SAPTCO 9M 2023 earnings rise to SAR 36.3 mln; Q3 at SAR 20.2 mln

SAPTCO 9M 2023 earnings rise to SAR 36.3 mln; Q3 at SAR 20.2 mln

08/11/2023 Argaam Exclusive

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Saudi Public Transport Co. (SAPTCO) posted a net profit of SAR 36.3 million in the first nine months of 2023, up from SAR 2.5 million in the prior-year period.


Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 962.65 1,197.42 24.4 %
Gross Income 149.87 248.25 65.7 %
Operating Income 38.78 144.27 272.0 %
Net Income 2.47 36.25 1366.9 %
Average Shares 125.00 125.00 -
EPS (Riyals) 0.02 0.29 1366.9 %

The company said revenues increased due to a rise in public transport operations as well as higher revenues from Ramadan and Hajj seasons.

 

However, costs of revenues and finance, as well as selling, distribution, general, administrative, and Zakat expenses, increased. Meanwhile, other revenues decreased



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 352.98 431.85 22.3 %
Gross Income 80.68 116.09 43.9 %
Operating Income 33.63 77.07 129.2 %
Net Income 4.04 20.20 400.6 %
Average Shares 125.00 125.00 -
EPS (Riyals) 0.03 0.16 400.6 %

The company's net earnings increased to SAR 20.2 million in Q3 2023 from SAR 4.04 million in Q3 2022, owing to higher revenues from improved public transportation operations as well as higher revenues from the Ramadan and Hajj seasons.

 

When compared to the previous quarter, SAPTCO’s Q3 net profit dropped 66.6% from SAR 60.48 million.

 

Shareholders’ equity, after minority interest, stood at SAR 981.33 billion as of Sept. 30, 2023, compared to SAR 1.05 billion a year earlier.

 

