Budget Saudi 9M 2022 net profit jumps 12% to SAR 186.9 mln; Q3 at SAR 64.2 mln

27/10/2022 Argaam Exclusive

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United International Transportation Co. (Budget Saudi) reported a net profit after Zakat and tax of SAR 168.9 million for the first nine months of 2022, a 12% rise from SAR 167.6 million in the year-earlier period.

The company attributed the improved results to an increase in sale proceeds from used cars, along with better short- and long-term rental revenue as the result of improving utilization.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	720.23	774.95	7.6 %
Gross Income	247.19	272.58	10.3 %
Operating Income	160.15	181.03	13.0 %
Net Income	167.60	186.92	11.5 %
Average Shares	71.17	71.17	-
EPS (Riyals)	2.35	2.63	11.5 %

In Q3 2022, net profit after Zakat and tax rose 28% to SAR 64.2 million from SAR 50.2 million a year earlier, driven by consistent improved utilization of short-term rental and growth in the long-term rental.

When compared to the previous quarter, Q3 net profit edged up 2.7% from SAR 62.4 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	250.83	295.40	17.8 %
Gross Income	82.14	94.14	14.6 %
Operating Income	47.98	62.03	29.3 %
Net Income	50.12	64.17	28.0 %
Average Shares	71.17	71.17	-
EPS (Riyals)	0.70	0.90	28.0 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	231.25	295.40	27.7 %
Gross Income	91.57	94.14	2.8 %
Operating Income	61.55	62.03	0.8 %
Net Income	62.48	64.17	2.7 %
Average Shares	71.17	71.17	0.0 %
EPS (Riyals)	0.88	0.90	2.7 %

Total shareholders’ equity, no minority interest, reached SAR 1.657 billion as of Sept. 30, 2022, from SAR 1.550 billion a year earlier.

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