Riyadh – Mubasher: The net losses after Zakat and tax of Saudi Public Transport Company (SAPTCO) shrank by 97.33% to SAR 2.55 million in the first half (H1) of 2022, versus SAR 95.80 million in H1-21.

SAPTCO registered revenues worth SAR 609.67 million during January-June 2022, a 33.13% year-on-year (YoY) growth from SAR 457.96 million, according to the interim consolidated financial results.

The loss per share plummeted to SAR 0.01 in H1-22 from SAR 0.75 in H1-21.

Meanwhile, the company’s accumulated losses amounted to SAR 201.91 million as of H1-22, accounting for 16.15% of the SAR 1.25 billion capital.

During the second quarter (Q2) of 2022, the net losses after Zakat and tax plunged by 98.88% to SAR 464,000 from SAR 41.35 million in Q2-21.

The revenues jumped by 25.97% to SAR 310.35 million in the April-June 2022 period, compared to SAR 246.38 million in the year-ago period.

In the first three months (3M) of 2022, the Saudi listed firm suffered net losses after Zakat and tax of SAR 2.09 million, lower by 96.15% YoY than 54.44 million.