The Saudi Public Transport Company “SAPTCO” announced an increase in losses during the first quarter of 2023 on an annual basis, to reach 47.397 million Saudi riyals, while it recorded a decrease in net loss by 50.14% on a quarterly basis.
The company’s operating losses increased by 194.23% to 27.072 million riyals, compared to 9.201 million riyals during the same period last year.
The company clarified that the main reasons for the increase in losses during the current quarter compared to the same quarter of the previous year are the increase in the cost of revenues, selling and distribution expenses, financing costs, zakat and income tax expenses, despite the increase in activity revenues and profits in the joint venture.
She said that other revenues, as the corresponding quarter included recording a surplus response in the provision for zakat. In addition, the current quarter recorded a higher decline in the value of trade receivables.