Sales (revenues) of the listed transport firms grew by 22 percent to reach SR5.64 billion in 2014 compared to SR 4.64 billion in 2013, according to a financial report.
Meanwhile, net profits of the listed transport companies dropped by 20 percent to SR851 million compared to SR1.06 billion by the end of the previous year, Al-Hayat daily said in a report.
The transport sector is composed of four companies whose market capitalization reached SR23 billion, or 1.20 percent of the Saudi stock market. Their capitals stood at SR5.77 billion of which SR3.93 billion and SR1.25 billion were captured by the National Shipping Company of Saudi Arabia (Bahri) and the Saudi Public Transport Company (SAPTCO), respectively, the report said.
Bahri recorded the highest sales of the four firms at SR3.63 billion in 2014 compared to SR2.85 billion in 2013, on an increase of 27.4 percent, the report said.
Similarly, Bahri posted the biggest profits among the transport companies sector at SR534 million in 2014 compared to SR 752 million, or a decrease of 29 percent, which the company attributed to profit fall in one of its subsidiary companies.
On the other hand, sales of SAPTCO grew by 5.3 percent to SR1.02 billion in 2014 compared to SR968 million in 2013. Likewise, its profits jumped to SR102 million compared to SR77.6 million in the precious year, or an increase of 32 percent, which the company attributed to the increased operation revenues and decrease of administrative and marketing expenses, the report said.
Sales of Budget Saudi Arabia also grew by 14.5 percent to SR893 million in 2014 compared to SR780 million in 2013. Net profits of the company reached SR171 million in 2014 compared to SR150 million in 2013, or an increase of 14 percent. The profit jump was attributed, among other things, to the increased sales in the used car section, the report said.
Meanwhile, the Saudi Transport and Investment Company’s (Mubarrad) sales increased by 141 percent to reach SR111 million in 2014 compared to SR46 million. However, its profits dropped to SR44 million compared to SR87.6 million in the previous year, or a decrease of 49.7 percent, the report said.