SAPTCO widens losses to SAR 178.6 mln in H1 2020

23/08/2020 Argaam Exclusive

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Saudi Public Transport Co. (SAPTCO) reported a net loss after Zakat and tax of SAR 178.6 million for the first six months of 2020, from a loss of SAR 20.2 million a year earlier.

The increase in net loss was attributed to a sharp decline in activity revenue as a result of the suspension of transport services within cities, inter-city, international transport and the Ramadan season, in accordance with the precautionary measures to contain the coronavirus.

In addition, higher financing cost, lower other revenue, losses in a joint venture investment and higher Zakat and income tax also contributed to extending losses.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	839.92	542.80	(35.4 %)
Gross Income	27.66	(79.10)	(386.0 %)
Operating Income	(34.52)	(141.06)	(308.6 %)
Net Income	(20.22)	(178.62)	(783.4 %)
Average Shares	125.00	125.00	-
EPS (Riyals)	(0.16)	(1.43)	(783.4 %)

SAPTCO reported a net loss of SAR 138.7 million for Q2 2020 from a loss of SAR 9.23 million in Q2 2019 on a sharp decline in activity revenue, higher general and administrative expenses and financing costs due to the high costs of a subsidiary and losses from an associate company.

When compared to the previous quarter, the company’s net loss widened over threefold.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	428.87	122.75	(71.4 %)
Gross Income	29.49	(82.89)	(381.1 %)
Operating Income	(2.02)	(113.69)	(5,528.4 %)
Net Income	(9.23)	(138.64)	(1,402.8 %)
Average Shares	125.00	125.00	-
EPS (Riyals)	(0.07)	(1.11)	(1,402.8 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	420.06	122.75	(70.8 %)
Gross Income	3.79	(82.89)	(2286.5 %)
Operating Income	(27.37)	(113.69)	(315.5 %)
Net Income	(39.98)	(138.64)	(246.7 %)
Average Shares	125.00	125.00	-
EPS (Riyals)	(0.32)	(1.11)	(246.7 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2011	132.57	(3.2 %)	(18.30)	(539.9 %)	(31.07)	(264.9 %)	(0.25)
Q2 2011	191.05	15.3 %	36.32	115.3 %	19.92	339.5 %	0.16
Q3 2011	219.01	6.7 %	50.69	64.6 %	26.26	184.7 %	0.21
Q4 2011	267.34	12.2 %	71.91	8.6 %	50.16	12.0 %	0.40
2011	809.97	8.5 %	140.62	19.1 %	65.27	30.5 %	0.52
Q1 2012	167.03	26.0 %	10.16	155.5 %	6.72	121.6 %	0.05
Q2 2012	202.52	6.0 %	27.50	(24.3 %)	16.99	(14.7 %)	0.14
Q3 2012	239.32	9.3 %	43.28	(14.6 %)	16.83	(35.9 %)	0.13
Q4 2012	306.07	14.5 %	79.65	10.8 %	33.28	(33.7 %)	0.27
2012	914.93	13.0 %	160.59	14.2 %	73.82	13.1 %	0.59
Q1 2013	202.69	21.4 %	27.94	175.0 %	20.08	198.7 %	0.16
Q2 2013	257.03	26.9 %	55.86	103.1 %	36.21	113.1 %	0.29
