Financial Results : Budget Saudi Q1 2023 profit up 15% to SAR 69.3 mln

Budget Saudi Q1 2023 profit up 15% to SAR 69.3 mln

21/05/2023 Argaam Exclusive

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United International Transportation Co. (Budget Saudi) reported a 15% increase in Q1 2023 net profit to SAR 69.3 million, from SAR 60.3 million in the year-earlier period. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 248.30 298.71 20.3 %
Gross Income 86.88 104.01 19.7 %
Operating Income 57.45 70.45 22.6 %
Net Income 60.27 69.32 15.0 %
Average Shares 71.17 71.17 0.0 %
EPS (Riyals) 0.85 0.97 15.0 %

The profit growth was mainly spurred by higher short-term rental revenues with better utilization, as a result of better demand that continued until the end of quarter one. Budget Saudi also reported significant growth in long-term rentals.

 

Compared to Q4 2022, the first-quarter net profit grew 6.5% from SAR 65.09 million, thanks to higher short-term rental revenues with better utilization, due to a consistent increase in demand. Long-term rentals also reported consistent growth, with more vehicles were sold in Q1 2023, compared to the previous quarter.

 

Shareholders’ equity, after minority interest, stood at SAR 1.79 billion as of March 31, 2023, up from SAR 1.65 billion in the year-earlier period.

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