Saudi Public Transport Co. announces the interim Consolidated financial results for the period ending on 31-12-2016 (Twelve Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) | 5,872 | -35,506 | - | 82,427 | -92.88 |
| Gross profit (loss) | 38,526 | 36,827 | 4.61 | 117,781 | -67.29 |
| Operational profit (loss) | -10,303 | -9,799 | -5.14 | 86,869 | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 126,942 | 210,862 | -39.8 |
| Gross profit (loss) | 237,372 | 231,087 | 2.72 |
| Operational profit (loss) | 94,117 | 98,896 | -4.83 |
| Earning or loss per share, Riyals | 1.02 | 1.69 | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | Reasons for high current quarter net income compared with the same quarter of the previous year:- The Increase in operating revenues amounted to SAR 4.2 Million, at a rate of 1.7%. The Decrease in marketing expenses in the current quarter amounted to SAR 3.2 Million, at a rate of 30.5% due to lower bad debts expense amounted to SAR 2.8 million. The Increase in joint venture's profits during the current quarter amounted to SAR 7.7 Million at a rate of 137%. The Increase in current quarter rise by SAR 5.9 Million at a rate of 137%. The Decrease in finance cost SAR 1.5 Million an average of 37.9% due to the completion of some buses installments. Decline in the current quarter Zakat SAR 23.3 Million at a rate of 88.6%. |
| Reasons of increase (decrease) for period compared with same period last year | Reasons for lower profit for the current period compared with the same period of the previous year to:. The same period of the previous year include a capital profit from sale of land amounted to SAR 118.8 Million. The current period operating costs increase amounted to SAR 29.8 Million 3.4% including the impact of increase in fuel and energy prices. The fixed asset depreciation expenses increase by SAR19.6 Million at a rate of 14.4% due to the fleet increase. Increase in general and administrative expenses and the cost of finance in the current period compared to the same period of the previous year. |
| Reasons of increase (decrease) for quarter compared with previous quarter | Reasons for decline in net profit in the current quarter compared with the previous quarter:- Low activity revenue during the current quarter SAR 108.1 million, at a rate of 30% compared with the previous quarter of the year because the previous quarter included revenue for Hajj season. Increase in general and administrative expenses as well as increase in cost of finance financial during the current quarter compared with the previous quarter of the current year. |
| Reclassifications in quarterly financial results | Comparative figures have been reclassified to conform with the presentation in the current year. |
| Other notes | The revenue during the current quarter amounted to SAR 252.3 Million compared to SAR 248.1 million for the same quarter of last year, showing an increase of 1.7 %. The revenue during the current period amounted to SAR 1,138 million compared to SAR 1,102 million with an increase of 3.3%. The shareholders equity (no minority interest) as of end of current period is SAR 1,593 million compared to SAR 1,522 as of end of similar period last year (no minority interest) showing an increase of 4.7% |
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