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.
| 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 % |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 273.97 | 276.67 | 1.0 % |
| Gross Income | 74.93 | 81.70 | 9.0 % |
| Operating Income | 49.74 | 47.53 | (4.4 %) |
| Net Income | 48.30 | 45.46 | (5.9 %) |
| Average Shares | 71.17 | 71.17 | - |
| EPS (Riyals) | 0.68 | 0.64 | (5.9 %) |
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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