RIYADH: Shares of Saudi Public Transport Co. went down on Monday as the company announced it reduced its losses for 2021.
SAPTCO shares fell 0.97 percent on Monday’s closing bell to settle at SR22.50. The transport company narrowed its losses by 41 percent in 2021, as sales and distribution expenses dropped.
Net losses reached SR220 million ($58.6 million), compared to SR377 million a year earlier, according to a bourse filing.
SAPTCO said it narrowed losses by reducing cost and seeing more revenues from other sources including financing income. In turn, the Saudi-listed firm is not planning to pay dividends in 2021 in order to strengthen its financial position.
