2023-08-10 06:24:10
2023/08/10 numbers – special
The Saudi Public Transport Company “SAPTCO”, which operates a fleet of buses to transport passengers across cities in Saudi Arabia and to neighboring countries, achieved profits of 16.1 million riyals at the end of the first half of 2023, compared to losses of 1.6 million riyals achieved during the same period in 2022.
Summary of Financial Results (Million)
The company said that the reason for achieving profits during the current period compared to losses for the same period of the previous year is due to:
1. An increase in activity revenues as a result of an increase in operating rates for passenger transportation services and revenues for the Ramadan and Hajj seasons, despite the increase in the cost of revenues, selling and distribution expenses, general and administrative expenses, and financing costs, as well as a decrease in other revenues.
2. The similar period included recording higher losses in the joint venture.
3. The corresponding period included recording a higher decrease in the value of trade receivables.
4. The similar period included recording a reversal of impairment in the value of assets held for sale.
It came though The current period includes the recording of losses in an associate company.
Quarterly comparison (million)
previous similar
Compared with the second item 2022 the second 2023 Change in revenue 310.36 457.90 47.5% Total income 43.81 121.96 178.4% Operating income 14.36 70.46 390.8% Net income 1.97 60.48 2965.2% Average number of shares 125.00 125.00 Earnings per share (SAR) 0.02 0.48 2965.2% Item First 2023 Second 2023 Change in revenue 307.67 457.90 48.8% Total income 10.20 121.96 1095.3% Operating income (27.07) 70.46 360.3% Net income (44.43) 60.48 236.1% Average number of shares 125.00 125.00 – Earnings per share (SAR) (0.36) 0.48 236.1%
The company also attributed the reason for the increase in profits during the current quarter compared to the same quarter of the previous year to:
1. An increase in activity revenues as a result of the increase in operating rates for passenger transportation services and revenues for the Hajj season, despite the increase in the cost of revenues, selling and distribution expenses, general and administrative expenses, and financing costs, in addition to realizing losses in an associate company.
2. The corresponding quarter recorded a higher decline in the value of trade receivables.
3. Increase in other income.
The company also attributed the reason for achieving profits during the current quarter compared to the losses of the previous quarter to:
1. The increase in activity revenues as a result of the increase in operating rates for passenger transportation services and the revenues of the Hajj season, despite the increase in the cost of revenues, selling and distribution expenses, and general and administrative expenses, in addition to the realization of losses in the joint venture and the increase in losses in the associate company.
2. Increase in other income.
3. A decrease in financing cost and zakat expense.
additional information:
The company also said that shareholders’ equity (following excluding minority rights) at the end of the period amounted to 961.133 million riyals, compared to 1048.086 million riyals at the end of the same period of the previous year.
The total comprehensive income for the current period amounted to 11.145 million Saudi riyals, compared to the total comprehensive income (loss) of (2.557) million Saudi riyals for the same period of the previous year.
The total comprehensive income for the current quarter amounted to 58.542 million riyals, compared to the total comprehensive income (loss) for the similar quarter of (0.464) million riyals, and compared to the total comprehensive income (loss) of (47.397) million riyals for the previous quarter.
The accumulated losses decreased as of March 31, 2023 from the amount of (349.3) million riyals, equivalent to (27.95%) of the company’s capital amounting to 1,250 million riyals, to the amount of (288.9) million riyals, or (23.11%) of the capital. The date of the decrease in losses is June 30, 2023 AD, due to achieving profits in the second quarter of 2023 AD.
To see more of the announced financial results
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