Riyadh – Mubasher: Saudi Public Transport Company (SAPTCO) reported its interim financial results for the third quarter of 2019.
Net profits after zakat and tax inched down by 0.34% to SAR 95 million in Q3-19, compared to SAR 95.34 million in Q3-18, according to a bourse statement on Wednesday.
The decrease in profits was attributed to high administrative expenses, high finance costs in the subsidiary, drop in other revenues, and an increase in the company’s share in losses of a joint venture.
During the period between July and September, revenues increased by 4.4% to SAR 485.3 million, from SAR 464.8 million in the same period a year ago.
For the first nine months of 2019, net profits of SAPTCO levelled up by 21.6% to SAR 74.4 million, versus SAR 61.21 million in the same period last year.
Total revenues of the company advanced by 29.3% year-on-year to SAR 1.32 billion over a nine-month period.
By the end of September, the profit per share recorded SAR 0.62.
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