Saudi Public Transport Company turns to $100m loss in 2020

Saudi Public Transport Co. (SAPTCO) reported a net loss after Zakat and tax of SR 375.2 million ($100.02 million) in 2020, versus a net profit of SR 35.3 million a year earlier, hit by lower operating revenue amid the COVID-19 precautionary measures, impairment provisions on assets held for sale, and a decline in other revenues.

Moreover, the company reported a decrease in its profit share from an associate.

In Q4 2020, SAPTCO incurred net losses of SR 75.6 million.

Accumulated losses reached SR 22.1 million, or 1.76 percent of total capital by the end of 2020.