Riyadh – Mubasher: The coronavirus crisis and its repercussions have led the Saudi transport sector to suffer SAR 264.7 million worth of losses during the second quarter (Q2) of 2020 amidst halt and suspension of most flights as part of the preventive measures imposed to stop the widespread of the novel disease.

This is comparable to a profit of SAR 180.4 million in the year-ago quarter, according to data collected by Mubasher based on the companies’ financial results disclosed to the Saudi bourse.

Saudi Ground Services Company (SGS) swung to a net loss of SAR 197.87 million in the three-month period ended 30 June, compared with a net profit of SAR 123.86 million in the year-ago period.

The net losses of Saudi Public Transport Company (SAPTCO) jumped by 1,323% in Q2-20 to stand at SAR 140.34 million from SAR 9.86 million in Q2-19, owing to a sharp decline in activity revenues.

Moreover, Batic Investments and Logistics Company (Batic) moved to a loss of SAR 7.2 million in the current-year period, against a profit of SAR 1.8 million in the 2019 period.

On the other hand, the Saudi Industrial Services Company (SISCO) drove the sector’s results, generating net profits of SAR 56.5 million in the April-June period and signalling a165.26% yearly growth. SISCO's results accounted for 79% of the total profit of the sector.

United International Transportation Company (Budget Saudi) came in second place with net profits worth SAR 22.58 million in Q2-20, a yearly slump of 48.05% when compared to SAR 43.47 million in Q1-19.