|19 September, 2018

SAPTCO unit inks $22mln transport deals

Financial impact of two agreements expected to appear by end of third quarter of 2018

Saudi Public Transport Co. (SAPTCO) on Wednesday said that its 50%-owned subsidiary Saudi Emirates Transport Co (SEITCO) signed two contracts with Tatweer Co for Educational Transportation.

Combined, the two one-year deals are valued at SAR 86.2 million ($22.98 million).

SEITCO will provide school transportation services in the Eastern Province of Tabuk, SAPTCO said in a statement to the Saudi Stock Exchange (Tadawul).

The financial impact of the two agreements is expected to appear by the end of the third quarter of 2018, the Saudi transport firm added.

On Monday, SAPTCO revealed that the Arriyadh Development Authority (ADA) had awarded a France-led consortium a deal for maintaining and operating the first and second lines of the Riyadh train project at a value of SAR 8.531 billion ($2.27 billion).

SAPTCO last reported suffering net losses of SAR 29.8 million in Q2-18, against SAR 39.46 million in profits during the same period of 2017. For the first six months of 2018, the company incurred SAR 34.13 million in losses against SAR 43 million profits during H1-17.

By 10:44 am Saudi time, SAPTCO’s stock grew 0.70%, reaching SAR 14.44.

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