News
Saudi Public Transport Company (SAPTCO) announces its interim consolidated financial results for the period ending on 30-06-2024 (Six Months)
Saudi Public Transport Company (SAPTCO) announces its interim consolidated financial results for the period ending on 30-06-2024 (Six Months).
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 427,197 | 457,898 | -6.704 | 308,517 | 38.467 |
| Gross Profit (Loss) | 107,530 | 121,960 | -11.831 | 14,367 | 648.451 |
| Operational Profit (Loss) | 74,015 | 87,922 | -15.817 | -10,004 | - |
| Net profit (Loss) | 41,616 | 58,542 | -28.912 | -48,629 | - |
| Total Comprehensive Income | 41,616 | 58,542 | -28.912 | -48,629 | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 735,714 | 765,566 | -3.899 |
| Gross Profit (Loss) | 121,897 | 132,163 | -7.767 |
| Operational Profit (Loss) | 64,010 | 67,200 | -4.747 |
| Net profit (Loss) | -7,014 | 11,145 | - |
| Total Comprehensive Income | -7,014 | 11,145 | - |
| Total Shareholders Equity (after Deducting Minority Equity) | 904,989 | 961,133 | -5.841 |
| Profit (Loss) per Share | -0.07 | 0.13 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | -345,011 | -27.6 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The reason of the decrease in the revenues in the current quarter compared to the same quarter of the previous year due to decrease of the public transport operation as a result of end of concession contract. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is |
The reason for the decrease in the profit during the current quarter compared to the same quarter of the previous year is due to:
1. Decrease of the operating revenue due to decreased in the public transportation operation. 2. Recognition of the higher impairment in trade receivable during the current quarter. 3. Decrease in the other income. 4. Increase in cost of finance, and Zakat and Tax expenses. 5. Recognition of higher loss in joint venture during the current quarter. However, the cost of revenues, selling and distribution expense has been decreased. In addition, recognition a reversal of impairment loss on assets held for sale during the current quarter, increase in finance income during the current quarter, and recognition of profit in the associate Company during the current quarter compared to loss during the same quarter of the previous year. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The reason of the increase in the revenues in the current quarter compared to the previous quarter due to increase in public transport operations and Hajj revenues. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is |
The reason of the profit during the current quarter compared to the loss in the previous quarter is due to:
1. Increase in operating revenues due to increase of the in public transport operations and Hajj revenues, which accordingly resulted in increase of the cost of revenue, selling and distribution expenses, general and administrative expenses and zakat expenses. In addition, recognition of higher impairment in trade receivable during the current quarter. 2. Recognition a reversal of impairment loss on assets held for sale during the current quarter. 3. Incremental other income and increase in finance income. 4. Increase in associate Company profit. 5. Decrease in finance cost. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The reason of the decrease in the revenues in the current period compared to the same period of the last year due to decrease of the public transport operation as a result of end of concession contract. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is |
The reason of the loss during the current period compared to the profit during the same period of the previous year is due to:
1. Decrease of the operating revenue due to decreased in the public transportation operation. 2. Recognition of higher impairment of trade receivable during the current period. 3. Increase in cost of finance, and zakat and Tax expenses. 4. Recognition of higher loss in joint venture during the current period 5. Decrease in the other income. However, the cost of revenue, selling and distribution expenses has been decreased. In addition, recognition a reversal of impairment loss on assets held for sale during the current period, increase in finance income during the current period, and recognition of profit in associate Company compared to loss during the similar period of the previous year. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | - |
| Additional Information |
- The profit per share for the current quarter was calculated based on the net profit for the quarter relating to the shareholders of the parent company amounting to 40 million riyals. Similarly, the profit per share for the
similar quarter of the previous year was calculated based on the net profit of the quarter relating to the shareholders of the parent company amounting to 60.5 million riyals.
- The losses per share for the current period was calculated based on the net losses for the period relating to the shareholders of the parent company amounting to (9.1) million riyals. Similarly, the profit per share for the similar period of the previous year was calculated based on the net profit of the period relating to the shareholders of the parent company amounting to 16 million riyals. - The accumulated losses as of 31/03/2024 amounted to (385) million riyals, which is equivalent to (30.8%) of the company’s capital amounting to (1,250) million riyals, is decreased to (345) million riyals, which is equivalent to (27.6%) of the company’s capital amounting to (1,250) million riyals. The date of this decrease was 30/06/2024 AD, and the reason is due to recognized of a profit in the quarter two 2024. - The other income has been presented within the operating income due to include revenues driven from the related Company’s main activity. |