Riyadh – Mubasher: Saudi Public Transport Company (SAPTCO) reported its interim financial statement for the first half of 2019.

Net losses after zakat and tax decreased by 66.9% to SAR 9.85 million during the second quarter of 2019, compared to SAR 29.8 million in Q2-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The company attributed the decline in losses to high activity revenue over the quarter due to the increase in subsidiary revenue, in addition to a slight decrease in sales and distribution expenses.

On the other hand, total revenues increased by 31.7% to SAR 428.8 million in Q2-19, from SAR 325.4 million in the same period of the prior year.

Moreover, SAPTCO posted a 39.7% year-on-year drop in its losses, recording SAR 20.5 million in H1-19.

Revenues of the Saudi firm hiked 50% to SAR 839.9 million in H1-19, versus SAR 559.6 million in H1-18, the statement added.

Loss per share stood at SAR -0.16 during the six-month period between January and June, from SAR -0.28 in the corresponding period a year ago.