Riyadh – Mubasher: Saudi Public Transport Company (SAPTCO) has been awarded a project worth SAR 88 million for the public bus transport project in Taif.

SAPTCO pointed out that the project will have a positive impact on its revenues during the first half (H1) of 2023, according to a bourse filing.

The Saudi listed firm was awarded the five-year project with Taif Municipality on 27 September 2022.

In the first six months (6M) of 2022, SAPTCO incurred net losses after Zakat and tax worth SAR 2.55 million, an annual drop of 97.33% from SAR 95.80 million.

Revenues jumped by 33.13% to SAR 609.67 million in H1-22, compared to SAR 457.96 million in H1-21.

Furthermore, the company registered accumulated losses worth SAR 201.91 million as of 30 June 2022, representing 16.15% of the SAR 1.25 billion capital.