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.
| 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.
| 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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