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Saudi Public Transport Company (SAPTCO) announces consolidated annual financial results for the period ended December 31, 2022
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 1,319,467 | 960,573 | 37.36 | ||
| Gross Profit (Loss) | 176,083 | 2,348 | 7,399.27 | ||
| Operational Profit (Loss) | -41,695 | -157,741 | -73.57 | ||
| Net Profit (Loss) after Zakat and Tax | -96,354 | -220,466 | -56.3 | ||
| Total Comprehensive Income | -109,841 | -225,238 | -51.23 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 945,085 | 1,049,650 | -9.96 | ||
| Profit (Loss) per Share | -0.73 | -1.73 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The (decrease) in losses in 2022 compared to 2021 is due to: 1- Revenue increased due to an increase in operations, including the resumption of the Hajj and Ramadan season, which added significantly to the revenue. An increase in operations and revenue is directly proportionate to the cost of revenues, selling and distribution expenses, general and administrative expenses, and the cost of finance. 2- Incremental other income. 3-Lower loss recognized on investments in joint venture. 4- Decrease in the Zakat and Tax expenses. 5- Recognition of reversal for impairment in assets held for sale in the current year. 6- Decrease in financing income. 7- Recognition of losses in associate company during 2022. 8- Recording of a higher amount of impairment on receivables and provision for impairment of non-current assets during 2022. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Reclassification of Comparison Items | _ |
| Additional Information | - The losses per share for the current year was calculated based on the net losses for the year relating to the shareholders of the parent company amounting to SAR (90,872) thousand. Similarly, the losses per share for the previous year was calculated based on the net losses relating to the shareholders of the parent company amounting to SAR (216,188) Thousand. -The Group’s management conducted an impairment test for its operating and intangible assets at the end of the year 2022, which resulted in recording a provision for impairment by (56) million riyals, which is illustrated in Note No. (7&9) of the consolidated financial statements. - The accumulated losses are (304.9) million riyals, which is equivalent to 24.39% of the company’s share capital of (1,250) million riyals. The accumulated losses are reported as on 31/12/2022 AD. • The main reasons for the accumulated losses reaching 20% or more of the capital are: - The business and activities of the company, its subsidiaries, and the joint venture were affected by the Corona virus pandemic during the year 2020 AD and the year 2021 AD, which is resulted in accumulated losses. - Recording an impairment in the Company assets during 2021 and 2022 AD. • The company will apply the procedures and instructions for companies whose shares are listed in the market and whose accumulated losses amounted to 20% or more of its capital. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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