Riyadh – Saudi Public Transport Company (SAPTCO) announced a net loss after Zakat and tax of SAR 39.9 million for the first quarter (Q1) ending on 31 March 2020, up by 273.5% when compared to SAR 10.7 million in Q1-19, the company's consolidated interim financials showed.
Year-on-year (YoY), revenues went up by 2.1% to reach SAR 420.06 million in Q1-20 from SAR 411.06 million, according to a stock exchange filing on Sunday.
Moreover, the rise in interim losses is owed to falling revenues from the company’s main activity due to precautions against the coronavirus (COVID-19).
In addition, the firm saw higher activity costs as well as rising selling, distribution, and financing expenses, coupled with a drop in other revenues. A loss from a joint venture (JV) project was also registered due to the COVID-19 pandemic.
In 2019, SAPTCO logged a net profit after zakat and tax worth SAR 33.9 million, compared to SAR 22.9 million, posting a 47.9% annual surge.
SAPTCO recently resumed its transport services as the preventive measures are gradually eased to restore normal life.
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