Riyadh – Mubasher: Saudi Public Transport Company (SAPTCO) suffered net losses after Zakat and tax worth SAR 1.28 million in the first nine months (9M) of 2022, lower by 99.16% than SAR 152.89 million in 9M-21.

The revenues amounted to SAR 962.65 million in the January-September 2022 period, an annual jump of 41.64% from SAR 679.64 million, according to the interim financial results.

Earnings per share settled at SAR 0.02 in 9M-22, versus a loss per share of SAR 1.20 in 9M-21.

SAPTCO incurred accumulated losses worth SAR 197.87 million as of 30 September 2022, accounting for 15.83% of the SAR 1.25 billion capital.

During the third quarter (Q3) of 2022, the Saudi company turned profitable at SAR 1.27 million, against net losses after Zakat and tax worth SAR 57.09 million in the year-ago period.

Revenues widened by 59.23% to SAR 352.97 million in Q3-22 from SAR 221.68 million in Q3-21.

On a quarterly basis, the Tadawul-listed firm also shifted to earnings in Q3-22, compared to net losses after Zakat and tax valued at SAR 464,000 in Q2-22.

Meanwhile, the Q3-22 revenues increased by 13.73% from SAR 310.35 million in Q2-22.

In 6M-22, SAPTCO reported net losses after Zakat and tax worth SAR 2.55 million, a 97.33% year-on-year (YoY) plunge from SAR 95.80 million.