Budget Saudi posts 6% rise in H1 net profit

21/07/2016 Argaam Exclusive

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Share Price

United International Transportation Co. (BUDGET SAUDI)

United International Transportation Co. (Budget Saudi) reported a net profit of SAR 95.9 million for the first half of 2016, a 6 percent year-on-year (YoY) increase attributed to gains made from vehicle sales and consistent growth in leased vehicles.

Financials (M)

Item	6m 2015	6m 2016	Change‬
Revenues	425.86	596.36	40.0 %
Gross Income	67.48	143.71	113.0 %
Operating Income	32.43	104.81	223.2 %
Net Income	90.42	95.00	5.1 %
Average Shares	71.17	71.17	-
EPS (Riyals)	1.27	1.33	5.1 %

Net profit for the second quarter rose 2 percent YoY to SAR 46.7 million. When compared to the previous quarter, net income fell 5 percent on lower sales volumes.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2015	Q2 2016	Change‬
Revenues	217.16	296.04	36.3 %
Gross Income	34.03	69.79	105.1 %
Operating Income	15.78	49.11	211.2 %
Net Income	45.62	46.20	1.3 %
Average Shares	71.17	71.17	-
EPS (Riyals)	0.64	0.65	1.3 %

Item	Q1 2016	Q2 2016	Change‬
Revenues	300.32	296.04	(1.4 %)
Gross Income	73.91	69.79	(5.6 %)
Operating Income	55.70	49.11	(11.8 %)
Net Income	48.80	46.20	(5.3 %)
Average Shares	71.17	71.17	-
EPS (Riyals)	0.69	0.65	(5.3 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2007	85.40	-	37.17	-	28.19	-	0.40
Q2 2007	89.06	-	22.06	-	10.60	-	0.15
Q3 2007	107.96	6.2 %	30.24	11.8 %	21.79	10.5 %	0.31
Q4 2007	114.22	(2.2 %)	41.82	4.0 %	16.80	(44.5 %)	0.24
2007	396.63	1.1 %	131.29	24.2 %	77.38	9.0 %	1.09
Q1 2008	109.14	27.8 %	30.30	(18.5 %)	19.04	(32.4 %)	0.27
Q2 2008	117.08	31.5 %	34.69	57.3 %	20.76	95.8 %	0.29
Q3 2008	128.46	19.0 %	35.23	16.5 %	24.95	14.5 %	0.35
Q4 2008	117.84	3.2 %	31.63	(24.4 %)	19.15	13.9 %	0.27
2008	472.52	19.1 %	131.84	0.4 %	83.89	8.4 %	1.18
Q1 2009	118.41	8.5 %	31.48	3.9 %	19.91	4.5 %	0.28
