Saudi Public Transport Company (SAPTCO) said net profit attributable to shareholders rose 380.8% to SR10.4 million ($2.78 million) in the third quarter from SR2.17 million a year earlier.
Revenue climbed 30.8% to SR476 million from SR364 million, Asharq Al-Awsat reported, citing the company’s Tadawul filing on Thursday.
SAPTCO attributed the increase to higher revenue from greater operating rates in its transport services, lower selling and distribution expenses and higher other income.
A smaller share of losses at a joint venture and a larger share of profit from an associate also helped.
Profit fell 84.2% from the second quarter, when the company earned SR65.7 million.
Nine months
Nine-month net profit rose 520.7% to SR81.4 million from SR13.1 million, according to Maaal. Earnings per share were SR0.65, compared with SR0.10.
. Revenue rose 30.8% to SR476 million; nine-month profit reached SR81.4 million.){kind=link}