Budget Saudi’s net profit up 5% in FY19

09/02/2020 Argaam Exclusive

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United International Transportation Co. (Budget Saudi) reported a net profit after zakat and tax of SAR 178.62 million for fiscal year 2019, up by 5.08% year-on-year (YoY) due to improved operating efficiency, better utilization of fleet and improved revenue per vehicle.

Financials (M)

Item	2018	2019	Change‬
Revenues	1,040.97	1,043.49	0.2 %
Gross Income	275.08	297.36	8.1 %
Operating Income	178.78	187.63	4.9 %
Net Income	169.99	178.62	5.1 %
Average Shares	71.17	71.17	-
EPS (Riyals)	2.39	2.51	5.1 %

The company also cited strong demand for used vehicles and improved market price.

Q4 2019 net earnings rose 4% YoY to SAR 48.3 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	258.09	273.97	6.2 %
Gross Income	75.26	74.93	(0.4 %)
Operating Income	47.03	49.74	5.8 %
Net Income	46.45	48.30	4.0 %
Average Shares	71.17	71.17	-
EPS (Riyals)	0.65	0.68	4.0 %

Item	Q3 2019	Q4 2019	Change‬
Revenues	255.64	273.97	7.2 %
Gross Income	77.21	74.93	(3.0 %)
Operating Income	48.63	49.74	2.3 %
Net Income	45.24	48.30	6.7 %
Average Shares	71.17	71.17	-
EPS (Riyals)	0.64	0.68	6.7 %

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