United International Transportation Co. (Budget Saudi) reported a net profit of SAR 277.2 million for 2023, a 10% hike from SAR 252 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 1,025.16 | 1,378.14 | 34.4 % |
| Gross Income | 358.35 | 446.64 | 24.6 % |
| Operating Income | 236.87 | 287.07 | 21.2 % |
| Net Income | 252.01 | 277.23 | 10.0 % |
| Average Shares | 71.17 | 71.17 | - |
| EPS (Riyals) | 3.54 | 3.90 | 10.0 % |
This was fueled by the expanded fleet for both short- and long-term rentals in 2023. This was coupled with the year-on-year (YoY) increase in sales of used cars for the same year, which boosted revenue growth.
The annual profit growth came despite the YoY uptick in operating expenses and financing costs.
In Q4 2023, net profit stood at SAR 66.1 million, up 2% from SAR 65.09 million a year earlier.
On a quarterly basis, net profit declined 7.5% from SAR 71.50 million in Q3 2023.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 250.22 | 369.81 | 47.8 % |
| Gross Income | 85.77 | 119.08 | 38.8 % |
| Operating Income | 55.84 | 77.99 | 39.7 % |
| Net Income | 65.09 | 66.13 | 1.6 % |
| Average Shares | 71.17 | 71.17 | - |
| EPS (Riyals) | 0.91 | 0.93 | 1.6 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 369.07 | 369.81 | 0.2 % |
| Gross Income | 110.61 | 119.08 | 7.7 % |
| Operating Income | 73.09 | 77.99 | 6.7 % |
| Net Income | 71.50 | 66.13 | (7.5 %) |
| Average Shares | 71.17 | 71.17 | - |
| EPS (Riyals) | 1.00 | 0.93 | (7.5 %) |
Total shareholders’ equity, no minority interest, rose to SAR 1.90 billion by Dec. 31, 2023, compared to SAR 1.72 billion a year ago.
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