Q2 2009	89.86	(23.3 %)	13.91	(59.9 %)	21.48	3.5 %	0.30
Q3 2009	105.05	(18.2 %)	26.99	(23.4 %)	21.92	(12.1 %)	0.31
Q4 2009	101.04	(14.3 %)	30.96	(2.1 %)	22.46	17.3 %	0.32
2009	414.36	(12.3 %)	62.15	(52.9 %)	85.77	2.2 %	1.21
Q1 2010	107.83	(8.9 %)	20.04	(36.4 %)	22.55	13.3 %	0.32
Q2 2010	108.93	21.2 %	23.16	66.5 %	22.70	5.7 %	0.32
Q3 2010	114.98	9.5 %	34.37	27.4 %	28.18	28.6 %	0.40
Q4 2010	119.33	18.1 %	0.52	(98.3 %)	21.51	(4.2 %)	0.30
2010	451.07	8.9 %	80.47	29.5 %	94.81	10.5 %	1.33
Q1 2011	121.48	12.7 %	20.83	4.0 %	22.97	1.8 %	0.32
Q2 2011	125.30	15.0 %	23.69	2.3 %	23.95	5.5 %	0.34
Q3 2011	126.59	10.1 %	24.83	(27.8 %)	25.80	(8.4 %)	0.36
Q4 2011	134.83	13.0 %	19.29	3638.8 %	28.02	30.2 %	0.39
2011	508.21	12.7 %	88.65	10.2 %	100.73	6.2 %	1.42
Q1 2012	136.79	12.6 %	26.67	28.0 %	28.51	24.1 %	0.40
Q2 2012	144.56	15.4 %	26.64	12.5 %	30.31	26.5 %	0.43
Q3 2012	147.49	16.5 %	20.31	(18.2 %)	31.33	21.4 %	0.44
Q4 2012	153.37	13.7 %	20.39	5.7 %	35.64	27.2 %	0.50
2012	582.21	14.6 %	94.01	6.0 %	125.78	24.9 %	1.77
Q1 2013	157.37	15.0 %	26.32	(1.3 %)	36.16	26.8 %	0.51
Q2 2013	163.17	12.9 %	24.88	(6.6 %)	38.07	25.6 %	0.53
Q3 2013	168.68	14.4 %	28.21	38.9 %	38.47	22.8 %	0.54
Q4 2013	179.54	17.1 %	35.68	75.0 %	37.51	5.3 %	0.53
2013	668.76	14.9 %	115.08	22.4 %	150.21	19.4 %	2.11
Q1 2014	177.94	13.1 %	29.57	12.4 %	39.87	10.3 %	0.56
Q2 2014	190.20	16.6 %	31.20	25.4 %	42.26	11.0 %	0.59
Q3 2014	189.94	12.6 %	27.09	(4.0 %)	44.23	15.0 %	0.62
Q4 2014	199.02	10.9 %	31.12	(12.8 %)	44.69	19.2 %	0.63
2014	757.10	13.2 %	118.98	3.4 %	171.05	13.9 %	2.40
Q1 2015	208.71	17.3 %	33.45	13.1 %	44.80	12.3 %	0.63
Q2 2015	217.16	14.2 %	34.03	9.1 %	45.62	8.0 %	0.64
Q3 2015	221.67	16.7 %	36.61	35.2 %	48.73	10.2 %	0.68
Q4 2015	228.03	14.6 %	36.42	17.0 %	49.62	11.0 %	0.70
2015	875.57	15.6 %	140.50	18.1 %	188.77	10.4 %	2.65
Q1 2016	300.32	43.9 %	73.91	121.0 %	48.80	8.9 %	0.69
Q2 2016	296.04	36.3 %	69.79	105.1 %	46.20	1.3 %	0.65

