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Saudi public transport company records losses in Q3 due to coronavirus

Health workers perform a nose swab test during a drive through coronavirus test campaign held in Diriyah hospital in the Saudi capital Riyadh on May 7, 2020 amid the COVID-19 pandemic. (Photo by FAYEZ NURELDINE / AFP) (Photo by FAYEZ NURELDINE/AFP via Getty Images)
Health workers perform a nose swab test during a drive through coronavirus test campaign held in Diriyah hospital in the Saudi capital Riyadh on May 7, 2020 amid the COVID-19 pandemic [FAYEZ NURELDINE/AFP via Getty Images]

The Saudi Public Transport Company (SAPTCO) recorded losses of 121.8 million riyals ($32.5 million) in the third quarter (Q3) of 2020, compared to net profits of 95 million riyals ($25.3 million) in the same quarter of last year, SAPTCO data on the Saudi Stock Exchange or Tadawul revealed yesterday.

The company attributed the losses to decreased revenues which resulted from the restrictions imposed on people's movement to contain the coronavirus as well as the losses incurred from a joint venture investment, and the decline in the value of assets.

The losses came despite the decrease in administrative expenses and the rolling back of services, it added.

The company operates a fleet of buses that transport passengers across cities in Saudi Arabia and to neighbouring countries.

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CoronavirusMiddle EastNewsSaudi Arabia
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