Financial Results : Budget Saudi reports net profit growth to SAR 69.7M in Q1 2024

Budget Saudi reports net profit growth to SAR 69.7M in Q1 2024

12/05/2024 Argaam Exclusive

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United International Transportation Co. (Budget Saudi) reported net profit growth to SAR 69.7 million in Q1 2024, from SAR 69.3 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 298.71 416.87 39.6 %
Gross Income 104.01 129.02 24.0 %
Operating Income 70.45 71.03 0.8 %
Net Income 69.32 70.06 1.1 %
Average Shares 71.17 74.67 4.9 %
EPS (Riyals) 0.97 0.94 (3.7 %)

The company cited steady growth of both long-term and short-term rental revenue.

 

However, the first-quarter profit was affected by a correction in used car prices, and the mix of vehicles sold, especially those with a comparatively higher net book value compared to the same quarter of last year. Additionally, Budget Saudi’s Q1 figures were impacted by an increase in finance costs due to higher borrowings.

 

On a quarterly basis, net earnings rose 5.4% from SAR 66.13 million in Q4 2023.

 

Shareholders’ equity, after minority interest, reached SAR 1.97 billion by March 31, 2024, compared to SAR 1.79 billion in the prior-year period.

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