Profits of listed transport firms up 32% to SR257 million in Q1

Net profits of the listed transport sector grew by 32 percent to SR257.4 million in the first quarter of the current year compared to SR194.7 million in the same period last year, local media said.
First-quarter profits, however, dropped by 40 percent compared to profits achieved by the sector in Q4 of 2013 which stood at SR 429.3 million, according to data analyzed by Al-Hayat daily.
The sector is comprised of four listed companies whose market capitalization is worth SR19.6 billion, or 1 percent of the market value of the capital market. Their capitals stood at SR4.97 billion, the report said.
The National Shipping Company of Saudi Arabia (Bahri) recorded the highest profits of the four firms at SR195.1 million in Q1 compared to SR138.1 million in the same period last year, or an increase of 41.3 percent, but, however, dropped by 29.2 percent compared to the previous quarter (Q4-2013) which stood at SR276.1 million, according to the report.
The profit growth was attributed to the increased profits of its subsidiary companies and improvement in oil transport sector.
Meanwhile, Budget Saudi Arabia was the second largest firm in terms of profits which jumped to SR39.9 million compared to SR36.2 million in Q1 2013, or an increase of 10.3 percent and 6.3 percent compared to Q4 (2013) profits which stood at SR37.5 million.
The profit growth was attributed to the increase of revenues from short-and-long term rental operations and sales of used cars, the report said.
Saudi Public Transport Company (SAPTCO) has, likewise, raised its profits by 5.05 percent to SR21.1 million in Q1 compared to SR20.08 million in the same period last year.
The company attributed profit growth to the increase in operation revenues during the said period, the report said.
On the other hand, profits of Saudi Transport and Investment Company (Mubarrad) grew by 300 percent to SR1.37 million in Q1 (2014) compared to SR343,250 in Q1 of 2013.
The profit growth was attributed to increased revenues of transport activity and profits generated from investments in securities in March, the report said.