SAPTCO reports loss decline of 96% to SR2 mln in 1Q

The Saudi Public Transport Company (SAPTCO) announced that its losses after zakat and tax declined 96% to SR 2.09 million in the first quarter of 2022 compared to 54.4 million during the same period of 2021.

This came after SAPTCO announcement on Monday of the preliminary financial results for the period ending on 31.03.2022 (three months).

The company’s operational loss plunged 74% to SR 9.2 million in the 1^st quarter of the current year from SR 35.5 million in the same period of the previous year.

SAPTCO recorded gross profits at SR 25.4 million in the first quarter of this year from gross losses of SR 13 million a year ago, while the loss per share fell to SR 0.03 from SR 0.43.

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

1. Increase in the revenues due to the resumption of the transport services within cities, between cities and international transport, with continued adherence to the precautionary measures issued by the official authorities to contain the Corona virus.
2. Decrease in the joint venture losses.
3. Increase in the other revenues.
4. The comparison period included recording a higher decrease in the value of trade receivables.

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

1. Increase in the revenues due to the resumption of the transport services within cities, between cities and international transport, with continued adherence to the precautionary measures issued by the official authorities to contain the Corona virus.

1. The comparison period included creation of a provision for assets held for sale and a provision for impairment in assets.
2. Decrease in the general and administrative expenses, selling and distribution expenses and the cost of financing.
3. Increase in the other revenues.
4. Decrease in zakat and income tax expense.
5. Decrease in the joint venture losses.

Additional Information:

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 (3,537) thousand riyals compared to the loss of the corresponding period for the shareholders of the parent company amounting to (53,596) thousand riyals.