Q3 2013	224.84	(6.1 %)	11.77	(72.8 %)	(13.11)	(177.9 %)	(0.10)
Q4 2013	283.29	(7.4 %)	78.77	(1.1 %)	34.40	3.4 %	0.28
2013	967.85	5.8 %	174.35	8.6 %	77.58	5.1 %	0.62
Q1 2014	231.31	14.1 %	41.48	48.4 %	21.10	5.1 %	0.17
Q2 2014	229.77	(10.6 %)	30.87	(44.7 %)	22.44	(38.0 %)	0.18
Q3 2014	272.83	21.3 %	44.97	281.9 %	23.79	281.5 %	0.19
Q4 2014	285.29	0.7 %	70.28	(10.8 %)	34.72	0.9 %	0.28
2014	1,019.20	5.3 %	187.59	7.6 %	102.05	31.5 %	0.82
Q1 2015	238.82	3.2 %	37.09	(10.6 %)	137.91	553.7 %	1.10
Q2 2015	252.93	10.1 %	30.08	(2.6 %)	12.82	(42.9 %)	0.10
Q3 2015	360.90	32.3 %	123.15	173.9 %	81.40	242.1 %	0.65
Q4 2015	248.06	(13.1 %)	36.83	(47.6 %)	(35.51)	(202.3 %)	(0.28)
2015	1,102.31	8.2 %	231.09	23.2 %	210.86	106.6 %	1.69
Q1 2016	257.00	7.6 %	44.33	19.5 %	32.77	(76.2 %)	0.26
Q2 2016	284.21	12.4 %	44.58	48.2 %	10.66	(16.9 %)	0.09
Q3 2016	375.56	4.1 %	125.18	1.6 %	87.25	7.2 %	0.70
Q4 2016	234.88	(5.3 %)	26.75	(27.4 %)	1.82	105.1 %	0.01
2016	1,151.64	4.5 %	240.85	4.2 %	132.49	(37.2 %)	1.06
Q1 2017	228.99	(10.9 %)	15.70	(64.6 %)	2.48	(92.4 %)	0.02
Q2 2017	294.17	3.5 %	53.85	20.8 %	38.66	262.8 %	0.31
Q3 2017	385.50	2.6 %	108.59	(13.3 %)	62.47	(28.4 %)	0.50
Q4 2017	218.87	(6.8 %)	(6.61)	(124.7 %)	(24.70)	(1460.7 %)	(0.20)
2017	1,127.53	(2.1 %)	171.53	(28.8 %)	78.91	(40.4 %)	0.63
Q1 2018	234.18	2.3 %	3.04	(80.6 %)	(4.86)	(295.9 %)	(0.04)
Q2 2018	325.46	10.6 %	29.51	(45.2 %)	(30.30)	(178.4 %)	(0.24)
Q3 2018	464.85	20.6 %	140.27	29.2 %	94.87	51.9 %	0.76
Q4 2018	430.97	96.9 %	(0.89)	86.5 %	(39.30)	(59.1 %)	(0.31)
2018	1,455.45	29.1 %	171.93	0.2 %	20.42	(74.1 %)	0.16
Q1 2019	411.06	75.5 %	(1.83)	(160.1 %)	(11.00)	(126.4 %)	(0.09)
Q2 2019	428.87	31.8 %	29.49	(0.1 %)	(9.23)	69.6 %	(0.07)
Q3 2019	485.31	4.4 %	172.50	23.0 %	97.11	2.4 %	0.78
Q4 2019	386.66	(10.3 %)	14.91	1775.5 %	(41.56)	(5.8 %)	(0.33)
2019	1,711.89	17.6 %	219.37	27.6 %	35.32	73.0 %	0.28
Q1 2020	420.06	2.2 %	3.79	307.3 %	(39.98)	(263.6 %)	(0.32)
Q2 2020	122.75	(71.4 %)	(82.89)	(381.1 %)	(138.64)	(1,402.8 %)	(1.11)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2010	746.27	(0.8 %)	118.05	15.0 %	50.02	56.6 %	0.40
2011	809.97	8.5 %	140.62	19.1 %	65.27	30.5 %	0.52
2012	914.93	13.0 %	160.59	14.2 %	73.82	13.1 %	0.59
2013	967.85	5.8 %	174.35	8.6 %	77.58	5.1 %	0.62
2014	1,019.20	5.3 %	187.59	7.6 %	102.05	31.5 %	0.82
2015	1,102.31	8.2 %	231.09	23.2 %	210.86	106.6 %	1.69
2016	1,151.64	4.5 %	240.85	4.2 %	132.49	(37.2 %)	1.06
2017	1,127.53	(2.1 %)	171.53	(28.8 %)	78.91	(40.4 %)	0.63
2018	1,455.45	29.1 %	171.93	0.2 %	20.42	(74.1 %)	0.16
2019	1,711.89	17.6 %	219.37	27.6 %	35.32	73.0 %	0.28

