Riyadh – Mubasher: Saudi Public Transport Company (SAPTCO) reported net profits of SAR 5.87 million ($1.56 million) in the fourth quarter of 2016 against losses of SAR 35.5 million ($9.47 million) in the same quarter in 2015.
Turning to profits is attributed to the 1.7% increase in operating revenues, which amounted to SAR 4.2 million, and the 30.5% decrease in marketing expenses due to lower bad debts expense that totalled to SAR 2.8 million, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday.
As for the annual financial results, the company’s profits decreased by 39.8% to SAR 126.9 million in 2016 compared to SAR 210.86 million in 2015, the statement indicated.
