Riyadh – Mubasher: Saudi Public Transport Company (SAPTCO) on Monday announced that its net profits surged 550.2% year-on-year in the second quarter of 2017.

Profits stood at SAR 39.46 million in Q2-17, compared to SAR 6.07 million in Q2-16, according to a bourse filing.

Quarter-on-quarter, net profits soared 1,201%.

The transport firm attributed the growth in net profits to higher activities’ revenues, an increase in joint ventures, the rise in other income, as well as a decrease in general and administrative expenses, marketing expenses, and zakat.

SAPTCO’s revenues went up 3.5% to SAR 294.2 million in Q2-17, from SAR 284.2 million in the corresponding period in the year earlier.

Net profits grew 9.2% to reach SAR 42.98 million in the half of 2017, compared to SAR 39.37 million in H1-16.

Revenues fell 3.3% to SAR 523.2 million in H1-17, from SAR 541.2 million in the same period in the year before.

By 1:17 pm Saudi time, SAPTCO's stock rose 1.38% to SAR 14.