The losses of the Saudi Public Transport Company SAPTCO decreased by 53.1% in the third quarter of the year 2021 to 57.09 million riyals, compared to losses of about 121.75 million riyals in the same quarter of 2020.
According to Arabiya Net, SAPTCO's losses increased by 38.06% in the third quarter of 2021, compared to losses of about 41.36 million riyals in the second quarter of 2021.
The company said in a statement that the reason for the decrease in losses during the third quarter of this year compared to the same quarter of the previous year is due to the decrease in the cost of revenue in the subsidiary company for the completion of the equipment requirements. operating, and a decrease in selling and distribution expenses.
It added that the comparative period included recording an additional provision for trade receivables, a decrease in joint venture losses and an increase in other revenues, in addition to a decrease in zakat expense and income tax.< /p>
During the first nine months of this year, SAPTCO's losses decreased by 49.37% to 152.9 million riyals, compared to about 302.02 million riyals, losses for the same period of 2020.
The Saudi Public Transport Company recorded accumulated losses of about 129.01 million riyals at the end of the first nine months of 2021, equivalent to 10.3% of the capital of 1.250 billion riyals.
