Financial Results : SAPTCO loses SAR 9.6M in 2024, SAR 10.7M in Q4

SAPTCO loses SAR 9.6M in 2024, SAR 10.7M in Q4

17/03/2025 Argaam Exclusive

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Saudi Public Transport Co. (SAPTCO) narrowed its net losses to SAR 9.6 million in 2024, from SAR 35.6 million a year ago.



Financials (M)

Item 2023 2024 Change‬
Revenues 1,569.66 1,459.64 (7.0 %)
Gross Income 275.17 303.57 10.3 %
Operating Income 59.81 125.87 110.4 %
Net Income (35.58) (9.63) 72.9 %
Average Shares 125.00 125.00 -
Earnings Per Share before unusual items (Riyals) (0.39) (0.10) 74.0 %
EPS (Riyal) (0.28) (0.08) 72.9 %

This came as the cost of revenue and selling & distribution expenses retreated by year-end. The company also recorded profits from an associate company in 2024, in contrast to incurring losses in the previous year.

 

For the same year, finance income increased on an annual basis. This is besides the reversal of impairment on assets held for sale, compared to recording impairment losses in 2023.

 

On the other hand, the decline in net losses was partially offset by a weaker topline amid a decrease in operating and other revenues.

 

Further, the elevated Zakat expenses and financing costs, paired with higher losses from joint ventures (JVs), also weighed on SAPTCO’s 2024 financials.

 

SAPTCO trimmed its net loss to SAR 10.72 million in Q4 2024, from SAR 71.83 million in Q3 2024.

 

On a quarterly basis, the company swung to losses from a net profit of SAR 10.22 million in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 372.24 302.83 (18.6 %)
Gross Income 26.92 66.42 146.7 %
Operating Income (57.68) 17.29 130.0 %
Net Income (71.83) (10.75) 85.0 %
Average Shares 125.00 125.00 -
Earnings Per Share before unusual items (Riyal) (0.57) (0.05) 91.8 %
EPS (Riyal) (0.57) (0.09) 85.0 %

Shareholders’ equity, excluding minority interest, inched up to SAR 921.88 million by the end of 2024, compared to SAR 914.08 million a year earlier.

 

Accumulated losses stood at SAR 328.1 million by Dec. 31, 2024, amounting to 26.25% of the company’s capital.

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