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The Saudi Public Transport Company – SAPTCO announces the annual consolidated financial results for the period ending on 31/12/2023

05-03-2024

The Saudi Public Transport Company - SAPTCO announces the annual consolidated financial results for the period ending on 31/12/2023

Item Current year Last year Variability%
Sales / revenue 1,569,656 1,319,467 18.96
Total profit (loss ) 270,725 176,083 53.75
Operating profit ( loss ) 60,082 -41,695 -
Net profit (loss )  -24,177 -96,354 -74.91
Total comprehensive income -19,479 -109,841 -82.27
Total equity (excluding non-controlling interests) 914,085 945,085 -3.28
Earnings (loss) per share -0.28 -0.73
All numbers are in (Thousand) Saudi riyals
Item Value Percentage of capital
Gains (losses) change in fair value of investment properties - -
Accumulated losses -335,915 26.87
All numbers are in (Thousand) Saudi riyals
Item Clarification
The reason for the increase (decrease) in sales/revenue during this year compared to the previous year is due to The reason for the increase in sales / revenue during 2023 compared to 2022 is due to:
Increased activity revenues as a result of increased operating rates for passenger transportation services and revenues from the Ramadan and Hajj seasons.
The reason for the increase (decrease ) in net profit during this year compared to the previous one is due to The reason for the (decrease) losses for the year 2023 compared to the year 2022 is due to:
1. Increased activity revenues as a result of increased operating rates for passenger transportation services and revenues from the Ramadan and Hajj seasons, despite the high cost of revenues, sales and distribution expenses, general and administrative expenses, financing costs and zakat expenses.
2. The current year included a smaller decrease in the value of non-current assets and the value of commercial receivables.
3. The current year has ensured the achievement of lower losses in an associate company.
4. High financing income.
5. The current year included a decrease in the value of the provision for assets held for the purpose of sale.
6. The current year has ensured the achievement of higher losses in a joint venture.
7. Other revenue decreases.
Statement of the type of auditor's report Unamended opinion
Any remark contained in the auditor's report represented by a paragraph of another order, reservation, drawing attention, abstention from expressing an opinion or an opposing opinion as stated in the auditor's report Non.
Reclassification of some comparative figures _
Additional information
- The loss of the share for the year 2023 was calculated on the basis of the losses of the shareholders of the parent company amounting to about (35,6) million riyals compared to the loss of the share for the year 2022 for the losses of the shareholders of the parent company amounting to about (90,9) million riyals.

- The accumulated losses of the company registered on September 30, 2023 increased from (268.7) million Riyals, equivalent to (21.49%) of the company's capital of (1,250) million riyals, to (335.9) million Riyals, equivalent to 26.87% of the company's capital of (1,250) million riyals.the date of increase of these losses was on December 31, 2023, due to the achievement of losses in the fourth quarter 2023.