Riyadh – Mubasher: Saudi Public Transport Company (SAPTCO) shifted to net losses worth SAR 7.01 million in the first half (H1) of 2024, against net profits valued at SAR 11.14 million in H1-23.
The company's revenues stood at SAR 735.71 million in H1-24, down 3.89% year-on-year (YoY) from SAR 765.56 million, according to the income results.
Loss per share hit SAR 0.07 during the first six months (6M) of 2024, versus a profit per share of SAR 0.13 in the year-ago period.
Financial Results for Q2-24
In the second quarter (Q2) of 2024, the company logged net profits worth SAR 41.61 million, lower by 28.91% YoY than SAR 58.54 million.
The revenues dropped by 6.70% to SAR 427.19 million in Q2-24 from SAR 457.89 million in Q2-23.
Quarterly, the company turned profitable in Q2-24 when compared to net losses valued at SAR 48.62 million in January-March 2024. Meanwhile, the revenues fell by 38.46% from SAR 308.51 million.
Accumulated Losses
SAPTCO incurred accumulated losses amounting to SAR 345.01 million at the end of June 2024, representing 27.60% of the capital.
