Financial Results : Budget Saudi’s net profit falls 7% in Q1

Budget Saudi’s net profit falls 7% in Q1

29/04/2018 Argaam Exclusive

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United International Transportation Co. (Budget Saudi) reported a net profit of SAR 39.5 million for the first quarter of 2018, a 6.8 percent year-on-year (YoY) decrease due to lower revenue from short-term rental and car sales, as well as a SAR 2.5 million bad debt provision.

Q1 net profit jumped 83.6 percent compared to the previous quarter, as Budget Saudi had recorded a SAR 14.9 million impairment in Q4 2017 against an investment in as associate.



Current Quarter Comparison (M)

Compared With The
Item Q1 2017 Q1 2018 Change‬
Revenues 298.91 270.23 (9.6 %)
Gross Income 66.05 64.89 (1.8 %)
Operating Income 46.70 42.59 (8.8 %)
Net Income 42.48 39.59 (6.8 %)
Average Shares 71.17 71.17 -
EPS (Riyals) 0.60 0.56 (6.8 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2009 118.41 8.5 % 31.48 3.9 % 23.19 2.4 %
Q2 2009 89.86 (23.3 %) 13.91 (59.9 %) (4.57) (118.8 %)
Q3 2009 105.05 (18.2 %) 26.99 (23.4 %) 14.30 (49.8 %)
Q4 2009 101.04 (14.3 %) 30.96 (2.1 %) 2.88 (86.8 %)
Q1 2010 107.83 (8.9 %) 20.04 (36.4 %) 7.61 (67.2 %)
Q2 2010 108.93 21.2 % 23.16 66.5 % 7.08 255.1 %
Q3 2010 114.98 9.5 % 34.37 27.4 % 19.28 34.8 %
Q4 2010 119.33 18.1 % 0.52 (98.3 %) 10.35 259.6 %
Q1 2011 121.48 12.7 % 20.83 4.0 % 6.09 (20.0 %)
Q2 2011 125.30 15.0 % 23.69 2.3 % 7.53 6.4 %
Q3 2011 126.59 10.1 % 24.83 (27.8 %) 9.47 (50.9 %)
Q4 2011 134.83 13.0 % 19.29 3638.8 % 13.41 29.6 %
Q1 2012 136.79 12.6 % 26.67 28.0 % 9.75 60.2 %
Q2 2012 144.56 15.4 % 26.64 12.5 % 9.36 24.3 %
Q3 2012 147.49 16.5 % 20.31 (18.2 %) 3.36 (64.5 %)
Q4 2012 153.37 13.7 % 20.39 5.7 % 1.91 (85.8 %)
Q1 2013 157.37 15.0 % 26.32 (1.3 %) 8.91 (8.7 %)
Q2 2013 163.17 12.9 % 24.88 (6.6 %) 11.45 22.3 %
Q3 2013 168.68 14.4 % 28.21 38.9 % 13.02 287.2 %
Q4 2013 179.54 17.1 % 35.68 75.0 % 18.42 864.3 %
Q1 2014 177.94 13.1 % 29.57 12.4 % 12.80 43.7 %
Q2 2014 190.20 16.6 % 31.20 25.4 % 13.65 19.2 %
Q3 2014 189.94 12.6 % 27.09 (4.0 %) 11.25 (13.6 %)
Q4 2014 199.02 10.9 % 31.12 (12.8 %) 14.98 (18.7 %)
