Budget Saudi net profit dips 17% to SAR 108.5 mln in 9M 2020

22/10/2020 Argaam Exclusive

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United International Transportation Co. (Budget Saudi) reported a net profit after Zakat and tax of SAR 108.5 million for the first nine months of 2020, a 17% decline year-on-year (YoY), driven by lower short-term rental revenue.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	769.52	691.98	(10.1 %)
Gross Income	222.43	192.16	(13.6 %)
Operating Income	137.89	112.36	(18.5 %)
Net Income	130.32	108.49	(16.8 %)
Average Shares	71.17	71.17	-
EPS (Riyals)	1.83	1.52	(16.8 %)

The third-quarter net profit after Zakat and tax fell 11% YoY to SAR 40.5 million, due to lower short-term rental revenue, weak demand on the COVID-19 outbreak and lower utilization rate.

When compared to previous quarter, net profit jumped 79.1% backed by slightly improved rental revenue, in addition to selling a number of used vehicles.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	255.64	227.65	(10.9 %)
Gross Income	77.21	64.65	(16.3 %)
Operating Income	48.63	41.04	(15.6 %)
Net Income	45.24	40.45	(10.6 %)
Average Shares	71.17	71.17	-
EPS (Riyals)	0.64	0.57	(10.6 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	187.66	227.65	21.3 %
Gross Income	45.80	64.65	41.2 %
Operating Income	23.79	41.04	72.5 %
Net Income	22.58	40.45	79.1 %
Average Shares	71.17	71.17	-
EPS (Riyals)	0.32	0.57	79.1 %

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