an extra zakat provision during the comparative period.
3. Recording of a higher amount of impairment on trade receivables during the current quarter.

The reason for the decrease in loss during the current quarter compared to the previous quarter is due to:

1. Decrease in the cost of revenue, selling and distribution expenses, and general and administrative expenses; however, the cost of finance and zakat and income tax expense has been increased.
2. Increase in other income.
3. Lower loss recognized in the associate company.
4. Recognition of impairment in the non-current assets during the previous quarter.
5. Recognition of higher impairment of trade receivable during the previous quarter.

The losses per share for the current quarter were calculated based on the net losses for the quarter relating to the shareholders of the parent Company amounting to SAR (44,428) thousand. Similarly, the losses per share for a similar quarter of the previous year were calculated based on the net losses of the quarter relating to the shareholders of the parent Company amounting to SAR (3,537) Thousand.

– The accumulated losses are SAR (349.3) million, which is equivalent to 27.95% of the Company’s share capital of SAR 1,250 million. The accumulated losses were reported as of 31.03.2023.