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	392.24	15.5 %	105.70	8.2 %	70.99	5.5 %	1.00
2007	396.63	1.1 %	131.29	24.2 %	77.38	9.0 %	1.09
2008	472.52	19.1 %	131.84	0.4 %	83.89	8.4 %	1.18
2009	414.36	(12.3 %)	62.15	(52.9 %)	85.77	2.2 %	1.21
2010	451.07	8.9 %	80.47	29.5 %	94.81	10.5 %	1.33
2011	508.21	12.7 %	88.65	10.2 %	100.73	6.2 %	1.42
2012	582.21	14.6 %	94.01	6.0 %	125.78	24.9 %	1.77
2013	668.76	14.9 %	115.08	22.4 %	150.21	19.4 %	2.11
2014	757.10	13.2 %	118.98	3.4 %	171.05	13.9 %	2.40
2015	875.57	15.6 %	140.50	18.1 %	188.77	10.4 %	2.65

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	-	-	-
Q2 2007	32.20 %	86.02 %	22.60 %
Q3 2007	32.49 %	63.98 %	22.76 %
Q4 2007	33.10 %	63.19 %	19.51 %
2007	33.10 %	63.19 %	19.51 %
Q1 2008	29.60 %	65.08 %	16.23 %
Q2 2008	30.56 %	68.46 %	17.48 %
Q3 2008	30.29 %	68.43 %	17.39 %
Q4 2008	27.90 %	67.68 %	17.75 %
2008	27.90 %	67.68 %	17.75 %
Q1 2009	27.61 %	67.58 %	17.59 %
Q2 2009	24.69 %	65.74 %	18.81 %
Q3 2009	24.12 %	64.62 %	19.12 %
Q4 2009	24.94 %	63.14 %	20.70 %
2009	15.00 %	63.14 %	20.70 %
Q1 2010	22.76 %	61.89 %	21.90 %
Q2 2010	23.92 %	62.75 %	21.20 %
Q3 2010	25.08 %	62.17 %	22.16 %
Q4 2010	17.31 %	60.08 %	21.05 %
2010	17.84 %	60.05 %	21.02 %
Q1 2011	16.97 %	59.32 %	20.52 %
Q2 2011	16.51 %	59.20 %	20.08 %
Q3 2011	14.18 %	59.46 %	19.12 %
Q4 2011	17.44 %	60.71 %	19.82 %
2011	17.44 %	60.71 %	19.82 %
Q1 2012	18.05 %	61.09 %	20.30 %
Q2 2012	17.95 %	61.59 %	20.75 %
Q3 2012	16.48 %	61.43 %	20.96 %
Q4 2012	16.15 %	61.68 %	21.60 %
2012	16.15 %	61.68 %	21.60 %
Q1 2013	15.54 %	61.88 %	22.14 %
Q2 2013	14.79 %	62.34 %	22.72 %
Q3 2013	15.53 %	63.14 %	23.08 %
Q4 2013	17.21 %	65.14 %	22.46 %
2013	17.21 %	65.14 %	22.46 %
Q1 2014	17.17 %	65.89 %	22.33 %
Q2 2014	17.40 %	65.96 %	22.07 %
Q3 2014	16.75 %	64.56 %	22.22 %
Q4 2014	15.72 %	66.14 %	22.59 %
2014	15.72 %	66.14 %	22.59 %
Q1 2015	15.59 %	66.36 %	22.34 %
Q2 2015	15.42 %	67.66 %	22.01 %
Q3 2015	15.97 %	70.66 %	21.72 %
Q4 2015	16.05 %	65.94 %	21.56 %
2015	16.05 %	65.94 %	21.56 %
Q1 2016	18.71 %	64.49 %	20.62 %
Q2 2016	20.72 %	61.96 %	19.12 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	26.95 %	67.46 %	18.10 %
2007	33.10 %	63.19 %	19.51 %
2008	27.90 %	67.68 %	17.75 %
2009	15.00 %	63.14 %	20.70 %
2010	17.84 %	60.05 %	21.02 %
2011	17.44 %	60.71 %	19.82 %
2012	16.15 %	61.68 %	21.60 %
2013	17.21 %	65.14 %	22.46 %
2014	15.72 %	66.14 %	22.59 %
