Budget Saudi 9M 2023 profit up 13% to SAR 211.1 mln; Q3 at SAR 71.5 mln

07/11/2023 Argaam Exclusive

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United International Transportation Co. (Budget Saudi) reported a net profit of SAR 211.1 million for the first nine months of 2023, a 13% rise from SAR 186.9 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	774.95	1,008.33	30.1 %
Gross Income	272.58	327.55	20.2 %
Operating Income	181.03	220.11	21.6 %
Net Income	186.92	211.10	12.9 %
Average Shares	71.17	71.17	-
EPS (Riyals)	2.63	2.97	12.9 %

The profit growth was mainly contributed by improved utilization in the short rental with the higher fleet, in addition to improving demand in long-term leasing during the period. The optimal utilization of the growing fleet was the driving factor for better revenue, which resulted in improving the overall net profit.

In Q3 2023, net profit rose 11% to SAR 71.50 million, compared to SAR 64.17 million a year before on an increase in the short rental revenue with better utilization along with consistent growth in the long rental fleet and revenue.

When compared to the previous quarter, Q3 net profit was up 1.7% from SAR 70.28 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	295.40	369.07	24.9 %
Gross Income	94.14	110.61	17.5 %
Operating Income	62.03	73.09	17.8 %
Net Income	64.17	71.50	11.4 %
Average Shares	71.17	71.17	-
EPS (Riyals)	0.90	1.00	11.4 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	340.55	369.07	8.4 %
Gross Income	112.94	110.61	(2.1 %)
Operating Income	76.57	73.09	(4.5 %)
Net Income	70.28	71.50	1.7 %
Average Shares	71.17	71.17	-
EPS (Riyals)	0.99	1.00	1.7 %

Total shareholders’ equity, no minority interest, reached SAR 1.79 billion as of Sept. 30, 2023, from SAR 1.65 billion a year earlier.

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