Saudi Public Transport Co. (SAPTCO) reported a net profit of SAR 35.3 million for the fiscal year 2019, up 73% year-on-year (YoY), as compared to a profit of SAR 20.4 million a year earlier.
| Item | 2018 | 2019 | Change |
|---|---|---|---|
| Revenues | 1,455.45 | 1,711.89 | 17.6 % |
| Gross Income | 171.93 | 219.37 | 27.6 % |
| Operating Income | 20.59 | 49.27 | 139.3 % |
| Net Income | 20.42 | 35.32 | 73.0 % |
| Average Shares | 125.00 | 125.00 | - |
| EPS (Riyals) | 0.16 | 0.28 | 73.0 % |
The rise in net profit is due to higher operating income on the back of increase in the subsidiary revenues, despite higher expenses and decrease in the value of assets held for sale.
Higher profit is also attributed to an increase in profit share from an associate.
Total comprehensive income for 2019 increased 57.6% YoY to SAR 48.77 million from SAR 27.53 million in the previous year.
The company implemented IFRS 16 from Jan. 1, 2019 and there was no impact on the financial results.
In Q4 2019, the company reported net loss of SAR 41.6 million, compared to a loss of SAR 39.3 million in the same period of 2018.
| Item | Q4 2018 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 430.97 | 386.66 | (10.3 %) |
| Gross Income | (0.89) | 14.91 | 1775.5 % |
| Operating Income | (59.89) | (35.83) | 40.2 % |
| Net Income | (39.30) | (41.56) | (5.8 %) |
| Average Shares | 125.00 | 125.00 | - |
| EPS (Riyals) | (0.31) | (0.33) | (5.8 %) |
| Item | Q3 2019 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 485.31 | 386.66 | (20.3 %) |
| Gross Income | 172.50 | 14.91 | (91.4 %) |
| Operating Income | 119.62 | (35.83) | (130.0 %) |
| Net Income | 97.11 | (41.56) | (142.8 %) |
| Average Shares | 125.00 | 125.00 | - |
| EPS (Riyals) | 0.78 | (0.33) | (142.8 %) |
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