United International Transportation Co. (Budget Saudi) reported a net profit after Zakat and tax of SAR 168.2 million for the first nine months of 2021, a 55% rise from SAR 108.5 million in the year-earlier period.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 691.98 | 720.23 | 4.1 % |
| Gross Income | 192.16 | 247.19 | 28.6 % |
| Operating Income | 112.36 | 160.15 | 42.5 % |
| Net Income | 108.49 | 167.60 | 54.5 % |
| Average Shares | 71.17 | 71.17 | 0.0 % |
| EPS (Riyals) | 1.52 | 2.35 | 54.5 % |
The company attributed the profit growth to an increase in sales proceeds and gains from the sales of used cars, along with better short-term rentals revenue on improved utilization.
The company added that the lease revenue has recently also shown gradual improvement, after declining due to weak economic activities coupled with the ongoing COVID-19 pandemic
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 227.65 | 250.83 | 10.2 % |
| Gross Income | 64.65 | 82.14 | 27.0 % |
| Operating Income | 41.04 | 47.98 | 16.9 % |
| Net Income | 40.45 | 50.12 | 23.9 % |
| Average Shares | 71.17 | 71.17 | 0.0 % |
| EPS (Riyals) | 0.57 | 0.70 | 23.9 % |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 232.38 | 250.83 | 7.9 % |
| Gross Income | 91.66 | 82.14 | (10.4 %) |
| Operating Income | 66.66 | 47.98 | (28.0 %) |
| Net Income | 69.16 | 50.12 | (27.5 %) |
| Average Shares | 71.17 | 71.17 | - |
| EPS (Riyals) | 0.97 | 0.70 | (27.5 %) |
In Q3 2021, net profit after Zakat and tax rose 40% to SAR 56.8 million from SAR 40.4 million a year earlier.
When compared to the previous quarter, Q3 net profit edged up 1% from SAR 56.25 million.
Shareholders’ equity, after minority interest, increased by 9.5% to SAR 1.311 billion as of Sept. 30, 2021, from SAR 1.196 billion a year earlier.
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