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SAPTCO’s profits drop 28%, near to SAR 63m in Q3

SAPTCO’s profits drop 28%, near to SAR 63m in Q3
Net profits reached SAR 63.21 million in Q3-17, compared to SAR 88.21 million in Q3-16, according to a bourse statement
SAPTCO
4040
-0.86% 16.08 -0.14

Riyadh – Mubasher: Saudi Public Transport Company (SAPTCO) on Wednesday said its net profits retreated 28.2% in the third quarter of 2017, compared to the year-ago period.

Net profits tumbled to SAR 63.21 million in Q3-17, from SAR 88.21 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits surged 60.5%.

The Saudi transport firm attributed the decline in its year-on-year net profits to a rise in operating costs by 11%, suffering 205% losses in joint venture (JV), and decline in other revenues by 30%.

At the level of the first nine months of 2017, the company’s profits slid 16.7% to SAR 106.3 million, from SAR 127.58 million in the corresponding period in the year earlier.

SAPTCO’s stock rose 1.8%, closing at SAR 14.37 on Wednesday.