News
Saudi Public Transport Company (SAPTCO) announces its interim consolidated financial results for the period ending on 30-09-2024 (nine Months)
Saudi Public Transport Company (SAPTCO) announces its interim consolidated financial results for the period ending on 30-09-2024 (nine Months).
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 421,098 | 431,849 | -2.489 | 427,197 | -1.427 |
| Gross Profit (Loss) | 115,248 | 116,090 | -0.725 | 107,530 | 7.177 |
| Operational Profit (Loss) | 74,654 | 77,066 | -3.129 | 74,015 | 0.863 |
| Net profit (Loss) | 27,863 | 33,594 | -17.059 | 41,616 | -33.047 |
| Total Comprehensive Income | 27,863 | 33,594 | -17.059 | 41,616 | -33.047 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 1,156,812 | 1,197,415 | -3.39 |
| Gross Profit (Loss) | 237,145 | 248,253 | -4.474 |
| Operational Profit (Loss) | 138,664 | 144,266 | -3.883 |
| Net profit (Loss) | 20,850 | 44,739 | -53.396 |
| Total Comprehensive Income | 20,850 | 44,739 | -53.396 |
| Total Shareholders Equity (after Deducting Minority Equity) | 915,205 | 981,332 | -6.738 |
| Profit (Loss) per Share | 0.01 | 0.29 | |
| 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 | -334,795 | -26.78 | |
| 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 last year is 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 last year is due to:
1. Decrease in operating revenue resulted from a reduction in public transportation operations 2 Increase in general and administrative expenses. 3 Cost of finance, and Zakat & Tax expense have been increased. 4. Reduction in the finance income. On the other hand, the costs of revenues, joint venture losses have decreased, and recognition of lower impairments in trade receivable. Additionally, incremental other income, and recognition of profit from the associated company. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The reason of the decrease in the revenues in the current quarter compared to the previous quarter due to decrease 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 for the decrease in the profit during the current quarter compared to the previous is due to:
1. Decrease in operating revenue resulted from a reduction in public transportation operations 2. Increase in general and administrative expenses. 3. Cost of finance, and Zakat and Tax expenses have been increased. 4. Reduction in the other revenues and finance income. 5. Reversal of impairment on assets held for sales in the previous quarter. However, there has been a reduction in the cost of revenues, selling and distribution expenses, as well as a lower recognition of impairments in trade receivables, along with a decrease in joint venture losses. |
| 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 for 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 decrease in profit compared to the same period of the last year can be attributed to following factors:
1. Decrease in operating revenue due to reduction in the public transportation operations. 2. Increase in general and administrative expenses, financing costs, and Zakat and tax expenses. 3. Recognition of a higher impairment in trade receivables during the current period. 4. Increase in losses from joint ventures during this period. 5.Decrease in other income. However, cost of revenue, selling and distribution expenses has been decreased, and finance income has been increased. Additionally, there was a recognition of profit from the associated company, and reversal of impairment loss on assets held for sale. |
| 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 of the current quarter was calculated based on a net profit of 10.2 million riyals attributable to the shareholders of the parent company. In comparison, the profit per share for the same quarter last
year was derived from a net profit of 20.2 million riyals for the shareholders of the parent company.
- For the current period, the profit per share was calculated from a net profit of 1.1 million riyals related to the shareholders of the parent company. Similarly, the profit per share for the corresponding period last year was based on a net profit of 36.2 million riyals. - As of June 30, 2024, the accumulated losses totaled 345 million riyals, representing 27.6% of the company's capital of 1,250 million riyals. By September 30, 2024, these losses had decreased to 335 million riyals, or 26.8% of the same capital, due to the recognition of profit in the third quarter of 2024. - Additionally, other income has been classified within operating income, as it includes revenue generated from the company’s primary activities. |