The Saudi Public Transport Company - SAPTCO recorded a decrease in losses by 96.16% during the first quarter of 2022, to reach about 2.09 million riyals, compared to losses of 54.45 million riyals in Same quarter of 2021.
According to Arabiya Net, SAPTCO's losses decreased by 96.9%, compared to losses of about 67.57 million riyals in the fourth quarter of 2021.
The company said in a statement, that the decline in profits in the first quarter of 2022, on an annual basis, is due to 4 factors, namely, the increase in revenues as a result of the return of the activity of transport services within cities. And between cities and international transport, with continued adherence to the precautionary measures issued by the official authorities to contain the Corona virus, a decrease in the losses of a joint venture, and an increase in other revenues, in addition to the comparison period ensuring a higher decrease in the value of trade receivables.
Saptco said that the loss per share during the current period was calculated on the basis of the loss for the period for the shareholders of the parent company, which amounted to about 3.54 million riyals, compared to the loss of the same period for the shareholders of the parent company. amounting to about 53.6 million riyals.
The company recorded accumulated losses of about 203.89 million riyals at the end of the first quarter of 2022, representing 16.3% of the capital of 1.25 billion riyals.
