Budget Saudi net profit drops 13% in Q1

04/05/2017 Argaam Exclusive

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United International Transportation Co.
78.70
(1.10) (1.38 %)

United International Transportation Co. (BUDGET SAUDI)

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United International Transportation Co. (Budget Saudi) reported a net profit of SAR 42.5 million for Q1 2017, a 13 percent year-on-year (YoY) decline, due to lower revenue from rentals and an increase in the cost of revenue.

Sequentially, net profit for the first quarter jumped 32 percent, driven by a strong gain of SAR 5 million from vehicle sales, along with better cost control and a steep decline in bad debt provisions. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2016 Q1 2017 Change‬
Revenues 300.32 298.91 (0.5 %)
Gross Income 73.91 66.05 (10.6 %)
Operating Income 55.70 46.70 (16.2 %)
Net Income 48.80 42.48 (13.0 %)
Average Shares 71.17 71.17 -
EPS (Riyals) 0.69 0.60 (13.0 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
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
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
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
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
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
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
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
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
Q3 2016 297.13 34.0 % 68.31 86.6 % 42.92 (11.9 %) 0.60
Q4 2016 289.03 26.7 % 67.03 84.1 % 32.21 (35.1 %) 0.45
Q1 2017 298.91 (0.5 %) 66.05 (10.6 %) 42.48 (13.0 %) 0.60

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2016 18.71 % 64.49 % 20.62 %
Q2 2016 20.72 % 61.96 % 19.12 %
Q3 2016 22.15 % 59.33 % 17.31 %
Q4 2016 23.60 % 60.38 % 14.95 %
Q1 2017 22.96 % 59.25 % 13.87 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2016 71.17 2.64 2.73 13.53
Q4 2016 71.17 2.39 2.48 13.99
Q1 2017 71.17 2.30 2.30 14.58

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2016 8.77 8.47 1.71
Q4 2016 12.09 11.64 2.07
Q1 2017 10.76 10.76 1.70

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
Q3 2016 139.04 77.08 81.01
Q4 2016 141.22 74.31 73.50
Q1 2017 140.53 63.24 95.13

Analysts Estimates (Million)

Item Q1 2017 (e) Q1 2017 (a) Change‬
Average 47.90 42.48 (11.3 %)

Estimates vs Actual (Million)

Item Q1 2017 (e) Q1 2017 (a) Change
OSOOL AND BAKHEET 46.10 42.48 (7.9) %
AlJazira Capital 49.70 42.48 (14.5) %


Financial Ratios
Current
Market Cap (M Riyal) 5,593.96
Enterprise Value (EV) (M) 6,113.45
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) 20.15
P/E (TTM) 20.15
Price/book 2.90
Return on Average Assets (%) (TTM) 9.6
Return on Average Equity (%) (TTM) 14.9
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