Saudi Public Transport Company Acquired Facility from Samba Financial Group According to BAC Company Report
19 Mar 2012 • by Natalie Aster
LONDON - Saudi Public Transport Company (SAPTCO) acquired a SAR 176.3 M Murabaha Islamic credit facility from Saudi Arabia-based commercial lender Samba Financial Group. The financing was put into 150 new Mercedes buses, the first 50 of which were delivered in September 2011. The next batch of 50 buses arrived in October 2011, and March 2012 another 50 buses will be set. Therefore SAPTCO will expand its fleet to about 3000 buses. The fleet carries out 600 to 1000 trips a day and connects 600 cities, towns and villages across Saudi Arabia as well as abroad. International routes link Bahrain, Kuwait, U.A.E., Qatar, Egypt, Yemen, Jordan, Sudan, Syria and Lebanon.
Company’s financial performance is improving due to overall development of public transportation in Saudi Arabia. The government implements a policy aimed at popularization of public transport against cars. December 2011 brought SAPTCO SAR 270.3 M of revenues, SAR 51.9 M of operating income, SAR 50.1 M of net income, 18% profit margin. This was the strongest quarter for the company. Annual results are also improving: with almost idle revenues SAPTCO was able to double its net income in the last four years. Against FY 2010 the latest financials return 7.5% growth in revenues (up to SAR 818.1 M), 2.7% increase in gross profit (to SAR 293 M), 30.4% rise in operating income (to SAR 67.8 M), and a 30.4% gain in net income which equaled SAR 65.2 M. SAPTCO has the resources to become on of the major bus carriers in the Middle East.
Founded in 1979 and headquartered in Riyadh (Saudi Arabia), Saudi Public Transport Company engages in public bus transportation. Now the company leads the domestic market and is capable to expand into Middle East region. The company is public and trades on TADAWUL under the ticker 4040.
Other details on the company’s business, risk factors, business possibilities and experts’ forecasts can be found in the report "Saudi Public Transport Company Fundamental Company Report Including Financial, SWOT, Competitors and Industry Analysis" recently published by Market Publishers Ltd.
Report Details:
Title: Saudi Public Transport Company Fundamental Company Report Including Financial, SWOT, Competitors and Industry Analysis
Date: Mar, 2012
Pages: 72
More company reports featuring SWOT and financial information, industry and competitors analysis can be found in Company Reports Catalog.
CONTACTS
The Market Publishers, Ltd.
Tanya Rezler
Tel: +44 208 144 6009
Fax: +44 207 900 3970
Analytics & News
