Budget Saudi 2022 net profit jumps 15% to SAR 252 mln; Q4 at SAR 65.1 mln

23/02/2023 Argaam Exclusive

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United International Transportation Co. (Budget Saudi) reported a net profit after Zakat and tax of SAR 252 million for 2022, a 15% rise from SAR 219.9 million in the year-earlier period.

Financials (M)

Item	2021	2022	Change‬
Revenues	988.13	1,025.16	3.7 %
Gross Income	333.52	358.35	7.4 %
Operating Income	209.98	236.87	12.8 %
Net Income	219.91	252.01	14.6 %
Average Shares	71.17	71.17	-
EPS (Riyals)	3.09	3.54	14.6 %

The company attributed the improved results to better utilization in the short rental with a higher fleet, in addition to improving demand in long-term leasing during the year. This is in addition to optimal utilization of the growing fleet, which exceeded 32,000 vehicles by the end of 2022, was a factor for better revenue which resulted in an increase in profit.

In Q4 2022, net profit after Zakat and tax rose 24% to SAR 65.09 million from SAR 52.32 million a year earlier.

When compared to the previous quarter, Q4 net profit edged up 1.4% from SAR 64.17 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	267.90	250.22	(6.6 %)
Gross Income	86.33	85.77	(0.6 %)
Operating Income	49.83	55.84	12.0 %
Net Income	52.32	65.09	24.4 %
Average Shares	71.17	71.17	-
EPS (Riyals)	0.74	0.91	24.4 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	295.40	250.22	(15.3 %)
Gross Income	94.14	85.77	(8.9 %)
Operating Income	62.03	55.84	(10.0 %)
Net Income	64.17	65.09	1.4 %
Average Shares	71.17	71.17	-
EPS (Riyals)	0.90	0.91	1.4 %

Total shareholders’ equity, no minority interest, reached SAR 1.72 billion as of Dec. 31, 2022, from SAR 1.59 billion a year earlier.

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