SAPTCO’s profits shrink 38.5% in 9M-24 - Mubasher Info

SAPTCO
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Riyadh – Mubasher: Saudi Public Transport Company (SAPTCO) generated SAR 20.85 million in net profit during the first nine months (9M) of 2024, marking a 53.39% plunge from SAR 44.73 million in 9M-23.

Revenues stood at SAR 1.15 billion in 9M-24, down 3.39% year-on-year (YoY) from SAR 1.19 billion, according to the initial financial results.

The earnings per share (EPS) dropped to SAR 0.01 as of 30 September 2024 from SAR 0.29 a year earlier.

Financials for Q3-24

In the third quarter (Q3) of 2024, SAPTCO posted 17.05% lower net profits at SAR 27.86 million, compared to SAR 33.59 million a year earlier.

The Tadawul-listed firm registered a 2.48% decline in revenue to SAR 421.09 million during July-September 2024, versus SAR 431.84 million in Q3-23.

Quarterly, the Q3-24 profits plummeted by 33.04% from the SAR 41.61 million registered in April-June 2024, while the revenues fell by 1.42% from SAR 427.19 million.

Accumulated Losses

SAPTCO incurred accumulated losses amounting to SAR 334.79 million as of 30 September 2024, representing 26.78% of the capital.

Source: Mubasher Source: {{details.article.source}}