Riyadh – Mubasher: Saudi Public Transport Company (SAPTCO) on Wednesday said its net profits retreated 28.2% in the third quarter of 2017, compared to the year-ago period.
Net profits tumbled to SAR 63.21 million in Q3-17, from SAR 88.21 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, profits surged 60.5%.
The Saudi transport firm attributed the decline in its year-on-year net profits to a rise in operating costs by 11%, suffering 205% losses in joint venture (JV), and decline in other revenues by 30%.
At the level of the first nine months of 2017, the company’s profits slid 16.7% to SAR 106.3 million, from SAR 127.58 million in the corresponding period in the year earlier.
SAPTCO’s stock rose 1.8%, closing at SAR 14.37 on Wednesday.
