SAPTCO records losses of SAR 24 mln by end of 2023, a decline of 75%

The Saudi Public Transport Company – SAPTCO recorded losses of 24 million riyals during the year ending in 2023, compared to losses of 96 million riyals in the year 2022, a decline of 75%. This came after today’s announcement of the annual financial results ending on December 31, 2023.

The operating profit reached 60 million riyals during the year ending in 2023, compared to losses of 42 million riyals in the year 2022.

The loss per share in the current year amounted to 0.28 riyals, compared to losses of 0.73 riyals in the previous year.

The increase in revenues in 2023 compared to 2022 is due to:

Revenue increased due to an increase in public transport operations and the Ramadan and Hajj seasons.

The (decrease) in losses in 2023 compared to 2022 is due to:

1- Revenue increased due to an increase in public transport operations and the Ramadan and Hajj seasons, which added significantly to the revenue. An increase in operations and revenue is directly proportionate to the cost of revenues, selling and distribution expenses, general and administrative expenses, cost of finance, and Zakat expenses.

2- Recognition of lower impairment in the non-current assets and lower amount of impairment on receivables in the current year.

3-Lower loss recognized in the associate company in the current year.

4- Increase in financing income.

5- Recognition of impairment in assets held for sale in the current year.

6- Recognition of higher losses in joint venture in the current year.

7- Decreased in the other income.

– The Company said that the losses per share for the current year were calculated based on the net losses for the year attributable to the shareholders of the parent company, amounting to approximately (35.6) million riyals. Similarly, the losses per share for the previous year were calculated based on the net losses attributable to the shareholders of the parent company, amounting to approximately (90.9) million riyals.

– The accumulated losses as of 30/09/2023 amounted to (268.7) million riyals, which is equivalent to 21.49% of the company’s capital amounting to (1,250) million riyals, which is increased to (335.9) million riyals, which is equivalent to 26.87% of the company’s capital amounting to (1,250) million riyals. The date of this increase was 12/31/2023 AD. The reason for the increase is due to recognised of a loss in quarter four 2023.