Budget Saudi 9M 2021 net profit jumps 55% to SAR 168.2 mln

07/11/2021 Argaam Exclusive

United International Transportation Co. (Budget Saudi) reported a net profit after Zakat and tax of SAR 168.2 million for the first nine months of 2021, a 55% rise from SAR 108.5 million in the year-earlier period.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 691.98 720.23 4.1 %
Gross Income 192.16 247.19 28.6 %
Operating Income 112.36 160.15 42.5 %
Net Income 108.49 167.60 54.5 %
Average Shares 71.17 71.17 0.0 %
EPS (Riyals) 1.52 2.35 54.5 %

The company attributed the profit growth to an increase in sales proceeds and gains from the sales of used cars, along with better short-term rentals revenue on improved utilization.

 

The company added that the lease revenue has recently also shown gradual improvement, after declining due to weak economic activities coupled with the ongoing COVID-19 pandemic



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 227.65 250.83 10.2 %
Gross Income 64.65 82.14 27.0 %
Operating Income 41.04 47.98 16.9 %
Net Income 40.45 50.12 23.9 %
Average Shares 71.17 71.17 0.0 %
EPS (Riyals) 0.57 0.70 23.9 %

In Q3 2021, net profit after Zakat and tax rose 40% to SAR 56.8 million from SAR 40.4 million a year earlier.

 

When compared to the previous quarter, Q3 net profit edged up 1% from SAR 56.25 million.

 

Shareholders’ equity, after minority interest, increased by 9.5% to SAR 1.311 billion as of Sept. 30, 2021, from SAR 1.196 billion a year earlier.

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Share Price

United International Transportation Co.
85.30
0.70 0.83 %

United International Transportation Co. (BUDGET SAUDI)

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Financial Ratios
Current
Market Cap (M Riyal) 6,667.90
Enterprise Value (EV) (M) 7,335.95
Shares Outstanding ((M)) 78.17
EPS ( Riyal) (TTM) 3.91
Book Value (BV) ( Riyal) 27.12
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 23.94
P/E (TTM) 23.94
Price/book 3.45
Return on Average Assets (%) (TTM) 9.4
Return on Average Equity (%) (TTM) 15.1
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