Budget Saudi eyes larger market share, has sufficient provisions for COVID-19: CEO

24/06/2020 Argaam Special

 

United International Transportation Co. (Budget Saudi) is seeking to gain more market share from its competitors, CEO Fawaz Danish told Argaam in an exclusive.

 

“Several rivals have been hit by the COVID-19 pandemic and have become unable to maintain their operations in the market,” Danish said.

 

“Budget Saudi has increased provisions to SAR 8.9 million in Q1 2020, which are believed to be sufficient for the COVID-19 fallout,” he added.

 

Moreover, Danish stressed the car rental operator’s policy that aims to share profit with shareholders since the company’s listing on Tadawul, adding that Budget Saudi will maintain this trend as long as there is profit.

 

Budget Saudi reported a net profit after Zakat and tax of SAR 45.5 million for the first quarter of 2020, a 9% increase, compared to SAR 41.6 million in the year-earlier period.

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