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	12.88 %	23.15 %	3.51 %
Q2 2011	14.99 %	24.44 %	5.41 %
Q3 2011	17.28 %	26.00 %	7.48 %
Q4 2011	17.36 %	25.59 %	7.88 %
2011	17.36 %	25.59 %	7.88 %
Q1 2012	20.02 %	28.33 %	10.77 %
Q2 2012	18.72 %	27.41 %	10.19 %
Q3 2012	17.44 %	26.62 %	8.89 %
Q4 2012	17.55 %	24.11 %	6.57 %
2012	17.55 %	24.11 %	6.57 %
Q1 2013	18.76 %	25.40 %	8.00 %
Q2 2013	20.57 %	26.75 %	9.60 %
Q3 2013	17.69 %	24.37 %	6.72 %
Q4 2013	18.01 %	24.80 %	7.09 %
2013	18.01 %	24.80 %	7.09 %
Q1 2014	18.85 %	25.06 %	7.90 %
Q2 2014	16.81 %	23.25 %	5.53 %
Q3 2014	19.28 %	24.49 %	7.71 %
Q4 2014	18.41 %	24.73 %	7.67 %
2014	18.41 %	24.73 %	7.67 %
Q1 2015	17.84 %	22.59 %	7.46 %
Q2 2015	17.37 %	20.32 %	7.30 %
Q3 2015	22.90 %	24.08 %	12.53 %
Q4 2015	20.64 %	20.29 %	7.31 %
2015	20.96 %	21.61 %	8.59 %
Q1 2016	20.95 %	20.86 %	7.77 %
Q2 2016	21.64 %	21.07 %	7.43 %
Q3 2016	21.54 %	22.55 %	8.16 %
Q4 2016	20.91 %	22.32 %	10.84 %
2016	20.91 %	22.26 %	10.84 %
Q1 2017	18.89 %	21.02 %	9.06 %
Q2 2017	19.54 %	23.59 %	11.49 %
Q3 2017	17.92 %	21.98 %	9.22 %
Q4 2017	15.21 %	20.10 %	7.00 %
2017	15.21 %	20.10 %	7.00 %
Q1 2018	14.03 %	19.58 %	6.32 %
Q2 2018	11.56 %	16.41 %	2.60 %
Q3 2018	13.37 %	18.02 %	5.04 %
Q4 2018	11.81 %	14.73 %	3.30 %
2018	11.81 %	14.73 %	3.30 %
Q1 2019	10.23 %	12.25 %	2.57 %
Q2 2019	9.62 %	11.40 %	2.04 %
Q3 2019	11.35 %	12.01 %	2.14 %
Q4 2019	12.56 %	13.70 %	2.06 %
2019	12.81 %	13.70 %	2.06 %
Q1 2020	12.82 %	13.95 %	0.37 %
Q2 2020	7.66 %	9.09 %	(8.70 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2010	15.82 %	26.19 %	6.70 %
2011	17.36 %	25.59 %	7.88 %
2012	17.55 %	24.11 %	6.57 %
2013	18.01 %	24.80 %	7.09 %
2014	18.41 %	24.73 %	7.67 %
2015	20.96 %	21.61 %	8.59 %
2016	20.91 %	22.26 %	10.84 %
2017	15.21 %	20.10 %	7.00 %
2018	11.81 %	14.73 %	3.30 %
2019	12.81 %	13.70 %	2.06 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	(13.81 %)	0.89 %	(24.51 %)
Q2 2011	19.01 %	29.62 %	10.46 %
Q3 2011	23.14 %	27.89 %	11.95 %
Q4 2011	26.90 %	33.08 %	18.76 %
Q1 2012	6.08 %	19.83 %	(3.21 %)
Q2 2012	13.58 %	25.66 %	8.03 %
Q3 2012	18.08 %	24.96 %	7.03 %
Q4 2012	26.02 %	24.77 %	10.58 %
Q1 2013	13.79 %	26.61 %	5.22 %
Q2 2013	21.73 %	30.87 %	14.28 %
Q3 2013	5.24 %	14.38 %	(5.83 %)
Q4 2013	27.81 %	26.26 %	12.14 %
Q1 2014	17.93 %	27.53 %	8.94 %
Q2 2014	13.44 %	23.92 %	5.04 %
Q3 2014	16.48 %	20.56 %	4.31 %
Q4 2014	24.63 %	27.11 %	11.96 %
Q1 2015	15.53 %	18.21 %	7.99 %
Q2 2015	11.89 %	14.39 %	4.62 %
Q3 2015	34.12 %	32.37 %	21.54 %
Q4 2015	14.85 %	10.75 %	(11.31 %)
Q1 2016	17.25 %	20.81 %	9.93 %
Q2 2016	15.69 %	15.98 %	3.63 %
Q3 2016	33.33 %	36.50 %	23.23 %
Q4 2016	11.39 %	8.98 %	0.77 %
Q1 2017	6.86 %	14.21 %	1.08 %
Q2 2017	18.31 %	26.08 %	13.14 %
Q3 2017	28.17 %	31.39 %	16.20 %
Q4 2017	(3.02 %)	(1.63 %)	(11.28 %)
Q1 2018	1.30 %	11.78 %	(2.07 %)
Q2 2018	9.07 %	14.14 %	(0.80 %)
Q3 2018	30.18 %	33.13 %	20.41 %
Q4 2018	(0.21 %)	(3.09 %)	(9.12 %)
Q1 2019	(0.44 %)	3.23 %	(2.67 %)
Q2 2019	6.88 %	10.23 %	(2.15 %)
Q3 2019	35.54 %	34.44 %	20.01 %
Q4 2019	3.86 %	2.65 %	(10.75 %)
Q1 2020	0.90 %	4.48 %	(9.52 %)
Q2 2020	(67.53 %)	(55.03 %)	(112.94 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2011	125.00	0.22	0.21	11.32
Q2 2011	125.00	0.34	0.33	10.98
Q3 2011	125.00	0.48	0.47	11.15
Q4 2011	125.00	0.52	0.51	11.59
Q1 2012	125.00	0.82	0.73	11.66
Q2 2012	125.00	0.80	0.70	11.22
Q3 2012	125.00	0.73	0.62	11.37
Q4 2012	125.00	0.59	0.48	11.66
Q1 2013	125.00	0.70	0.61	11.82
Q2 2013	125.00	0.85	0.77	11.59
Q3 2013	125.00	0.61	0.53	11.49
Q4 2013	125.00	0.62	0.55	11.76
Q1 2014	125.00	0.63	0.63	11.47
Q2 2014	125.00	0.52	0.43	11.59
Q3 2014	125.00	0.81	0.63	11.79
Q4 2014	125.00	0.82	0.63	11.95
Q1 2015	125.00	1.75	0.61	13.07
Q2 2015	125.00	1.67	0.61	11.97
Q3 2015	125.00	2.13	1.14	12.42
Q4 2015	125.00	1.57	0.64	12.18
Q1 2016	125.00	0.73	0.70	12.38
Q2 2016	125.00	0.71	0.68	12.02
Q3 2016	125.00	0.76	0.76	12.61
Q4 2016	125.00	1.06	1.00	12.82
Q1 2017	125.00	0.82	0.81	12.34
Q2 2017	125.00	1.04	1.04	12.71
Q3 2017	125.00	0.84	0.84	13.19
Q4 2017	125.00	0.63	0.63	12.96
Q1 2018	125.00	0.57	0.57	13.02
Q2 2018	125.00	0.02	0.24	12.33
Q3 2018	125.00	0.28	0.50	13.06
Q4 2018	125.00	0.16	0.38	12.68
Q1 2019	125.00	0.11	0.34	12.71
Q2 2019	125.00	0.28	0.28	12.64
Q3 2019	125.00	0.30	0.30	13.39
Q4 2019	125.00	0.28	0.28	13.07
Q1 2020	125.00	0.05	0.05	12.61
Q2 2020	125.00	(0.98)	(0.98)	11.58

