Budget Saudi’s net profit rises 10% to SAR 277.2M in 2023; Q4 at SAR 66.1M

25/03/2024 Argaam Exclusive

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United International Transportation Co. (Budget Saudi) reported a net profit of SAR 277.2 million for 2023, a 10% hike from SAR 252 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	1,025.16	1,378.14	34.4 %
Gross Income	358.35	446.64	24.6 %
Operating Income	236.87	287.07	21.2 %
Net Income	252.01	277.23	10.0 %
Average Shares	71.17	71.17	-
EPS (Riyals)	3.54	3.90	10.0 %

This was fueled by the expanded fleet for both short- and long-term rentals in 2023. This was coupled with the year-on-year (YoY) increase in sales of used cars for the same year, which boosted revenue growth.

The annual profit growth came despite the YoY uptick in operating expenses and financing costs.

In Q4 2023, net profit stood at SAR 66.1 million, up 2% from SAR 65.09 million a year earlier.

On a quarterly basis, net profit declined 7.5% from SAR 71.50 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	250.22	369.81	47.8 %
Gross Income	85.77	119.08	38.8 %
Operating Income	55.84	66.97	19.9 %
Net Income	65.09	66.13	1.6 %
Average Shares	71.17	71.17	-
EPS (Riyals)	0.91	0.93	1.6 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	369.07	369.81	0.2 %
Gross Income	110.61	119.08	7.7 %
Operating Income	73.09	66.97	(8.4 %)
Net Income	71.50	66.13	(7.5 %)
Average Shares	71.17	71.17	-
EPS (Riyals)	1.00	0.93	(7.5 %)

Total shareholders’ equity, no minority interest, rose to SAR 1.90 billion by Dec. 31, 2023, compared to SAR 1.72 billion a year ago.

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