United International Transportation Co. (Budget Saudi) reported a 5% rise in H1 2022 net profit after Zakat and tax to SAR 122.8 million, compared to SAR 117.5 million in the year-earlier period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 469.40 | 479.55 | 2.2 % |
| Gross Income | 165.05 | 178.45 | 8.1 % |
| Operating Income | 112.17 | 119.00 | 6.1 % |
| Net Income | 117.48 | 122.75 | 4.5 % |
| Average Shares | 71.17 | 71.17 | 0.0 % |
| EPS (Riyals) | 1.65 | 1.72 | 4.5 % |
The higher profit was spurred by improved revenue as a result of adding more long-term rentals during the period, along with increased efficiency and utilization of short-term rentals.
The second-quarter net profit after Zakat and tax declined 10% to SAR 62.5 million, from SAR 69.16 million in Q2 2021. The drop was attributed to lower revenue from car sales and lower net gain on car sales. The number of vehicles sold during the quarter was significantly lower, compared to Q2 2021.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 232.38 | 231.25 | (0.5 %) |
| Gross Income | 91.66 | 91.57 | (0.1 %) |
| Operating Income | 66.66 | 61.55 | (7.7 %) |
| Net Income | 69.16 | 62.48 | (9.7 %) |
| Average Shares | 71.17 | 71.17 | 0.0 % |
| EPS (Riyals) | 0.97 | 0.88 | (9.7 %) |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 248.30 | 231.25 | (6.9 %) |
| Gross Income | 86.88 | 91.57 | 5.4 % |
| Operating Income | 57.45 | 61.55 | 7.1 % |
| Net Income | 60.27 | 62.48 | 3.7 % |
| Average Shares | 71.17 | 71.17 | - |
| EPS (Riyals) | 0.85 | 0.88 | 3.7 % |
Compared to the previous quarter, net profit rose 3.7% from SAR 60.27 million, driven by better revenue and increased long-term rentals.
Total shareholders’ equity, after minority interest, rose to SAR 1.628 billion as of June 30, 2022, from SAR 1.543 billion a year earlier.
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