Riyadh – Mubasher: Saudi Public Transport Company (SAPTCO) incurred net losses after Zakat and tax valued at SAR 47.39 million in the first quarter (Q1) of 2023.
The registered net losses were higher by 2,164% year-on-year (YoY) than SAR 2.09 million, according to the interim consolidated income statements.
Meanwhile, the firm recorded a 2.79% growth in revenue to SAR 307.66 million during January-March 2023, versus SAR 299.31 million as of 31 March 2022.
Loss per share enlarged to SAR 0.36 in the first three months (3M) of 2023 from SAR 0.03 in Q1-22.
On a quarterly basis, the Q1-23 net losses after Zakat and tax plummeted by 50.14% from SAR 95.06 million in Q4-22, while the revenues declined by 13.77% from SAR 356.81 million.
Accumulated Losses
The accumulated losses of SAPTCO amounted to SAR 349.34 million as of 31 March 2023, equivalent to 27.95% of the SAR 1.25 billion capital.
Last year, the Tadawul-listed company posted 56.30% lower net losses after Zakat and tax at SAR 96.35 million, compared to SAR 220.46 million in 2021.