2015	16.05 %	65.94 %	21.56 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	43.52 %	60.05 %	33.00 %
Q2 2007	24.77 %	51.67 %	11.91 %
Q3 2007	28.01 %	69.26 %	20.18 %
Q4 2007	36.62 %	68.79 %	14.71 %
Q1 2008	27.76 %	68.02 %	17.45 %
Q2 2008	29.63 %	67.80 %	17.73 %
Q3 2008	27.42 %	69.04 %	19.42 %
Q4 2008	26.84 %	65.76 %	16.25 %
Q1 2009	26.59 %	67.57 %	16.81 %
Q2 2009	15.48 %	58.56 %	23.91 %
Q3 2009	25.69 %	65.18 %	20.86 %
Q4 2009	30.64 %	59.88 %	22.23 %
Q1 2010	18.58 %	63.34 %	20.92 %
Q2 2010	21.27 %	62.46 %	20.84 %
Q3 2010	29.90 %	62.82 %	24.51 %
Q4 2010	0.43 %	52.31 %	18.03 %
Q1 2011	17.15 %	60.06 %	18.90 %
Q2 2011	18.91 %	61.59 %	19.11 %
Q3 2011	19.61 %	63.51 %	20.38 %
Q4 2011	14.31 %	57.83 %	20.78 %
Q1 2012	19.50 %	61.58 %	20.84 %
Q2 2012	18.43 %	63.40 %	20.96 %
Q3 2012	13.77 %	62.63 %	21.24 %
Q4 2012	13.29 %	59.24 %	23.24 %
Q1 2013	16.72 %	62.36 %	22.98 %
Q2 2013	15.25 %	64.98 %	23.33 %
Q3 2013	16.72 %	65.64 %	22.81 %
Q4 2013	19.87 %	67.27 %	20.89 %
Q1 2014	16.62 %	65.58 %	22.41 %
Q2 2014	16.40 %	65.39 %	22.22 %
Q3 2014	14.26 %	60.23 %	23.29 %
Q4 2014	15.64 %	73.01 %	22.46 %
Q1 2015	16.03 %	66.49 %	21.46 %
Q2 2015	15.67 %	70.37 %	21.01 %
Q3 2015	16.52 %	72.76 %	21.98 %
Q4 2015	15.97 %	54.60 %	21.76 %
Q1 2016	24.61 %	61.63 %	18.45 %
Q2 2016	23.58 %	59.89 %	15.61 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2007	71.17	-	-	3.62
Q2 2007	71.17	1.25	1.25	3.75
Q3 2007	71.17	1.28	1.28	4.05
Q4 2007	71.17	1.09	1.09	4.26
Q1 2008	71.17	0.96	0.96	4.13
Q2 2008	71.17	1.10	1.10	4.42
Q3 2008	71.17	1.15	1.15	4.76
Q4 2008	71.17	1.18	1.18	5.00
Q1 2009	71.17	1.19	1.19	4.82
Q2 2009	71.17	1.20	1.20	5.12
Q3 2009	71.17	1.16	1.16	5.42
Q4 2009	71.17	1.21	1.21	5.71
Q1 2010	71.17	1.24	1.24	5.50
Q2 2010	71.17	1.26	1.26	5.82
Q3 2010	71.17	1.35	1.35	6.21
Q4 2010	71.17	1.33	1.33	6.48
Q1 2011	71.17	1.34	1.34	6.79
Q2 2011	71.17	1.36	1.36	6.55
Q3 2011	71.17	1.32	1.32	6.90
Q4 2011	71.17	1.42	1.42	7.27
Q1 2012	71.17	1.49	1.49	7.66
Q2 2012	71.17	1.58	1.58	7.44
Q3 2012	71.17	1.66	1.66	7.87
Q4 2012	71.17	1.77	1.77	8.34
Q1 2013	71.17	1.87	1.87	8.84
Q2 2013	71.17	1.98	1.98	8.65
Q3 2013	71.17	2.08	2.08	9.18
Q4 2013	71.17	2.11	2.11	9.67
Q1 2014	71.17	2.16	2.16	10.22
Q2 2014	71.17	2.22	2.22	9.85
Q3 2014	71.17	2.30	2.30	10.46
Q4 2014	71.17	2.40	2.40	11.05
Q1 2015	71.17	2.47	2.47	11.67
Q2 2015	71.17	2.52	2.52	11.34
Q3 2015	71.17	2.58	2.58	12.01
Q4 2015	71.17	2.65	2.65	12.67
Q1 2016	71.17	2.71	2.80	13.35
Q2 2016	71.17	2.72	2.81	12.93

