Budget Saudi net profit down 20% to SAR 68 mln in H1 2020

23/07/2020 Argaam Exclusive

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United International Transportation Co. (Budget Saudi) reported net profit after Zakat and tax of SAR 68 million for the first six months of 2020, a 20% year-on-year (YoY) decrease, compared to SAR 85.1 million in the year-earlier period.

The decline in net profit was attributed to lower short-term rental revenue in Q2 2020 as a result of significantly low utilization following the lockdown, especially the suspension of the commercial activities at airports.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	513.88	464.33	(9.6 %)
Gross Income	145.22	127.51	(12.2 %)
Operating Income	89.27	71.32	(20.1 %)
Net Income	85.08	68.04	(20.0 %)
Average Shares	71.17	71.17	-
EPS (Riyals)	1.20	0.96	(20.0 %)

In Q2, the company’s net profit after Zakat and tax fell 48% YoY to SAR 22.6 million due to substantially lower short-term rental revenue as a result of low utilization following the lockdown in Q2.

The company was also unable to sell all the vehicles during the lockdown period.

On a sequential basis, the company’s net profit was down 50%.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	254.47	187.66	(26.3 %)
Gross Income	73.68	45.80	(37.8 %)
Operating Income	45.87	23.79	(48.1 %)
Net Income	43.48	22.58	(48.1 %)
Average Shares	71.17	71.17	-
EPS (Riyals)	0.61	0.32	(48.1 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	276.67	187.66	(32.2 %)
Gross Income	81.70	45.80	(43.9 %)
Operating Income	47.53	23.79	(50.0 %)
Net Income	45.46	22.58	(50.3 %)
Average Shares	71.17	71.17	-
EPS (Riyals)	0.64	0.32	(50.3 %)

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