Riyadh – The Saudi Public Transport Company (SAPTCO
) moved to net losses of SAR 377.7 million in 2020, versus net profits of SAR 33.9 million a year earlier.
The turn to loss was driven by a slump in revenue from the company’s main activities due to the Covid-19 pandemic, coupled with realised losses from a joint venture and lower other revenue, according to a bourse disclosure on Tuesday.
Revenue for the last year tumbled by 31.7% on an annual basis, reaching SAR 1.2 billion from SAR 1.7 billion in 2019.
In a separate statement, the company’s board recommended withholding cash dividends for 2020, subject to the general assembly’s approval.
The step aims to support cash liquidity and the company’s financial position.
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