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SAPTCO unit wins SAR 1.2bn school transportation contracts

SAPTCO unit wins SAR 1.2bn school transportation contracts
The impact of the deals will be realised in the financial results of the third quarter of 2019
SAPTCO
4040
0.28% 14.06 0.04

Riyadh – Mubasher: Saudi Public Transport Company (SAPTCO) announced that its 50%-owned unit, Saudi Emirates Integrated Transportation Company (SETCO), has won three school transportation contracts in Riyadh, Medina, and Tabuk.

The total value of the four-year contracts amounted to SAR 1.2 billion, according to a filing to the Saudi Stock Exchange (Tadawul).

The company noted that the financial impact of the deals will be realised in the financial results of the third quarter of 2019.  

During the full-year 2018, SAPTCO reported a 72% year-on-year decline in profits, logging SAR 22.93 million ($6.11 million), down from SAR 81.74 million ($21.79 million).