Budget Saudi 9M 2021 net profit jumps 55% to SAR 168.2 mln

07/11/2021 Argaam Exclusive

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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.

Financials (M)

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

Current Quarter Comparison (M)

Compared With The

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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