Budget Saudi H1 2023 profit up 14% to SAR 139.6 mln; Q2 at SAR 70.3 mln

27/07/2023 Argaam Exclusive

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United International Transportation Co. (Budget Saudi) reported a 14% increase in H1 2023 net profit to SAR 139.6 million, from SAR 122.8 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	479.55	639.26	33.3 %
Gross Income	178.45	216.95	21.6 %
Operating Income	119.00	147.02	23.5 %
Net Income	122.75	139.60	13.7 %
Average Shares	71.17	71.17	0.0 %
EPS (Riyals)	1.72	1.96	13.7 %

The profit growth was mainly spurred by higher sale proceeds from used cars and resultant gains, along with better lease and rental revenues as the result of growth in the fleet with consistently improved utilization.

The company reported a net profit of SAR 70.28 million in Q2 2023, a 12.5% year-on-year (YoY) increase.

Sequentially, net profit rose 1.4% from SAR 69.32 million in Q1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	231.25	340.55	47.3 %
Gross Income	91.57	112.94	23.3 %
Operating Income	61.55	76.57	24.4 %
Net Income	62.48	70.28	12.5 %
Average Shares	71.17	71.17	0.0 %
EPS (Riyals)	0.88	0.99	12.5 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	298.71	340.55	14.0 %
Gross Income	104.01	112.94	8.6 %
Operating Income	70.45	76.57	8.7 %
Net Income	69.32	70.28	1.4 %
Average Shares	71.17	71.17	-
EPS (Riyals)	0.97	0.99	1.4 %

Total shareholders’ equity, no minority interest, stood at SAR 1.75 billion as of June 30, 2023, compared to SAR 1.62 billion a year earlier.

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