Budget Saudi posts 5% net profit rise to SAR 187.9 mln in 2020

07/02/2021 Argaam Exclusive

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United International Transportation Co. (Budget Saudi) reported a net profit after Zakat and tax of SAR 187.9 million for 2020, up 5%, compared to SAR 178.6 million in the previous year.

Financials (M)

Item	2019	2020	Change‬
Revenues	1,043.49	964.86	(7.5 %)
Gross Income	297.36	300.57	1.1 %
Operating Income	187.63	196.78	4.9 %
Net Income	178.62	202.45	13.3 %
Average Shares	71.17	71.17	-
EPS (Riyals)	2.51	2.84	13.3 %

The company attributed the profit rise to higher sales, as more vehicles were sold with improved margin in the second half of the year, which in turn compensated for the reduction in lease and rental revenue loss due to COVID-19.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	273.97	272.87	(0.4 %)
Gross Income	74.93	108.41	44.7 %
Operating Income	49.74	84.42	69.7 %
Net Income	48.30	93.96	94.5 %
Average Shares	71.17	71.17	-
EPS (Riyals)	0.68	1.32	94.5 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	227.65	272.87	19.9 %
Gross Income	64.65	108.41	67.7 %
Operating Income	41.04	84.42	105.7 %
Net Income	40.45	93.96	132.3 %
Average Shares	71.17	71.17	-
EPS (Riyals)	0.57	1.32	132.3 %

Q4 2020 net profit after Zakat and tax rose 64% year-on-year (YoY) to SAR 79.4 million.

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