Riyadh – Mubasher: The Saudi Public Transport Company (SAPTCO) has incurred net losses after Zakat and tax worth SAR 2.09 million during the first quarter (Q1) of 2022, an annual drop of 96.15% from SAR 54.44 million.
Revenues surged by 41.46% to SAR 299.31 million in the January-March 2022 period, versus SAR 211.58 million during the same period in the previous year, according to a bourse filing on Monday.
Meanwhile, the loss per share plummeted to SAR 0.03 in Q1-22 from SAR 0.43 in Q1-21.
On a quarterly basis, the company’s revenues in Q1-22 rose by 6.54% from SAR 280.92 million in Q4-21, while the net losses plunged by 96.90% from SAR 67.56 million.
The Saudi listed firm noted that the accumulated losses have reached SAR 203.88 million, accounting for 16.30% of the SAR 1.25 billion capital, at the end of Q1-22.
Last year, SAPTCO suffered net losses after Zakat and tax of SAR 220.46 million, lower by 41.63% than SAR 377.71 million in 2020.