Accumulated losses amounted to SAR 268.66 million as of Sept. 30, 2023, representing 21.49% of the company's capital.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 231.31 14.1 % 41.48 48.4 % 20.44 124.3 %
Q2 2014 229.77 (10.6 %) 30.87 (44.7 %) 11.28 (65.6 %)
Q3 2014 272.83 21.3 % 44.97 281.9 % 11.92 178.1 %
Q4 2014 285.29 0.7 % 70.28 (10.8 %) 29.94 (0.2 %)
Q1 2015 238.82 3.2 % 37.09 (10.6 %) 10.28 (49.7 %)
Q2 2015 252.93 10.1 % 30.08 (2.6 %) 2.55 (77.4 %)
Q3 2015 360.90 32.3 % 123.15 173.9 % 80.99 579.6 %
Q4 2015 248.06 (13.1 %) 36.83 (47.6 %) (9.80) (132.7 %)
Q1 2016 257.00 7.6 % 44.33 19.5 % 16.81 63.5 %
Q2 2016 284.21 12.4 % 44.58 48.2 % 6.79 166.2 %
Q3 2016 375.56 4.1 % 125.18 1.6 % 92.91 14.7 %
Q4 2016 234.88 (5.3 %) 26.75 (27.4 %) (18.20) (85.7 %)
Q1 2017 228.99 (10.9 %) 15.70 (64.6 %) (11.82) (170.3 %)
Q2 2017 294.17 3.5 % 53.85 20.8 % 26.90 296.3 %
Q3 2017 385.50 2.6 % 108.59 (13.3 %) 78.08 (16.0 %)
Q4 2017 218.87 (6.8 %) (6.61) (124.7 %) (54.81) (201.2 %)
Q1 2018 234.18 2.3 % 3.04 (80.6 %) (19.77) (67.2 %)
Q2 2018 325.46 10.6 % 29.51 (45.2 %) (3.68) (113.7 %)
Q3 2018 464.85 20.6 % 140.27 29.2 % 103.93 33.1 %
Q4 2018 430.97 96.9 % (0.89) 86.5 % (59.89) (9.3 %)
Q1 2019 411.06 75.5 % (1.83) (160.1 %) (32.50) (64.4 %)
Q2 2019 428.87 31.8 % 29.49 (0.1 %) (2.02) 45.2 %
Q3 2019 485.31 4.4 % 172.50 23.0 % 119.62 15.1 %
Q4 2019 386.66 (10.3 %) 14.91 1775.5 % (35.83) 40.2 %
Q1 2020 420.06 2.2 % 3.79 307.3 % (27.37) 15.8 %
Q2 2020 122.75 (71.4 %) (82.89) (381.1 %) (113.69) (5,528.4 %)
Q3 2020 313.93 (35.3 %) (26.46) (115.3 %) (56.77) (147.5 %)
Q4 2020 312.93 (19.1 %) (14.58) (197.8 %) (60.83) (69.8 %)
Q1 2021 211.58 (49.6 %) (12.97) (442.1 %) (35.49) (29.7 %)
Q2 2021 246.38 100.7 % (9.86) 88.1 % (24.78) 78.2 %
Q3 2021 221.68 (29.4 %) (12.22) 53.8 % (39.81) 29.9 %
Q4 2021 280.93 (10.2 %) 37.40 356.5 % (57.66) 5.2 %
Q1 2022 299.31 41.5 % 25.38 295.7 % (9.20) 74.1 %
Q2 2022 310.36 26.0 % 43.81 544.2 % 14.36 157.9 %
Q3 2022 352.98 59.2 % 80.68 760.2 % 33.63 184.5 %
Q4 2022 356.82 27.0 % 26.22 (29.9 %) (80.48) (39.6 %)
Q1 2023 307.67 2.8 % 10.20 (59.8 %) (27.07) (194.2 %)
Q2 2023 457.90 47.5 % 121.96 178.4 % 70.46 390.8 %
Q3 2023 431.85 22.3 % 116.09 43.9 % 77.07 129.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 21.10 5.1 % 0.17 0.41 20.69 0.17
Q2 2014 22.44 (38.0 %) 0.18 10.86 11.58 0.09
Q3 2014 23.79 281.5 % 0.19 12.04 11.75 0.09
Q4 2014 34.72 0.9 % 0.28 0.59 34.13 0.27
Q1 2015 137.91 553.7 % 1.10 118.82 19.09 0.15
Q2 2015 12.82 (42.9 %) 0.10 1.13 11.68 0.09
Q3 2015 81.40 242.1 % 0.65 3.68 77.72 0.62
Q4 2015 (35.51) (202.3 %) (0.28) (7.46) (28.05) (0.22)
Q1 2016 32.77 (76.2 %) 0.26 7.24 25.53 0.20
Q2 2016 10.66 (16.9 %) 0.09 0.35 10.31 0.08
Q3 2016 87.25 7.2 % 0.70 - 87.25 0.70
Q4 2016 1.82 105.1 % 0.01 - 1.82 0.01
Q1 2017 2.48 (92.4 %) 0.02 - 2.48 0.02
Q2 2017 38.66 262.8 % 0.31 - 38.66 0.31
Q3 2017 62.47 (28.4 %) 0.50 - 62.47 0.50
Q4 2017 (24.70) (1460.7 %) (0.20) - (24.70) (0.20)
Q1 2018 (4.86) (295.9 %) (0.04) - (4.86) (0.04)
Q2 2018 (30.30) (178.4 %) (0.24) (27.68) (2.62) (0.02)
Q3 2018 94.87 51.9 % 0.76 - 94.87 0.76
Q4 2018 (39.30) (59.1 %) (0.31) - (39.30) (0.31)
Q1 2019 (11.00) (126.4 %) (0.09) - (11.00) (0.09)
Q2 2019 (9.23) 69.6 % (0.07) - (9.23) (0.07)
Q3 2019 97.11 2.4 % 0.78 - 97.11 0.78
Q4 2019 (41.56) (5.8 %) (0.33) - (41.56) (0.33)
Q1 2020 (39.98) (263.6 %) (0.32) - (39.98) (0.32)
Q2 2020 (138.64) (1,402.8 %) (1.11) - (138.64) (1.11)
Q3 2020 (120.95) (224.6 %) (0.97) (42.71) (78.25) (0.63)
Q4 2020 (75.59) (81.9 %) (0.60) - (75.59) (0.60)
Q1 2021 (53.73) (34.4 %) (0.43) - (53.73) (0.43)
Q2 2021 (39.98) 71.2 % (0.32) - (39.98) (0.32)
Q3 2021 (55.96) 53.7 % (0.45) - (55.96) (0.45)
Q4 2021 (66.51) 12.0 % (0.53) 14.20 (80.72) (0.65)
Q1 2022 (3.54) 93.4 % (0.03) 24.30 (27.83) (0.22)
Q2 2022 1.97 104.9 % 0.02 - 1.97 0.02
Q3 2022 4.04 107.2 % 0.03 - 4.04 0.03
Q4 2022 (93.34) (40.3 %) (0.75) - (93.34) (0.75)
Q1 2023 (44.43) (1,156.1 %) (0.36) - (44.43) (0.36)
Q2 2023 60.48 2965.2 % 0.48 12.80 47.67 0.38
Q3 2023 20.20 400.6 % 0.16 - 20.20 0.16

