SAPTCO incurs SAR 9.1M loss in H1 2024, earns SAR 40M in Q2

SAPTCO incurs SAR 9.1M loss in H1 2024, earns SAR 40M in Q2

01/08/2024 Argaam Exclusive

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Saudi Public Transport Co. (SAPTCO) swung to a net loss of SAR 9.1 million in H1 2024, against a net profit of SAR 16.1 million in the corresponding period of 2023.


Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 765.57 735.71 (3.9 %)
Gross Income 132.16 121.90 (7.8 %)
Operating Income 43.39 46.31 6.7 %
Net Income 16.05 (9.10) (156.7 %)
Average Shares 125.00 125.00 -
EPS (Riyals) 0.13 (0.07) (156.7 %)

The losses were attributed to a drop in operating revenue amid lower operating rates of public transport services after the expiry of its concession contract.

 

The current period included a larger drop in trade receivables, as well as higher financing costs, Zakat expenses and income tax. SAPTCO also incurred bigger losses from its joint venture, and reported a decline in other income despite the lower cost of sales, as well as decreased distribution and selling expenses.

 

The company also recorded an increase in finance income and generated profits from an associate against losses in H1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 457.90 427.20 (6.7 %)
Gross Income 121.96 107.53 (11.8 %)
Operating Income 70.46 74.02 5.0 %
Net Income 60.48 40.00 (33.9 %)
Average Shares 125.00 125.00 -
EPS (Riyals) 0.48 0.32 (33.9 %)

In Q2 2024, SAPTCO’s net earnings dropped 33.9% to SAR 40 million, from SAR 60.48 million in Q2 2023. The company reported a drop in operating revenue amid lower operating rates of public transport services after the expiry of its concession contract. The current quarter also included a larger drop in trade receivables.

 

SAPTCO turned to profitability from a net loss of SAR 49 million in Q1 2024, backed by better operating revenue, other income, finance income and profits of associates. It also recorded a decline in financing costs.

 

Shareholders’ equity, excluding minority interest, stood at SAR 904 million as of June 30, 2024, compared to SAR 961 million a year earlier.

 

Accumulated losses amounted to SAR 345.01 million as of March 31, 2024, representing 27.6% of the company's capital.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q4 2023 372.24 4.3 % 22.47 (14.3 %) (57.40) 28.7 %
Q1 2024 308.52 0.3 % 14.37 40.8 % (17.56) 35.1 %
Q2 2024 427.20 (6.7 %) 107.53 (11.8 %) 74.02 5.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2023 (71.83) 23.0 % (0.57) - (71.83) (0.57)
Q1 2024 (49.10) (10.5 %) (0.39) - (49.10) (0.39)
Q2 2024 40.00 (33.9 %) 0.32 - 40.00 0.32

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 % 15.16 % (4.50 %)
Q4 2023 17.25 % 16.54 % (3.08 %)
Q1 2024 17.50 % 17.30 % (3.38 %)
Q2 2024 16.92 % 17.81 % (3.94 %)


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
Q2 2024 125.00 (0.49) (0.49) 7.24

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
Q2 2024 NEG NEG 2.48

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 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)
Q2 2024 75.39 110.25 240.60 9.29 - (8.34)


Financial Ratios
Current
Market Cap (M Riyal) 2,765.00
Enterprise Value (EV) (M) 3,756.66
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 3.02
Return on Average Assets (%) (TTM) (1.70 )
Return on Average Equity (%) (TTM) (7.46 )
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Share Price

Saudi Public Transport Co.
22.12
(0.38) (1.69 %)

Saudi Public Transport Co. (SAPTCO)

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