Riyadh – Mubasher: Saudi Public Transport Co. (SAPTCO) on Sunday reported a 42.41% year-on-year decline in net profits for the first nine months of 2018.
The company generated a profit of SAR 61.213 million during the January-September period of this year, from SAR 106.299 million in the year-ago period, according to a filing to the Saudi Stock Exchange (Tadawul).
Revenue grew to SAR 1.024 billion at the end of September, up from SAR 908.66 million in the nine-month period of 2017.
The nine-month profit drop was mainly driven by higher cost of revenue and general administrative expenses, the decrease in assets value, and lower financing income, the Tadawul-listed firm highlighted.
In the third quarter of 2018, SAPTCO’s profits rose 50.5% to SAR 95.34 million, versus SAR 63.32 million in Q3-17.
Sales increased 20.58% year-on-year in Q3-18, recording SAR 464.84 million from SAR 385.5 million.
SAPTCO previously posted a net loss of SAR 29.8 million in Q2-18, against a profit of SAR 39.46 million in Q2-17, according to a bourse filing.
The firm also incurred a loss of SAR 34.13 million during the first half of 2018, against a profit of SAR 43 million in H1-17.