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2010	125.00	0.40	0.40	11.56
2011	125.00	0.52	0.51	11.59
2012	125.00	0.59	0.48	11.66
2013	125.00	0.62	0.55	11.76
2014	125.00	0.82	0.63	11.95
2015	125.00	1.69	0.76	12.18
2016	125.00	1.06	1.00	12.82
2017	125.00	0.63	0.63	12.96
2018	125.00	0.16	0.38	12.68
2019	125.00	0.28	0.28	13.07

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2011	36.18	38.17	0.70
Q2 2011	21.59	22.30	0.67
Q3 2011	15.24	15.62	0.65
Q4 2011	17.52	17.92	0.79
Q1 2012	22.80	25.84	1.61
Q2 2012	17.23	19.77	1.23
Q3 2012	23.08	26.88	1.47
Q4 2012	27.94	34.32	1.42
Q1 2013	23.09	26.46	1.36
Q2 2013	18.15	20.01	1.33
Q3 2013	34.66	39.81	1.85
Q4 2013	43.66	49.39	2.30
Q1 2014	44.37	44.32	2.43
Q2 2014	72.31	87.53	3.23
Q3 2014	47.84	62.05	3.30
Q4 2014	29.40	38.39	2.01
Q1 2015	16.28	46.54	2.18
Q2 2015	16.35	44.63	2.29
Q3 2015	8.31	15.56	1.43
Q4 2015	10.66	26.06	1.38
Q1 2016	16.57	17.45	0.98
Q2 2016	18.88	19.72	1.12
Q3 2016	15.25	15.27	0.92
Q4 2016	14.32	15.19	1.18
Q1 2017	17.85	17.91	1.18
Q2 2017	13.43	13.43	1.10
Q3 2017	17.30	17.30	1.11
Q4 2017	25.54	25.54	1.24
Q1 2018	28.26	28.26	1.24
Q2 2018	More than 100	60.24	1.18
Q3 2018	50.12	27.99	1.08
Q4 2018	85.48	36.28	1.10
Q1 2019	More than 100	43.02	1.14
Q2 2019	48.02	48.02	1.07
Q3 2019	54.93	54.93	1.23
Q4 2019	63.63	63.63	1.38
Q1 2020	More than 100	More than 100	0.93
Q2 2020	NEG	NEG	1.22

