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SAPTCO’s losses down 75% in 2023; key appointments, new subsidiary unveiled

SAPTCO’s losses down 75% in 2023; key appointments, new subsidiary unveiled
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SAPTCO
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Riyadh – Mubasher: The net losses of Saudi Public Transport Company (SAPTCO) amounted to SAR 24.17 million in 2023, lower by 74.91% year-on-year (YoY) than SAR 96.35 million.

Revenues increased by 18.96% to SAR 1.56 billion last year from SAR 1.31 billion in 2022, according to the interim financial results.

The company registered a loss per share valued at SAR 0.28 in 2023, versus SAR 0.73 a year earlier.

As of 30 September 2023, the firm shifted to net profits valued at SAR 44.73 million, compared to net losses of SAR 1.28 million a year earlier.

Accumulated Losses

SAPTCO incurred accumulated losses amounting to SAR 335.91 million as of 31 December 2023, accounting for 26.87% of the SAR 1.25 billion.

New Subsidiary

The listed firm was granted the board’s approval to establish a fully-owned subsidiary with limited liability, which will specialise in training.

This aligns with SAPTCO's strategy to grow and develop its business, in addition to boosting its revenues. The company obtained the necessary approvals and licences from the relevant authorities.

Appointments

The board members of SAPTCO greenlighted, on 4 March, the reformation of the board of directors.

Musad bin Abdulazeez Aldaood was appointed as the Chairman, while the company named Turki bin Musaed Al Mubarak as the Vice Chairman.