SAPTCO records losses of 57 million during the 3Q, down 53%

The Saudi Public Transport Company (SAPTCO) recorded losses after zakat and tax of 57 million riyals during the third quarter, compared to losses of 121.75 million riyals during the same quarter of the previous year, a decrease of 53%.

This came after Saudi Public Transport Company (SAPTCO) announced on Sunday its interim consolidated financial results for the period ending on 2021-09-30 (Nine Months).

As for the operational loss, it amounted to SR39.8 million during the third quarter, compared to a loss of SR99.47 million during the same quarter of the previous year, a decrease of 59.98%.

The gross loss amounted to SR12.22 million during the third quarter, compared to a loss of SR26.46 million during the same quarter of the previous year, a decrease of 53.8%.

The net loss after zakat and tax during the current period amounted to SR152.89 million, compared to a loss of SR302 million during the same period of the previous year, a decrease of 49.37%.

The loss per share during the current period amounted to SR1.2 riyals, compared to a loss of SR2.4 during the same period of the previous year.

The reason for the decrease in losses during the current quarter compared to the same quarter of the previous year is due to the decrease in the subsidiary Company cost of revenues, due to the completion of the operational requirements equipment, decrease in the Selling and distribution expenses, the comparative period included recording additional provision of trade receivables, the decrease the losses of a joint venture investment, the increase in the other revenues and the decrease in zakat and income tax expenses.

The reason for the increase in losses during the current quarter compared to the previous quarter of the same year is due to, the decrease of the operation revenues, due to decrease in the subsidiary company revenues, the increase in the selling and distribution, and the general administrative expenses, the current period included recording provision of trade receivables, the decrease in the other revenues, the previous quarter included refunding of the assets held for sale value and the increase in zakat and income tax expenses.

The reason for the decrease in losses during the current period compared to the same period of the previous year is due to the decrease in the cost of revenues, due to the decrease the subsidiary Company cost of revenue, the decrease in the general and administrative expenses, the comparative period included recording additional provision of trade receivables, the comparative period included recording a decreased the amount of the assets held for sell, the increase in the other revenues and the decrease in zakat and income tax expenses.

Certain prior period comparative figures presented have been reclassified in accordance to the current period’s classification.

The loss per share during the current quarter was calculated based on the loss for the period for the shareholders of the parent company amounting to SR55,963 Thousand compared to the loss of the corresponding period for the shareholders of the parent company amounting to SR120,950 thousand.

The loss per share during the current period was calculated based on the loss for the period for the shareholders of the parent company amounting to SR149,676 thousand compared to the loss of the corresponding period for the shareholders of the parent company amounting to SR299,567 thousand.