SAPTCO incurs SAR 9.1M loss in H1 2024, earns SAR 40M in Q2

01/08/2024 Argaam Exclusive

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Saudi Public Transport Co. (SAPTCO) swung to a net loss of SAR 9.1 million in H1 2024, against a net profit of SAR 16.1 million in the corresponding period of 2023.


Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 765.57 726.80 (5.1 %)
Gross Income 132.16 104.70 (20.8 %)
Operating Income 43.39 38.47 (11.3 %)
Net Income 16.05 (9.10) (156.7 %)
Average Shares 125.00 125.00 -
Earnings Per Share before unusual items (Riyals) 0.03 (0.14) (622.0 %)
EPS (Riyal) 0.13 (0.07) (156.7 %)

The losses were attributed to a drop in operating revenue amid lower operating rates of public transport services after the expiry of its concession contract.

 

The current period included a larger drop in trade receivables, as well as higher financing costs, Zakat expenses and income tax. SAPTCO also incurred bigger losses from its joint venture, and reported a decline in other income despite the lower cost of sales, as well as decreased distribution and selling expenses.

 

The company also recorded an increase in finance income and generated profits from an associate against losses in H1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 457.90 418.28 (8.7 %)
Gross Income 121.96 92.07 (24.5 %)
Operating Income 70.46 57.16 (18.9 %)
Net Income 60.48 40.00 (33.9 %)
Average Shares 125.00 125.00 -
Earnings Per Share before unusual items (Riyal) 0.38 0.27 (30.2 %)
EPS (Riyal) 0.48 0.32 (33.9 %)

In Q2 2024, SAPTCO’s net earnings dropped 33.9% to SAR 40 million, from SAR 60.48 million in Q2 2023. The company reported a drop in operating revenue amid lower operating rates of public transport services after the expiry of its concession contract. The current quarter also included a larger drop in trade receivables.

 

SAPTCO turned to profitability from a net loss of SAR 49 million in Q1 2024, backed by better operating revenue, other income, finance income and profits of associates. It also recorded a decline in financing costs.

 

Shareholders’ equity, excluding minority interest, stood at SAR 904 million as of June 30, 2024, compared to SAR 961 million a year earlier.

 

Accumulated losses amounted to SAR 345.01 million as of March 31, 2024, representing 27.6% of the company's capital.

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Share Price

Saudi Public Transport Co.
13.00
0.20 1.56 %

Saudi Public Transport Co. (SAPTCO)

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Financial Ratios
Current
Market Cap (M Riyal) 1,625.00
Enterprise Value (EV) (M Riyal) 2,830.09
Shares Outstanding ((M)) 125.00
EPS ( Riyal) (TTM) 0.08
Book Value (BV) ( Riyal) 7.46
Par Value ( Riyal) 10.00
Recurring P/E More than 100
P/E (TTM) More than 100
Price/book 1.74
Return on Average Assets (%) (TTM) 0.3
Return on Average Equity (%) (TTM) 1.1
EV/adj EBITDA 8.13
EV/Revenues 1.80
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