Financial Results : Budget Saudi net profit up 9% to SAR 45.5 mln in Q1 2020

Budget Saudi net profit up 9% to SAR 45.5 mln in Q1 2020

21/06/2020 Argaam Exclusive

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United International Transportation Co. (Budget Saudi) reported net profit after Zakat and tax of SAR 45.5 million for the first quarter of 2020, a 9.26% year-on-year (YoY) increase ,compared to SAR 41.6 million in the year-earlier period.

 

The rise in net profit was attributed to increase in number of vehicles sold, given high demand and value for used vehicles.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 259.41 276.67 6.7 %
Gross Income 71.54 81.70 14.2 %
Operating Income 43.40 47.53 9.5 %
Net Income 41.60 45.46 9.3 %
Average Shares 71.17 71.17 -
EPS (Riyals) 0.58 0.64 9.3 %

When compared to the previous quarter, net profit declined 5.87% in Q1, 2020, due to SAR 8.9 million bad debts provision.

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