Period	P/E	Adjusted P/E	Price/book
2010	18.37	18.37	0.64
2011	17.52	17.92	0.79
2012	27.94	34.32	1.42
2013	43.66	49.39	2.30
2014	29.40	38.39	2.01
2015	9.94	22.14	1.38
2016	14.32	15.19	1.18
2017	25.54	25.54	1.24
2018	85.48	36.28	1.10
2019	63.63	63.63	1.38

Business Segments (Million)

Compared With The

Period	passenger transport segment	Public transportation project	Specialized Services	Other unallocated amounts	Consolidation adjustments & eliminations
Q1 2011	100.55	-	29.37	2.65	-
Q2 2011	132.68	-	53.76	4.60	-
Q3 2011	181.27	-	31.57	6.17	-
Q4 2011	135.85	-	123.87	7.62	-
Q1 2012	124.99	-	34.08	7.96	-
Q2 2012	144.58	-	45.22	12.72	-
Q3 2012	187.00	-	36.82	15.49	-
Q4 2012	159.17	-	132.84	14.07	-
Q1 2013	145.80	-	41.59	15.30	-
Q2 2013	188.07	-	51.54	17.43	-
Q3 2013	171.24	-	35.47	18.12	-
Q4 2013	152.60	-	112.75	17.94	-
Q1 2014	148.11	-	66.07	17.14	-
Q2 2014	149.33	-	59.60	20.84	-
Q3 2014	194.28	-	49.77	28.78	-
Q4 2014	156.70	-	106.80	21.79	-
Q1 2015	157.40	-	59.58	21.84	-
Q2 2015	171.90	-	50.46	30.58	-
Q3 2015	219.06	-	117.79	24.06	-
Q4 2015	151.02	-	60.98	37.32	-
Q1 2016	170.55	15.87	51.44	20.59	(1.45)
Q2 2016	184.82	19.26	55.78	22.91	-
Q3 2016	202.55	15.20	139.96	17.84	-
Q4 2016	187.31	28.68	80.22	(61.34)	-
Q1 2017	147.62	19.54	61.84	-	-
Q2 2017	192.41	17.44	60.57	23.76	-
Q3 2017	171.30	17.82	176.66	19.73	-
Q4 2017	177.41	21.94	81.17	(61.65)	-
Q1 2018	144.48	28.49	61.20	-	-
Q2 2018	193.89	57.80	73.77	-	-
Q3 2018	193.21	83.99	187.66	-	-
Q4 2018	143.61	233.37	53.99	-	-
Q1 2019	141.03	215.18	54.84	-	-
Q2 2019	185.83	187.00	56.04	-	-
Q3 2019	179.93	105.68	199.71	-	-
Q4 2019	160.19	167.11	59.35	-	-
Q1 2020	134.54	237.39	48.13	-	-
Q2 2020	13.62	94.72	14.40	-	-

Period	passenger transport segment	Public transportation project	Specialized Services	Other unallocated amounts	Consolidation adjustments & eliminations
2010	540.28	-	196.68	9.32	-
2011	550.35	-	238.58	21.04	-
2012	615.74	-	248.96	50.24	-
2013	657.72	-	241.35	68.79	-
2014	648.42	-	282.23	88.55	-
2015	699.36	14.84	288.81	99.30	-
2016	745.22	79.01	327.41	-	-
2017	678.36	76.73	372.44	-	-
2018	675.19	403.65	376.62	-	-
2019	666.98	674.98	369.93	-	-

Financial Ratios

	Current
Market Cap (M Riyal)	2,217.50
Enterprise Value (EV) (M)	3,144.85
Shares Outstanding ((M))	125.00
EPS ( Riyal) (TTM)	(0.32)
Book Value (BV) ( Riyal)	6.92
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	2.56
Return on Average Assets (%) (TTM)	(0.98 )
Return on Average Equity (%) (TTM)	(4.56 )

Saudi Public Transport Co. (SAPTCO)

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SAPTCO widens losses to SAR 178.6 mln in H1 2020

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2020 Q2

Financial Ratios

Share Price

Saudi Public Transport Co. (SAPTCO)

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SAPTCO widens losses to SAR 178.6 mln in H1 2020

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2020

Revenue by Business Segment (Latest) 2020 Q2

Financial Ratios

Share Price

Saudi Public Transport Co. (SAPTCO)

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Business Segments (Million)