Q1 2015 208.71 17.3 % 33.45 13.1 % 16.65 30.2 %
Q2 2015 217.16 14.2 % 34.03 9.1 % 15.78 15.6 %
Q3 2015 221.67 16.7 % 36.61 35.2 % 18.49 64.4 %
Q4 2015 228.03 14.6 % 36.42 17.0 % 13.79 (7.9 %)
Q1 2016 300.32 43.9 % 73.91 121.0 % 55.70 234.5 %
Q2 2016 296.04 36.3 % 69.79 105.1 % 49.11 211.2 %
Q3 2016 297.13 34.0 % 68.31 86.6 % 47.03 154.4 %
Q4 2016 289.03 26.7 % 67.03 84.1 % 41.43 200.4 %
Q1 2017 298.91 (0.5 %) 66.05 (10.6 %) 46.70 (16.2 %)
Q2 2017 281.42 (4.9 %) 63.91 (8.4 %) 44.23 (9.9 %)
Q3 2017 282.99 (4.8 %) 64.84 (5.1 %) 45.52 (3.2 %)
Q4 2017 309.84 7.2 % 67.81 1.2 % 41.55 0.3 %
Q1 2018 270.23 (9.6 %) 64.89 (1.8 %) 42.59 (8.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2009 19.91 4.5 % 0.28 - 19.91 0.28
Q2 2009 21.48 3.5 % 0.30 - 21.48 0.30
Q3 2009 21.92 (12.1 %) 0.31 - 21.92 0.31
Q4 2009 22.46 17.3 % 0.32 - 22.46 0.32
Q1 2010 22.55 13.3 % 0.32 - 22.55 0.32
Q2 2010 22.70 5.7 % 0.32 - 22.70 0.32
Q3 2010 28.18 28.6 % 0.40 - 28.18 0.40
Q4 2010 21.51 (4.2 %) 0.30 - 21.51 0.30
Q1 2011 22.97 1.8 % 0.32 - 22.97 0.32
Q2 2011 23.95 5.5 % 0.34 - 23.95 0.34
Q3 2011 25.80 (8.4 %) 0.36 - 25.80 0.36
Q4 2011 28.02 30.2 % 0.39 - 28.02 0.39
Q1 2012 28.51 24.1 % 0.40 - 28.51 0.40
Q2 2012 30.31 26.5 % 0.43 - 30.31 0.43
Q3 2012 31.33 21.4 % 0.44 - 31.33 0.44
Q4 2012 35.64 27.2 % 0.50 - 35.64 0.50
Q1 2013 36.16 26.8 % 0.51 - 36.16 0.51
Q2 2013 38.07 25.6 % 0.53 - 38.07 0.53
Q3 2013 38.47 22.8 % 0.54 - 38.47 0.54
Q4 2013 37.51 5.3 % 0.53 - 37.51 0.53
Q1 2014 39.87 10.3 % 0.56 - 39.87 0.56
Q2 2014 42.26 11.0 % 0.59 - 42.26 0.59
Q3 2014 44.23 15.0 % 0.62 - 44.23 0.62
Q4 2014 44.69 19.2 % 0.63 - 44.69 0.63
Q1 2015 44.80 12.3 % 0.63 - 44.80 0.63
Q2 2015 45.62 8.0 % 0.64 - 45.62 0.64
Q3 2015 48.73 10.2 % 0.68 - 48.73 0.68
Q4 2015 49.62 11.0 % 0.70 - 49.62 0.70
Q1 2016 48.80 8.9 % 0.69 (6.62) 55.42 0.78
Q2 2016 46.20 1.3 % 0.65 - 46.20 0.65
Q3 2016 42.92 (11.9 %) 0.60 - 42.92 0.60
Q4 2016 32.21 (35.1 %) 0.45 - 32.21 0.45
Q1 2017 42.48 (13.0 %) 0.60 - 42.48 0.60
Q2 2017 42.66 (7.7 %) 0.60 - 42.66 0.60
Q3 2017 42.81 (0.3 %) 0.60 - 42.81 0.60
Q4 2017 21.57 (33.0 %) 0.30 (14.95) 36.52 0.51
Q1 2018 39.59 (6.8 %) 0.56 - 39.59 0.56

