SAPTCO’s profit advances 48% in FY19

Revenues for the period grew by 17.6%


Riyadh – Mubasher: Saudi Public Transport Company (SAPTCO) logged a net profit after zakat and tax worth SAR 33.9 million in the fiscal year (FY) ended on 31 December 2019, compared to SAR 22.9 million, posting a 47.9% annual surge, the company's consolidated financials showed.

Revenues for the period grew by 17.6% by 2019 year-end to stand at SAR 1.7 million from SAR 1.4 million in the previous year, according to a bourse statement on Tuesday.

The growth in last year’s profit was attributed to a rise in operating income, supported by higher subsidiary revenues despite increasing financing and activity costs as well as higher administrative, sales, and distribution expenses.

Additionally, the Tadawul-listed firm registered a higher share of profits from an associate.

It is worthy to mention that in the first nine months of 2019, net profits of SAPTCO soared by 21.6% to SAR 74.4 million, versus SAR 61.21 million in the same period last year.

Source: Mubasher

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