Listed transport firms’ revenues increase 27% to SR2.16 billion

4104Revenues of the listed transport firms rose by 27 percent to reach SR2.16 billion by the end of 2013 compared to SR1.7 billion in 2012, local media said.

Meanwhile, net profits of the listed transport companies jumped by 51 percent to hit SR1.06 billion by the end of the year compared to SR706 million in 2012, according to the media report.

Based on the latest data, the capital market of the four-listed transport firms stood at SR16.2 billion, or 0.89 percent of the Saudi stock market, as their capitals reached SR4.9 billion.

The National Shipping Company of Saudi Arabia (Bahri) recorded the highest revenues of the four firms at SR1.17 billion compared to SR852 million in 2012, on an increase of 37.7 percent.

Net profits of the company rose by 48.43 percent to SR748.1 million in 2013 compared to SR504 million in 2012. The profit growth was attributed to the increased profits of its subsidiary companies.

Meanwhile, Budget Saudi Arabia was the second largest firm in terms of revenues which jumped to SR615 million in 2013 compared to SR532.2 million in 2012, or an increase of 14.47 percent. Its net profits rose by 19.42 percent to hit SR150.2 million compared to SR125.77 million in 2012. The profit growth was attributed to the increase of profits of its subsidiary companies and cutback of generalized and administrative spending by 19 percent in 2013 compared to 2012 figures.

Saudi Public Transport Company (SAPTCO) has, likewise, raised its revenues by 20 percent to reach SR360 million compared to SR301 million in 2012. Profits of the company also grew by 5.1 percent to SR77.58 million in 2013 compared to SR73.8 million in 2012. The company attributed profit growth to the increase in operation revenues during the correction period of foreign workers despite adverse effect of a decision to cut the number of Umrah performers and pilgrims due to the expansion works at the holy sites.

Revenues of Saudi Transport and Investment Company (Mubarrad) also grew by 18.4 percent to SR8.36 million compared to SR7.06 million in 2012. Net profits of the company reached SR87.6 million in 2013 compared to SR2.27 million in 2012, or an increase of 3,765 percent.

The profit growth was attributed to profits generated from investments in securities reaching SR24.4 million in addition to selling of a land owned by the company at SR77.8 million, the report said.




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