Budget Saudi 2021 profit rises 9% to SAR 219.9 mln; Q4 at SAR 51.7 mln

30/03/2022 Argaam Exclusive

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United International Transportation Co. (Budget Saudi) reported a net profit after Zakat and tax of SAR 219.9 million for 2021, a rise of 9%, compared with SAR 202.5 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	964.86	988.13	2.4 %
Gross Income	300.57	333.52	11.0 %
Operating Income	196.78	209.98	6.7 %
Net Income	202.45	219.91	8.6 %
Average Shares	71.17	71.17	0.0 %
EPS (Riyals)	2.84	3.09	8.6 %

The profit growth was primarily attributed to an increase in the short rental revenue as a result of improved utilization and a higher number of vehicles sold in 2021, compared to a year before.

The fourth-quarter net earnings reached SAR 51.7 million, falling 45% from SAR 93.9 million in the year-earlier period.

Sequentially, Q4 2021 earnings dropped 9%% from SAR 56.7 million in the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	272.87	267.90	(1.8 %)
Gross Income	108.41	86.33	(20.4 %)
Operating Income	84.42	49.83	(41.0 %)
Net Income	93.96	52.32	(44.3 %)
Average Shares	71.17	71.17	0.0 %
EPS (Riyals)	1.32	0.74	(44.3 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	250.83	267.90	6.8 %
Gross Income	82.14	86.33	5.1 %
Operating Income	47.98	49.83	3.9 %
Net Income	50.12	52.32	4.4 %
Average Shares	71.17	71.17	-
EPS (Riyals)	0.70	0.74	4.4 %

Total shareholders’ equity, after minority interest, reached SAR 1.59 billion at the end of 2021, compared with SAR 1.51 billion a year earlier.

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