Imposition of a Penalty on Saudi Public Transport Co. (SAPTCO)

 The Capital Market Authority announces the issuance of a CMA Board resolution to impose a penalty of SR 10,000 (Ten Thousand Saudi Riyals) on Saudi Public Transport Co. (SAPTCO) due to its violation of clause (A) of Article (40) of the Listing Rules. The company disclosed incorrect information in its announcement on 19/01/2014 in regard to its interim financial results for the period ending on 31/12/2013.  It mentioned that the reasons for the increase of net profit for the present quarter compared with same quarter last year is due to increase in operating revenue and increase in ridership ratios, while the correction is the reason for the increase is due to the decrease in cost of revenues, selling and marketing expenses.