Riyadh – Mubasher: The Saudi Public Transport Company (SAPTCO) has signed, on 26 December, a five-year contract with Taif municipality for the public bus transport project.

The deal value stands at SAR 88 million, including a 15% value-added tax (VAT), according to a bourse filing.

SAPTCO noted that the project, which was awarded on 27 September 2022, will have a positive impact on the company's revenues during the first half (H1) of 2023.

In the first nine months (9M) of 2022, the listed firm incurred net losses after Zakat and tax of SAR 1.28 million, compared to SAR 152.89 million in 9M-21.

SAPTCO registered accumulated losses totalling SAR 197.87 million as of 30 September 2022, which represented 15.83% of the SAR 1.25 billion capital.