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 27.61 % 67.58 % 17.59 %
Q2 2009 24.69 % 65.74 % 18.81 %
Q3 2009 24.12 % 64.62 % 19.12 %
Q4 2009 24.94 % 63.14 % 20.70 %
Q1 2010 22.76 % 61.89 % 21.90 %
Q2 2010 23.92 % 62.75 % 21.20 %
Q3 2010 25.08 % 62.17 % 22.16 %
Q4 2010 17.31 % 60.08 % 21.05 %
Q1 2011 16.97 % 59.32 % 20.52 %
Q2 2011 16.51 % 59.20 % 20.08 %
Q3 2011 14.18 % 59.46 % 19.12 %
Q4 2011 17.44 % 60.71 % 19.82 %
Q1 2012 18.05 % 61.09 % 20.30 %
Q2 2012 17.95 % 61.59 % 20.75 %
Q3 2012 16.48 % 61.43 % 20.96 %
Q4 2012 16.15 % 61.68 % 21.60 %
Q1 2013 15.54 % 61.88 % 22.14 %
Q2 2013 14.79 % 62.34 % 22.72 %
Q3 2013 15.53 % 63.14 % 23.08 %
Q4 2013 17.21 % 65.14 % 22.46 %
Q1 2014 17.17 % 65.89 % 22.33 %
Q2 2014 17.40 % 65.96 % 22.07 %
Q3 2014 16.75 % 64.56 % 22.22 %
Q4 2014 15.72 % 66.14 % 22.59 %
Q1 2015 15.59 % 66.36 % 22.34 %
Q2 2015 15.42 % 67.66 % 22.01 %
Q3 2015 15.97 % 70.66 % 21.72 %
Q4 2015 16.05 % 65.94 % 21.56 %
Q1 2016 18.71 % 64.49 % 20.62 %
Q2 2016 20.72 % 61.96 % 19.12 %
Q3 2016 22.15 % 59.33 % 17.31 %
Q4 2016 23.60 % 60.38 % 14.95 %
Q1 2017 22.96 % 59.25 % 13.87 %
Q2 2017 22.74 % 58.78 % 13.74 %
Q3 2017 22.72 % 58.14 % 13.90 %
Q4 2017 22.38 % 56.33 % 14.02 %
Q1 2018 22.84 % 56.58 % 14.12 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 71.17 1.19 1.19 4.82
Q2 2009 71.17 1.20 1.20 5.12
Q3 2009 71.17 1.16 1.16 5.42
Q4 2009 71.17 1.21 1.21 5.71
Q1 2010 71.17 1.24 1.24 5.50
Q2 2010 71.17 1.26 1.26 5.82
Q3 2010 71.17 1.35 1.35 6.21
Q4 2010 71.17 1.33 1.33 6.48
Q1 2011 71.17 1.34 1.34 6.79
Q2 2011 71.17 1.36 1.36 6.55
Q3 2011 71.17 1.32 1.32 6.90
Q4 2011 71.17 1.42 1.42 7.27
Q1 2012 71.17 1.49 1.49 7.66
Q2 2012 71.17 1.58 1.58 7.44
Q3 2012 71.17 1.66 1.66 7.87
Q4 2012 71.17 1.77 1.77 8.34
Q1 2013 71.17 1.87 1.87 8.84
Q2 2013 71.17 1.98 1.98 8.65
Q3 2013 71.17 2.08 2.08 9.18
Q4 2013 71.17 2.11 2.11 9.67
Q1 2014 71.17 2.16 2.16 10.22
Q2 2014 71.17 2.22 2.22 9.85
Q3 2014 71.17 2.30 2.30 10.46
Q4 2014 71.17 2.40 2.40 11.05
Q1 2015 71.17 2.47 2.47 11.67
Q2 2015 71.17 2.52 2.52 11.34
Q3 2015 71.17 2.58 2.58 12.01
Q4 2015 71.17 2.65 2.65 12.67
Q1 2016 71.17 2.71 2.80 13.35
Q2 2016 71.17 2.72 2.81 12.93
Q3 2016 71.17 2.64 2.73 13.53
Q4 2016 71.17 2.39 2.48 13.99
Q1 2017 71.17 2.30 2.30 14.58
Q2 2017 71.17 2.25 2.25 14.11
Q3 2017 71.17 2.25 2.25 14.71
Q4 2017 71.17 2.10 2.31 15.04
Q1 2018 71.17 2.06 2.27 15.60

