Riyadh – Mubasher: Saudi Public Transport Company (SAPTCO) turned profitable at SAR 44.73 million in the first nine months (9M) of 2023, against net losses of SAR 1.28 million in 9M-22.
Revenues amounted to SAR 1.19 billion in 9M-23, up 24.39% year-on-year (YoY) from SAR 962.65 million, according to the interim financial results.
Earnings per share (EPS) hit SAR 0.29 in January-September 2023, compared to SAR 0.02 a year earlier.
Financials for Q3-23
During the third quarter (Q3) of 2023, the company logged profits after Zakat and tax worth SAR 33.59 million, higher by 2,543% than SAR 1.27 million in Q3-22.
The revenues grew by 22.34% to SAR 431.84 million in Q3-23 from SAR 352.97 million in the year-ago period.
On a quarterly basis, the net profits in Q3-23 plunged by 42.62% from SAR 58.54 million in Q2-23, while the revenues dropped by 5.69% from SAR 457.89 million.
Accumulated Losses
The Tadawul-listed firm registered accumulated losses valued at SAR 268.66 million as of 30 September 2023, accounting for 21.49% of the SAR 1.25 billion capital.
In the first three months (3M) of 2023, SAPTCO reported net losses after Zakat and tax valued at SAR 47.39 million, an annual hike of 2,164% from SAR 2.09 million.
