Budget Saudi net profit dips 17% to SAR 108.5 mln in 9M 2020

22/10/2020 Argaam Exclusive

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United International Transportation Co. (Budget Saudi) reported a net profit after Zakat and tax of SAR 108.5 million for the first nine months of 2020, a 17% decline year-on-year (YoY), driven by lower short-term rental revenue.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 769.52 691.98 (10.1 %)
Gross Income 222.43 192.16 (13.6 %)
Operating Income 137.89 112.36 (18.5 %)
Net Income 130.32 108.49 (16.8 %)
Average Shares 71.17 71.17 -
Earnings Per Share before unusual items (Riyals) 1.83 1.52 (16.8 %)
EPS (Riyals) 1.83 1.52 (16.8 %)

The third-quarter net profit after Zakat and tax fell 11% YoY to SAR 40.5 million, due to lower short-term rental revenue, weak demand on the COVID-19 outbreak and lower utilization rate.

 

When compared to previous quarter, net profit jumped 79.1% backed by slightly improved rental revenue, in addition to selling a number of used vehicles.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 255.64 227.65 (10.9 %)
Gross Income 77.21 64.65 (16.3 %)
Operating Income 48.63 41.04 (15.6 %)
Net Income 45.24 40.45 (10.6 %)
Average Shares 71.17 71.17 -
Earnings Per Share before unusual items (Riyals) 0.64 0.57 (10.6 %)
EPS (Riyals) 0.64 0.57 (10.6 %)

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Share Price

United International Transportation Co.
74.00
(6.50) (8.07 %)

United International Transportation Co. (BUDGET SAUDI)

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Financial Ratios
Current
Market Cap (M Riyal) 5,784.58
Enterprise Value (EV) (M) 7,164.53
Shares Outstanding ((M)) 78.17
EPS ( Riyal) (TTM) 4.21
Book Value (BV) ( Riyal) 34.51
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 18.39
P/E (TTM) 18.39
Price/book 2.14
Return on Average Assets (%) (TTM) 7.8
Return on Average Equity (%) (TTM) 13.8
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