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	71.17	1.00	1.00	3.23
2007	71.17	1.09	1.09	4.26
2008	71.17	1.18	1.18	5.00
2009	71.17	1.21	1.21	5.71
2010	71.17	1.33	1.33	6.48
2011	71.17	1.42	1.42	7.27
2012	71.17	1.77	1.77	8.34
2013	71.17	2.11	2.11	9.67
2014	71.17	2.40	2.40	11.05
2015	71.17	2.65	2.65	12.67

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	22.84	22.84	7.19
Q4 2007	28.99	28.99	7.41
Q1 2008	29.66	29.66	6.88
Q2 2008	22.73	22.73	5.67
Q3 2008	11.89	11.89	2.86
Q4 2008	8.24	8.24	1.94
Q1 2009	8.83	8.83	2.18
Q2 2009	11.44	11.44	2.69
Q3 2009	15.68	15.68	3.35
Q4 2009	12.84	12.84	2.71
Q1 2010	13.07	13.07	2.95
Q2 2010	10.65	10.65	2.31
Q3 2010	11.14	11.14	2.42
Q4 2010	10.63	10.63	2.19
Q1 2011	9.42	9.42	1.86
Q2 2011	8.72	8.72	1.81
Q3 2011	8.72	8.72	1.67
Q4 2011	9.12	9.12	1.78
Q1 2012	11.30	11.30	2.20
Q2 2012	9.18	9.18	1.95
Q3 2012	10.06	10.06	2.12
Q4 2012	10.24	10.24	2.17
Q1 2013	11.62	11.62	2.46
Q2 2013	12.26	12.26	2.81
Q3 2013	14.80	14.80	3.36
Q4 2013	14.51	14.51	3.17
Q1 2014	20.13	20.13	4.26
Q2 2014	18.46	18.46	4.17
Q3 2014	19.68	19.68	4.33
Q4 2014	16.57	16.57	3.60
Q1 2015	16.05	16.05	3.40
Q2 2015	16.67	16.67	3.70
Q3 2015	12.53	12.53	2.69
Q4 2015	11.60	11.60	2.43
Q1 2016	9.84	9.51	2.00
Q2 2016	10.91	10.55	2.29

Period	P/E	Adjusted P/E	Price/book
2006	-	-	-
2007	28.99	28.99	7.41
2008	8.24	8.24	1.94
2009	12.84	12.84	2.71
2010	10.64	10.64	2.19
2011	9.12	9.12	1.78
2012	10.24	10.24	2.17
2013	14.51	14.51	3.17
2014	16.57	16.57	3.60
2015	11.60	11.60	2.43

Business Segments (Million)

Compared With The

Period	Leasing sector.	Rental sector	Others..
Q1 2014	80.88	97.07	-
Q2 2014	90.54	99.66	-
Q3 2014	84.86	105.07	-
Q4 2014	156.67	42.35	-
Q1 2015	116.78	91.91	-
Q2 2015	123.45	93.73	-
Q3 2015	126.59	95.08	-
Q4 2015	128.02	100.01	-
Q1 2016	130.49	88.19	81.64
Q2 2016	135.88	81.70	78.46

Period	Leasing sector.	Rental sector	Others..
2010	191.66	259.41	-
2011	240.48	267.73	-
2012	290.09	292.13	-
2013	347.84	320.92	-
2014	412.95	344.15	-
2015	494.84	380.73	-

Analysts Estimates (Million)

Item	Q2 2016 (e)	Q2 2016 (a)	Change‬
Average	49.78	46.20	(7.2 %)

Estimates vs Actual (Million)

Item	Q2 2016 (e)	Q2 2016 (a)	Change
AlJazira Capital	49.78	46.20	(7.2) %

Financial Ratios

	Current
Market Cap (M Riyal)	5,601.08
Enterprise Value (EV) (M)	6,120.57
Shares Outstanding ((M))	71.17
EPS ( Riyal) (TTM)	3.90
Book Value (BV) ( Riyal)	27.13
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	20.18
P/E (TTM)	20.18
Price/book	2.90
Return on Average Assets (%) (TTM)	9.6
Return on Average Equity (%) (TTM)	14.9

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Budget Saudi posts 6% rise in H1 net profit

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Share Price

United International Transportation Co. (BUDGET SAUDI)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2016 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

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Budget Saudi posts 6% rise in H1 net profit

View other reports

Share Price

United International Transportation Co. (BUDGET SAUDI)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2016

Revenue by Business Segment (Latest) 2016 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)