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 9.70 9.70 2.40
Q2 2009 12.56 12.56 2.95
Q3 2009 17.23 17.23 3.68
Q4 2009 14.10 14.10 2.98
Q1 2010 14.36 14.36 3.24
Q2 2010 11.69 11.69 2.53
Q3 2010 12.24 12.24 2.66
Q4 2010 11.67 11.67 2.40
Q1 2011 10.35 10.35 2.04
Q2 2011 9.58 9.58 1.99
Q3 2011 9.58 9.58 1.84
Q4 2011 10.02 10.02 1.95
Q1 2012 12.42 12.42 2.42
Q2 2012 10.08 10.08 2.14
Q3 2012 11.05 11.05 2.33
Q4 2012 11.25 11.25 2.38
Q1 2013 12.76 12.76 2.71
Q2 2013 13.47 13.47 3.09
Q3 2013 16.25 16.25 3.69
Q4 2013 15.94 15.94 3.48
Q1 2014 22.11 22.11 4.68
Q2 2014 20.28 20.28 4.58
Q3 2014 21.61 21.61 4.76
Q4 2014 18.20 18.20 3.96
Q1 2015 17.63 17.63 3.73
Q2 2015 18.31 18.31 4.07
Q3 2015 13.76 13.76 2.96
Q4 2015 12.74 12.74 2.67
Q1 2016 10.80 10.44 2.19
Q2 2016 11.99 11.59 2.52
Q3 2016 9.64 9.31 1.88
Q4 2016 13.28 12.78 2.27
Q1 2017 11.82 11.82 1.86
Q2 2017 10.05 10.05 1.60
Q3 2017 11.42 11.42 1.75
Q4 2017 14.22 12.93 1.99
Q1 2018 20.21 18.34 2.67

Business Segments (Million)

Compared With The
Period Leasing sector. Rental sector Used car sales
Q1 2014 80.88 97.07 -
Q2 2014 90.54 99.66 -
Q3 2014 84.86 105.07 -
Q4 2014 156.67 42.35 -
Q1 2015 116.78 91.91 -
Q2 2015 123.45 93.73 -
Q3 2015 126.59 95.08 -
Q4 2015 128.02 100.01 -
Q1 2016 130.49 88.19 81.64
Q2 2016 135.88 81.70 78.46
Q3 2016 139.04 77.08 81.01
Q4 2016 141.22 74.31 73.50
Q1 2017 140.53 63.24 95.13
Q2 2017 139.06 56.04 86.31
Q3 2017 141.47 62.32 79.20
Q4 2017 134.84 67.55 107.46
Q1 2018 139.47 52.66 78.10

Analysts Estimates (Million)

Item Q1 2018 (e) Q1 2018 (a) Change‬
Average 41.25 39.59 (4.0 %)

Estimates vs Actual (Million)

Item Q1 2018 (e) Q1 2018 (a) Change
OSOOL AND BAKHEET 40.50 39.59 (2.2) %
AlJazira Capital 42.00 39.59 (5.7) %


Financial Ratios
Current
Market Cap (M Riyal) 5,987.82
Enterprise Value (EV) (M) 7,464.12
Shares Outstanding ((M)) 78.17
EPS ( Riyal) (TTM) 3.73
Book Value (BV) ( Riyal) 33.15
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 21.48
P/E (TTM) 21.48
Price/book 2.31
Return on Average Assets (%) (TTM) 7.2
Return on Average Equity (%) (TTM) 12.7
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Share Price

United International Transportation Co.
76.60
4.70 6.54 %

United International Transportation Co. (BUDGET SAUDI)

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