140 million riyals, Saudi "SAPTCO" losses in the second quarter

The losses of the Saudi Public Transport Company (SAPTCO) increased to 140.3 million riyals in the second quarter of 2020, compared to losses of 9.8 million riyals in the same quarter of 2019. / p>

According to Arabiya Net, the company deepened its losses during the 6-month period to reach 180.2 million riyals compared to 20.5 million riyals in the same period last year.

The reason for the increase in losses during the current quarter compared to the same quarter of the previous year is:

1- The sharp decline in activity revenues as a result of the suspension of transport services within cities and between cities and international transport and the Ramadan season, in implementation of the precautionary measures issued by the official authorities to contain the Corona virus, despite From lower activity costs and lower selling and distribution expenses.

2- High general and administrative expenses and financing costs due to the high costs of the subsidiary.

3- Minor losses realized in an associate.

4- Slight decrease in other income.

5- Realizing losses in a joint venture investment whose business was affected by the Coronavirus pandemic.

6- Increase zakat and income tax expense.

(Amazon fun knowledge)