Saudi Public Transport Co. (SAPTCO) increased its net losses to SAR 44.4 million in Q1 2023, compared to SAR 3.5 million in the same quarter last year.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 299.31 | 307.67 | 2.8 % |
| Gross Income | 25.38 | 10.20 | (59.8 %) |
| Operating Income | (9.20) | (27.07) | (194.2 %) |
| Net Income | (3.54) | (44.43) | (1,156.1 %) |
| Average Shares | 125.00 | 125.00 | - |
| EPS (Riyals) | (0.03) | (0.36) | (1,156.1 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 356.82 | 307.67 | (13.8 %) |
| Gross Income | 26.22 | 10.20 | (61.1 %) |
| Operating Income | (80.48) | (27.07) | 66.4 % |
| Net Income | (93.34) | (44.43) | 52.4 % |
| Average Shares | 125.00 | 125.00 | - |
| EPS (Riyals) | (0.75) | (0.36) | 52.4 % |
The company attributed the increase in losses to higher cost of revenue, selling and distribution expenses, cost of finance as well as Zakat and income tax expense. This was despite higher operational revenue and recording a profit from the joint venture during the quarter.
In addition, other revenue declined, due to the reversal of an extra Zakat provision during the corresponding quarter.
The company also recorded a higher amount of impairment on trade receivables in Q1 2023.
Compared with Q4 2022, the company trimmed the first-quarter loss by 52.4% from SAR 93.3 million.
Shareholders’ equity, excluding minority interest, stood at SAR 900.66 million as of March 31, 2023, compared to SAR 1.04 billion a year earlier.
Accumulated losses amounted to SAR 349.3 million as of March 31, 2023, representing 28% of the company's capital.
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