Budget Saudi posts 5% rise in H1 2022 net profit to SAR 122.8 mln; Q2 down 10% to SAR 62.5 mln

31/07/2022 Argaam Exclusive

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United International Transportation Co. (Budget Saudi) reported a 5% rise in H1 2022 net profit after Zakat and tax to SAR 122.8 million, compared to SAR 117.5 million in the year-earlier period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	469.40	479.55	2.2 %
Gross Income	165.05	178.45	8.1 %
Operating Income	112.17	119.00	6.1 %
Net Income	117.48	122.75	4.5 %
Average Shares	71.17	71.17	0.0 %
EPS (Riyals)	1.65	1.72	4.5 %

The higher profit was spurred by improved revenue as a result of adding more long-term rentals during the period, along with increased efficiency and utilization of short-term rentals.

The second-quarter net profit after Zakat and tax declined 10% to SAR 62.5 million, from SAR 69.16 million in Q2 2021. The drop was attributed to lower revenue from car sales and lower net gain on car sales. The number of vehicles sold during the quarter was significantly lower, compared to Q2 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	232.38	231.25	(0.5 %)
Gross Income	91.66	91.57	(0.1 %)
Operating Income	66.66	61.55	(7.7 %)
Net Income	69.16	62.48	(9.7 %)
Average Shares	71.17	71.17	0.0 %
EPS (Riyals)	0.97	0.88	(9.7 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	248.30	231.25	(6.9 %)
Gross Income	86.88	91.57	5.4 %
Operating Income	57.45	61.55	7.1 %
Net Income	60.27	62.48	3.7 %
Average Shares	71.17	71.17	-
EPS (Riyals)	0.85	0.88	3.7 %

Compared to the previous quarter, net profit rose 3.7% from SAR 60.27 million, driven by better revenue and increased long-term rentals.

Total shareholders’ equity, after minority interest, rose to SAR 1.628 billion as of June 30, 2022, from SAR 1.543 billion a year earlier.

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