Saudi-listed transport firms profits plunge 44% in Q4

Saudi-listed transport firms profits plunge 44% in Q4
The sector’s net profit reached AED 80.38 million in Q4-18
SAPTCO
4040
-1.53% 12.86 -0.20
SISCO
2190
3.22% 12.18 0.38
SGS
4031
-1.79% 32.90 -0.60

Budget Saudi
4260
0.19% 26.30 0.05

By: Thabet Shehata

Riyadh – Mubasher: Saudi Arabia-listed transportation companies saw a 44.36% decline in net profits during the fourth quarter and a 22.84% decrease in the full-year 2017. 

The sector’s net profit reached AED 80.38 million in Q4-18 versus AED 144.47 million in the year-ago period, Mubasher’s data showed.

In 2017, transportation firms recorded AED 844.12 million in net profits against AED 1.09 billion a year earlier.

Saudi Ground Services posted a 26.9% year-on-year decline in its net profits during the full-year 2017, compared to the previous year.

United International Transportation Company’s (Budget Saudi) net profit reached SAR 149.51 million in 2017 versus SAR 170.13 million in the year before, according to a statement to the Saudi Stock Exchange (Tadawul).

Saudi Industrial Services Company (SISCO) reported a 34.88% decrease in its net profits during 2017, compared to the previous year.

Meanwhile, Saudi Public Transport (SAPTCO) posted a 37.6% decline in profits to SAR 81.74 million ($21.80 million) last year against SAR 130.9 million ($34.91 million) in 2016.

 

Translate by: Muhammad Khalid