Budget Saudi H1 2021 profit rises 64% to SAR 111.4 mln

22/08/2021 Argaam Exclusive

View other reports

United International Transportation Co. (Budget Saudi) reported net profit after Zakat and tax of SAR 111.4 million for the first six months of 2021, a 64% increase, compared to SAR 68 million in the year-earlier period.

The company attributed the profit rise to improved short-term and long-term rental revenue along with significant improvement in the gain from used vehicles, which was comparatively low in the same period last year due to COVID-19 lockdown, especially in Q2 2020.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	464.33	469.40	1.1 %
Gross Income	127.51	165.05	29.4 %
Operating Income	71.32	112.17	57.3 %
Net Income	68.04	117.48	72.7 %
Average Shares	71.17	71.17	0.0 %
EPS (Riyals)	0.96	1.65	72.7 %

In Q2 2021, the company’s net profit after Zakat and tax rose more than twofold year-on-year (YoY) to SAR 56.3 million due to short-term rental revenue, which was low in the same quarter last year due to COVID-19 lockdown.

On a sequential basis, the company’s net profit rose marginally from SAR 55.1 million in Q1 2021 on better control over direct expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	187.66	232.38	23.8 %
Gross Income	45.80	91.66	100.1 %
Operating Income	23.79	66.66	180.2 %
Net Income	22.58	69.16	206.3 %
Average Shares	71.17	71.17	0.0 %
EPS (Riyals)	0.32	0.97	206.3 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	237.03	232.38	(2.0 %)
Gross Income	73.39	91.66	24.9 %
Operating Income	45.51	66.66	46.5 %
Net Income	48.32	69.16	43.1 %
Average Shares	71.17	71.17	-
EPS (Riyals)	0.68	0.97	43.1 %

View more financial results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×