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

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities