SAPTCO widens losses to SAR 49.1M in Q1 2024

SAPTCO widens losses to SAR 49.1M in Q1 2024

14/05/2024 Argaam Exclusive

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Saudi Public Transport Co. (SAPTCO) extended its net losses to SAR 49.1 million in Q1 2024, compared to SAR 44.4 million in the same quarter last year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 307.67 308.52 0.3 %
Gross Income 10.20 14.37 40.8 %
Operating Income (27.07) (18.01) 33.5 %
Net Income (44.43) (49.10) (10.5 %)
Average Shares 125.00 125.00 -
EPS (Riyals) (0.36) (0.39) (10.5 %)

The company recognized losses in a joint venture project, recorded higher impairment on trade receivables and an increase in cost of finance.

 

However, revenues increased during the current quarter due to higher operation during Ramadan. This is in addition to incremental other income, increase in finance income, and recognition of profit in an associate company. Furthermore, the cost of revenues, selling and distribution expenses, general and administrative costs and Zakat expenses decreased in the current quarter.

 

Compared with Q4 2023, the company trimmed the first-quarter loss from SAR 71.83 million.

 

Shareholders’ equity, excluding minority interest, stood at SAR 864.99 million as of March 31, 2024, compared to SAR 900.65 million a year earlier.

 

Accumulated losses amounted to SAR 335.9 million as of March 31, 2024, representing 26.87% of the company's capital.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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)
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
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)
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)
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)
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)
Q3 2020 313.93 (35.3 %) (26.46) (115.3 %) (120.95) (224.6 %) (0.97)
Q4 2020 312.93 (19.1 %) (14.58) (197.8 %) (75.59) (81.9 %) (0.60)
Q1 2021 211.58 (49.6 %) (12.97) (442.1 %) (53.73) (34.4 %) (0.43)
Q2 2021 246.38 100.7 % (9.86) 88.1 % (39.98) 71.2 % (0.32)
Q3 2021 221.68 (29.4 %) (12.22) 53.8 % (55.96) 53.7 % (0.45)
Q4 2021 280.93 (10.2 %) 37.40 356.5 % (66.51) 12.0 % (0.53)
Q1 2022 299.31 41.5 % 25.38 295.7 % (3.54) 93.4 % (0.03)
Q2 2022 310.36 26.0 % 43.81 544.2 % 1.97 104.9 % 0.02
Q3 2022 352.98 59.2 % 80.68 760.2 % 4.04 107.2 % 0.03
Q4 2022 356.82 27.0 % 26.22 (29.9 %) (93.34) (40.3 %) (0.75)
Q1 2023 307.67 2.8 % 10.20 (59.8 %) (44.43) (1,156.1 %) (0.36)
Q2 2023 457.90 47.5 % 121.96 178.4 % 60.48 2965.2 % 0.48
Q3 2023 431.85 22.3 % 116.09 43.9 % 20.20 400.6 % 0.16
Q4 2023 372.24 4.3 % 22.47 (14.3 %) (71.83) 23.0 % (0.57)
Q1 2024 308.52 0.3 % 14.37 40.8 % (49.10) (10.5 %) (0.39)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 % 14.97 % (4.50 %)
Q4 2023 17.25 % 16.36 % (3.08 %)
Q1 2024 17.50 % 17.08 % (3.38 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2023 125.00 (0.28) (0.39) 7.31
Q1 2024 125.00 (0.32) (0.42) 6.92

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2023 NEG NEG 2.84
Q1 2024 NEG NEG 2.85

Business Segments (Million)

Compared With The
Period passenger transport segment Public transportation project Specialized Services Digital mobility solutions Other unallocated amounts Consolidation adjustments & eliminations
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)
Q4 2023 63.77 204.76 106.30 5.59 - (8.18)
Q1 2024 71.78 108.01 124.11 13.58 - (8.95)

Current
Market Cap (M Riyal) 2,227.50
Enterprise Value (EV) (M) 3,154.85
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 2.58
Return on Average Assets (%) (TTM) (0.98 )
Return on Average Equity (%) (TTM) (4.56 )

Share Price

17.82
(0.08) (0.45 %)

Saudi Public Transport Co. (SAPTCO)


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