Budget Saudi says car rental business hit by COVID-19 precautionary measures

United International Transportation Co. (Budget Saudi) said that short-term car rental business, which represents 30% of its fleet, was hit by the Kingdom's precautionary measures to curb COVID-19 outbreak.
 

The remaining 70% of its fleet, comprising long-term leasing contracts, remained intact, the company said in a statement to Tadawul.
 

The company said revenues have been directly impacted by the closure of airports in line with the government’s preventive measures imposed to contain COVID-19 pandemic such as the temporary suspension of Umrah and imposing a 21-day curfew.
 

The relevant financial impact cannot be assessed at present, the statement said, adding the company is working to find solutions to mitigate the effects of these events.
 

Further disclosure will be made in due time, the statement noted.