Riyadh – Mubasher: Saudi Public Transport Company (SAPTCO) incurred 2.59% year-on-year (YoY) higher net losses at SAR 48.62 million in the first quarter (Q1) of 2024, compared to SAR 47.39 million.

The Saudi firm generated revenues amounting to SAR 308.51 million in the January-March 2024 period, up 0.27% YoY from SAR 307.66 million, according to the interim financials.

Loss per share increased to SAR 0.39 in the first three months (3M) of 2024 from SAR 0.36 in Q1-23.

On a quarterly basis, the Q1-24 net losses retreated by 29.43% from SAR 68.91 million in Q4-23, while the revenues plummeted by 17.11% from SAR 372.24 million.

Accumulated Losses

SAPTCO reported accumulated losses valued at SAR 385.01 million as of 31 March 2024, representing 30.80% of the capital. The amount is higher than the SAR 335.91 million accumulated losses registered at the end of December 2023.