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2020 12.82 % 13.95 % 0.37 %
Q2 2020 7.66 % 9.09 % (8.70 %)
Q3 2020 (7.29 %) (3.95 %) (24.00 %)
Q4 2020 (10.27 %) (5.25 %) (28.42 %)
Q1 2021 (14.24 %) (7.41 %) (36.02 %)
Q2 2021 (5.89 %) 1.22 % (22.82 %)
Q3 2021 (5.00 %) 2.76 % (22.70 %)
Q4 2021 0.24 % 1.66 % (23.98 %)
Q1 2022 3.88 % 3.73 % (19.51 %)
Q2 2022 8.48 % 7.02 % (14.61 %)
Q3 2022 15.06 % 12.27 % (8.25 %)
Q4 2022 13.35 % 10.11 % (8.73 %)
Q1 2023 12.12 % 9.08 % (9.92 %)
Q2 2023 16.20 % 12.59 % (5.83 %)
Q3 2023 17.66 % 15.16 % (4.50 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2020 125.00 (2.73) (2.39) 10.75
Q4 2020 125.00 (3.00) (2.66) 10.17
Q1 2021 125.00 (3.11) (2.77) 9.74
Q2 2021 125.00 (2.32) (1.98) 9.42
Q3 2021 125.00 (1.80) (1.80) 8.97
Q4 2021 125.00 (1.73) (1.84) 8.40
Q1 2022 125.00 (1.33) (1.64) 8.37
Q2 2022 125.00 (0.99) (1.30) 8.38
Q3 2022 125.00 (0.51) (0.82) 8.42
Q4 2022 125.00 (0.73) (0.92) 7.56
Q1 2023 125.00 (1.05) (1.05) 7.21
Q2 2023 125.00 (0.59) (0.69) 7.69
Q3 2023 125.00 (0.46) (0.56) 7.85

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2020 NEG NEG 1.69
Q4 2020 NEG NEG 1.76
Q1 2021 NEG NEG 2.67
Q2 2021 NEG NEG 3.04
Q3 2021 NEG NEG 2.97
Q4 2021 NEG NEG 2.40
Q1 2022 NEG NEG 2.68
Q2 2022 NEG NEG 1.83
Q3 2022 NEG NEG 1.81
Q4 2022 NEG NEG 2.11
Q1 2023 NEG NEG 2.50
Q2 2023 NEG NEG 2.49
Q3 2023 NEG NEG 2.25

Business Segments (Million)

Compared With The
Period passenger transport segment Public transportation project Specialized Services Digital mobility solutions The main center Consolidation adjustments & eliminations
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 - - -
Q3 2020 85.74 203.90 24.29 - - -
Q4 2020 116.26 174.54 22.13 - - -
Q1 2021 102.91 81.90 26.77 - - -
Q2 2021 99.49 112.47 34.42 - - -
Q3 2021 115.23 66.05 40.41 - - -
Q4 2021 155.06 71.94 52.10 1.96 - (0.13)
Q1 2022 139.33 104.25 53.47 2.39 - (0.12)
Q2 2022 168.89 70.06 66.61 5.40 0.22 (0.82)
Q3 2022 165.40 60.38 120.39 7.18 - (0.15)
Q4 2022 157.30 98.47 92.66 9.60 - (1.21)
Q1 2023 152.70 76.79 70.26 8.42 - (0.50)
Q2 2023 174.91 79.52 197.16 6.79 - (0.47)
Q3 2023 155.51 185.56 84.89 6.39 - (0.50)


Financial Ratios
Current
Market Cap (M Riyal) 2,910.00
Enterprise Value (EV) (M) 3,901.66
Shares Outstanding ((M)) 125.00
EPS ( Riyal) (TTM) (0.57)
Book Value (BV) ( Riyal) 7.32
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.18
Return on Average Assets (%) (TTM) (1.70 )
Return on Average Equity (%) (TTM) (7.46 )
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Share Price

Saudi Public Transport Co.
23.38
1.26 5.70 %

Saudi Public Transport Co. (SAPTCO)

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