|09 July, 2019

Saudi SAPTCO unit wins $320mln school transportation contracts

The impact of the deals will be realised in the financial results of the third quarter of 2019

Close-Up High Section Of School Bus Against Clouds. Image used for illustrative purpose.

Close-Up High Section Of School Bus Against Clouds. Image used for illustrative purpose.

Getty Images/Mark Horton / EyeEm

Riyadh –  Saudi Public Transport Company (SAPTCO) announced that its 50%-owned unit, Saudi Emirates Integrated Transportation Company (SETCO), has won three school transportation contracts in Riyadh, Medina, and Tabuk.

The total value of the four-year contracts amounted to SAR 1.2 billion, according to a filing to the Saudi Stock Exchange (Tadawul).

The company noted that the financial impact of the deals will be realised in the financial results of the third quarter of 2019.

During the full-year 2018, SAPTCO reported a 72% year-on-year decline in profits, logging SAR 22.93 million ($6.11 million), down from SAR 81.74 million ($21.79 million).

Source: Mubasher

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