Financial Results : Budget Saudi net profit climbs 25% to SAR 60.3 mln in Q1 2022

Budget Saudi net profit climbs 25% to SAR 60.3 mln in Q1 2022

22/05/2022 Argaam Exclusive

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United International Transportation Co.’s (Budget Saudi) net profit after Zakat and tax climbed 25% to SAR 60.3 million in Q1 2022, compared to SAR 48.3 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 237.03 248.30 4.8 %
Gross Income 73.39 86.88 18.4 %
Operating Income 45.51 57.45 26.2 %
Net Income 48.32 60.27 24.7 %
Average Shares 71.17 71.17 0.0 %
EPS (Riyals) 0.68 0.85 24.7 %

The profit rise was due to higher demand and significant improvement in the short-term rentals revenue and new orders, as well as renewal of long-term rentals contracts year-on-year (YoY).  

 

Sequentially, net profit rose 16.6% from SAR 51.71 million in Q4 2021, driven by improved demand for the short-term rentals and an increase in long-term rentals contracts.  

 

Total shareholders’ equity, excluding minority interest, rose 6.1% YoY to SAR 1.658 billion as of March 31, 2022.

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