Riyadh – Mubasher: Saudi Public Transport Co. (SAPTCO) on Wednesday reported a 72% year-on-year decline in profits during 2018.

SAPTCO’s net profits, after calculating Zakat and Tax, amounted to SAR 22.93 million ($6.11 million) last year, down from SAR 81.74 million ($21.79 million) in 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the sharp drop in annual profits to higher operating costs, a rise in administrative, general, and marketing expenses, and an increase in financing costs.

Revenues jumped 29% to SAR 1.46 billion, from SAR 1.13 billion in 2017, it said.

Earnings per share (EPS) reached SAR 0.16 last year, against SAR 0.63 during 2017.

The bus-managing company’s losses increased to SAR 38.28 million in the fourth quarter of 2018, from SAR 24.56 million in Q4-17, according to data compiled by Mubasher.

SAPTCO's stock levelled up 0.27% to close Tuesday's trading session at SAR 14.90.