Logo of Al Jazira Equipment Co. Ltd. (AutoWorld)
United International Transportation Co. (Budget Saudi) announced a plan to fully acquire Al Jazira Equipment Co. Ltd. (AutoWorld), through increasing its capital from SAR 711.7 million to SAR 781.8 million.
|
Owned Cars and Revenues |
||||
|
Period |
2020 |
2021 |
2022 |
Sept. 2023 |
|
Owned Cars |
11,619 |
12,488 |
13,953 |
16,493 |
|
Revenues (SAR mln) |
247.4 |
274.9 |
320.4 |
289.9 |
AutoWorld's revenues increased by 17% year-on-year (YoY) to SAR 372 million by the end of the nine-month period ended Sept. 30, 2023. Meanwhile, net profit leapt 53% YoY to SAR 39.9 million, according to the company's financials.
|
AutoWorld's Revenues and Profit (SAR mln) |
|||
|
Period |
Sept. 2022 |
Sept. 2023 |
Change |
|
Revenues |
317.6 |
372.6 |
+17% |
|
Gross Profit |
127.7 |
163.9 |
+28% |
|
Operating Profit |
41.1 |
73.7 |
+79% |
|
Net Profit |
26.0 |
39.9 |
+53% |
The company maintained its revenue growth to SAR 430 million in 2022 compared with a year earlier. However, net profit declined to SAR 26.7 million, compared with SAR 61.5 million in 2021.
|
AutoWorld's Revenues and Profit (SAR mln) |
|||
|
Period |
2020 |
2021 |
2022 |
|
Revenues |
402.3 |
382.5 |
430.0 |
|
Gross Profit |
139.4 |
170.5 |
162.6 |
|
Operating Profit |
30.3 |
72.6 |
50.0 |
|
Net Profit |
15.7 |
61.5 |
26.7 |
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