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

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 %

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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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q2 2018 250.68 (10.9 %) 63.75 (0.2 %) 42.66 (3.5 %)
Q3 2018 261.97 (7.4 %) 71.19 9.8 % 46.51 2.2 %
Q4 2018 258.09 (16.7 %) 75.26 11.0 % 47.03 13.2 %
Q1 2019 259.41 (4.0 %) 71.54 10.3 % 43.40 1.9 %
Q2 2019 254.47 1.5 % 73.68 15.6 % 45.87 7.5 %
Q3 2019 255.64 (2.4 %) 77.21 8.5 % 48.63 4.6 %
Q4 2019 273.97 6.2 % 74.93 (0.4 %) 49.74 5.8 %
Q1 2020 276.67 6.7 % 81.70 14.2 % 47.53 9.5 %
Q2 2020 187.66 (26.3 %) 45.80 (37.8 %) 23.79 (48.1 %)
Q3 2020 227.65 (10.9 %) 64.65 (16.3 %) 41.04 (15.6 %)
Q4 2020 272.87 (0.4 %) 108.41 44.7 % 84.42 69.7 %
Q1 2021 237.03 (14.3 %) 73.39 (10.2 %) 45.51 (4.2 %)
Q2 2021 232.38 23.8 % 91.66 100.1 % 66.66 180.2 %
Q3 2021 250.83 10.2 % 82.14 27.0 % 47.98 16.9 %
Q4 2021 267.90 (1.8 %) 86.33 (20.4 %) 49.83 (41.0 %)
Q1 2022 248.30 4.8 % 86.88 18.4 % 57.45 26.2 %
Q2 2022 231.25 (0.5 %) 91.57 (0.1 %) 61.55 (7.7 %)
Q3 2022 295.40 17.8 % 94.14 14.6 % 62.03 29.3 %
Q4 2022 250.22 (6.6 %) 85.77 (0.6 %) 55.84 12.0 %
Q1 2023 298.71 20.3 % 104.01 19.7 % 70.45 22.6 %
Q2 2023 340.55 47.3 % 112.94 23.3 % 76.57 24.4 %
Q3 2023 369.07 24.9 % 110.61 17.5 % 73.09 17.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q2 2018 40.83 (4.3 %) 0.57 - 40.83 0.57
Q3 2018 43.11 0.7 % 0.61 - 43.11 0.61
Q4 2018 46.45 115.3 % 0.65 - 46.45 0.65
Q1 2019 41.60 5.1 % 0.58 - 41.60 0.58
Q2 2019 43.48 6.5 % 0.61 - 43.48 0.61
Q3 2019 45.24 4.9 % 0.64 - 45.24 0.64
Q4 2019 48.30 4.0 % 0.68 - 48.30 0.68
Q1 2020 45.46 9.3 % 0.64 - 45.46 0.64
Q2 2020 22.58 (48.1 %) 0.32 - 22.58 0.32
Q3 2020 40.45 (10.6 %) 0.57 - 40.45 0.57
Q4 2020 93.96 94.5 % 1.32 - 93.96 1.32
Q1 2021 48.32 6.3 % 0.68 - 48.32 0.68
Q2 2021 69.16 206.3 % 0.97 - 69.16 0.97
Q3 2021 50.12 23.9 % 0.70 - 50.12 0.70
Q4 2021 52.32 (44.3 %) 0.74 - 52.32 0.74
Q1 2022 60.27 24.7 % 0.85 - 60.27 0.85
Q2 2022 62.48 (9.7 %) 0.88 - 62.48 0.88
Q3 2022 64.17 28.0 % 0.90 - 64.17 0.90
Q4 2022 65.09 24.4 % 0.91 - 65.09 0.91
Q1 2023 69.32 15.0 % 0.97 - 69.32 0.97
Q2 2023 70.28 12.5 % 0.99 - 70.28 0.99
Q3 2023 71.50 11.4 % 1.00 - 71.50 1.00

