SAPTCO board recommends no dividend for 2022

Logo of Saudi Public Transport Co.'s (SAPTCO)

Saudi Public Transport Co.'s (SAPTCO) board of directors recommended today, Feb. 27, withholding dividend for 2022, according to a statement to Tadawul.

The recommendation is due to the accumulated losses as of Dec. 31, 2022, the company said.

It added that the proposal is pending the approval of the upcoming ordinary general meeting.

SAPTCO narrowed net losses after Zakat and tax to SAR 90.9 million in 2022, from SAR 216.2 million a year earlier. Q4 2022 net losses reached SAR 93.3 million, according to data available with Argaam.

The accumulated losses stood at SAR 304.9 million in 2022, accounting for 24.39% of the company’s capital.

The last cash dividend of the company was in 2017 at SAR 0.5 per share. It also paid dividend at SAR 0.5 per share in 2016.