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2018 23.46 % 57.34 % 14.34 %
Q3 2018 24.49 % 58.08 % 14.65 %
Q4 2018 26.43 % 60.78 % 16.33 %
Q1 2019 27.35 % 61.54 % 16.70 %
Q2 2019 28.21 % 61.64 % 16.89 %
Q3 2019 28.97 % 62.25 % 17.20 %
Q4 2019 28.50 % 62.13 % 17.12 %
Q1 2020 28.99 % 61.74 % 17.20 %
Q2 2020 28.13 % 62.83 % 16.26 %
Q3 2020 27.65 % 62.86 % 16.23 %
Q4 2020 31.15 % 49.01 % 20.98 %
Q1 2021 31.59 % 44.43 % 22.19 %
Q2 2021 34.86 % 41.04 % 25.97 %
Q3 2021 35.81 % 36.03 % 26.34 %
Q4 2021 33.75 % 43.91 % 22.26 %
Q1 2022 34.72 % 44.41 % 23.20 %
Q2 2022 34.75 % 44.24 % 22.56 %
Q3 2022 34.42 % 45.98 % 22.94 %
Q4 2022 34.96 % 48.81 % 24.58 %
Q1 2023 34.91 % 49.14 % 24.27 %
Q2 2023 33.49 % 48.35 % 22.69 %
Q3 2023 32.84 % 46.72 % 21.95 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2018 71.17 2.03 2.24 14.67
Q3 2018 71.17 2.04 2.25 15.28
Q4 2018 71.17 2.39 2.39 15.83
Q1 2019 71.17 2.42 2.42 16.41
Q2 2019 71.17 2.45 2.45 15.52
Q3 2019 71.17 2.48 2.48 16.16
Q4 2019 71.17 2.51 2.51 16.30
Q1 2020 71.17 2.56 2.56 16.93
Q2 2020 71.17 2.27 2.27 16.75
Q3 2020 71.17 2.20 2.20 16.82
Q4 2020 71.17 2.84 2.84 21.29
Q1 2021 71.17 2.88 2.88 21.97
Q2 2021 71.17 3.54 3.54 21.69
Q3 2021 71.17 3.68 3.68 21.79
Q4 2021 71.17 3.09 3.09 22.46
Q1 2022 71.17 3.26 3.26 23.31
Q2 2022 71.17 3.16 3.16 22.89
Q3 2022 71.17 3.36 3.36 23.29
Q4 2022 71.17 3.54 3.54 24.23
Q1 2023 71.17 3.67 3.67 25.21
Q2 2023 71.17 3.78 3.78 24.69
Q3 2023 71.17 3.88 3.88 25.20

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2018 19.25 17.44 2.67
Q3 2018 14.71 13.33 1.96
Q4 2018 12.12 12.12 1.83
Q1 2019 14.75 14.75 2.17
Q2 2019 14.68 14.68 2.32
Q3 2019 15.57 15.57 2.39
Q4 2019 15.97 15.97 2.46
Q1 2020 11.70 11.70 1.77
Q2 2020 14.76 14.76 2.00
Q3 2020 16.95 16.95 2.22
Q4 2020 14.67 14.67 1.96
Q1 2021 16.71 16.71 2.20
Q2 2021 14.00 14.00 2.28
Q3 2021 14.84 14.84 2.50
Q4 2021 16.55 16.55 2.28
Q1 2022 17.43 17.43 2.44
Q2 2022 15.62 15.62 2.16
Q3 2022 14.38 14.38 2.08
Q4 2022 14.16 14.16 2.07
Q1 2023 17.43 17.43 2.54
Q2 2023 21.34 21.34 3.26
Q3 2023 19.50 19.50 3.00

Business Segments (Million)

Compared With The
Period Leasing sector. Rental sector Used car sales Other
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 -
Q2 2018 139.89 53.90 56.90 -
Q3 2018 135.38 56.66 69.93 -
Q4 2018 131.83 67.89 58.37 -
Q1 2019 131.48 65.44 62.50 -
Q2 2019 126.90 65.28 62.29 -
Q3 2019 137.10 57.67 60.87 -
Q4 2019 113.92 85.09 74.97 -
Q1 2020 124.13 66.66 85.89 -
Q2 2020 125.51 26.95 35.21 -
Q3 2020 122.30 42.29 63.07 -
Q1 2021 114.72 42.30 80.00 -
Q2 2021 115.50 41.72 75.15 -
Q3 2021 112.76 47.32 90.76 -
Q4 2021 112.98 58.98 95.94 -
Q1 2022 117.12 57.47 73.71 -
Q2 2022 121.55 57.48 52.22 -
Q3 2022 123.90 72.59 98.91 -
Q4 2022 133.61 72.52 44.10 -
Q1 2023 137.79 84.08 76.84 -
Q2 2023 142.00 85.40 113.15 -
Q3 2023 149.30 102.17 117.60 -

Analysts Estimates (Million)

Item Q3 2023 (e) Q3 2023 (a) Change‬
Average 69.29 71.50 3.19 %

Estimates vs Actual (Million)

Item Q3 2023 (e) Q3 2023 (a) Change
AlJazira Capital 72.20 71.50 (1.0) %
OSOOL AND BAKHEET 66.38 71.50 7.7 %


Financial Ratios
Current
Market Cap (M Riyal) 5,808.03
Enterprise Value (EV) (M) 7,284.33
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) 20.84
P/E (TTM) 20.84
Price/book 2.24
Return on Average Assets (%) (TTM) 7.2
Return on Average Equity (%) (TTM) 12.7
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Share Price

United International Transportation Co.
74.40
0.40 0.54 %

United International Transportation Co. (BUDGET SAUDI)

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