Budget Saudi net profit dips 8% in FY16

19/01/2017 Argaam Exclusive

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United International Transportation Co. (BUDGET SAUDI)

United International Transportation Company (Budget Saudi) reported a net profit of SAR 174.5 million for fiscal year 2016, a 7.6 percent year-on-year (YoY) decrease attributed to lower revenue from rentals, provision of SAR 8.6 million for bad debts, and impairment of SAR 6.6 million on the investment in an associate.

Financials (M)

Item	2015	2016	Change‬
Revenues	875.57	1,182.51	35.1 %
Gross Income	140.50	279.05	98.6 %
Operating Income	64.71	193.27	198.7 %
Net Income	188.77	170.14	(9.9 %)
Average Shares	71.17	71.17	-
EPS (Riyals)	2.65	2.39	(9.9 %)

Net profit for the fourth quarter fell 29 percent YoY to SAR 35.2 million also due to lower short rental revenue and lower gain on sale of vehicles.

The Q4 profit was down 19 percent compared to the previous quarter due to provision for bad debts, and comparatively lower gain on sale of vehicles from short rentals.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2015	Q4 2016	Change‬
Revenues	228.03	289.03	26.7 %
Gross Income	36.42	67.03	84.1 %
Operating Income	13.79	41.43	200.4 %
Net Income	49.62	32.21	(35.1 %)
Average Shares	71.17	71.17	-
EPS (Riyals)	0.70	0.45	(35.1 %)

Item	Q3 2016	Q4 2016	Change‬
Revenues	297.13	289.03	(2.7 %)
Gross Income	68.31	67.03	(1.9 %)
Operating Income	47.03	41.43	(11.9 %)
Net Income	42.92	32.21	(25.0 %)
Average Shares	71.17	71.17	-
EPS (Riyals)	0.60	0.45	(25.0 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2007	85.40	-	37.17	-	28.19	-	0.40
Q2 2007	89.06	-	22.06	-	10.60	-	0.15
Q3 2007	107.96	6.2 %	30.24	11.8 %	21.79	10.5 %	0.31
Q4 2007	114.22	(2.2 %)	41.82	4.0 %	16.80	(44.5 %)	0.24
2007	396.63	1.1 %	131.29	24.2 %	77.38	9.0 %	1.09
Q1 2008	109.14	27.8 %	30.30	(18.5 %)	19.04	(32.4 %)	0.27
Q2 2008	117.08	31.5 %	34.69	57.3 %	20.76	95.8 %	0.29
Q3 2008	128.46	19.0 %	35.23	16.5 %	24.95	14.5 %	0.35
Q4 2008	117.84	3.2 %	31.63	(24.4 %)	19.15	13.9 %	0.27
2008	472.52	19.1 %	131.84	0.4 %	83.89	8.4 %	1.18
Q1 2009	118.41	8.5 %	31.48	3.9 %	19.91	4.5 %	0.28
Q2 2009	89.86	(23.3 %)	13.91	(59.9 %)	21.48	3.5 %	0.30
Q3 2009	105.05	(18.2 %)	26.99	(23.4 %)	21.92	(12.1 %)	0.31
Q4 2009	101.04	(14.3 %)	30.96	(2.1 %)	22.46	17.3 %	0.32
2009	414.36	(12.3 %)	62.15	(52.9 %)	85.77	2.2 %	1.21
Q1 2010	107.83	(8.9 %)	20.04	(36.4 %)	22.55	13.3 %	0.32
Q2 2010	108.93	21.2 %	23.16	66.5 %	22.70	5.7 %	0.32
Q3 2010	114.98	9.5 %	34.37	27.4 %	28.18	28.6 %	0.40
Q4 2010	119.33	18.1 %	0.52	(98.3 %)	21.51	(4.2 %)	0.30
2010	451.07	8.9 %	80.47	29.5 %	94.81	10.5 %	1.33
Q1 2011	121.48	12.7 %	20.83	4.0 %	22.97	1.8 %	0.32
Q2 2011	125.30	15.0 %	23.69	2.3 %	23.95	5.5 %	0.34
Q3 2011	126.59	10.1 %	24.83	(27.8 %)	25.80	(8.4 %)	0.36
Q4 2011	134.83	13.0 %	19.29	3638.8 %	28.02	30.2 %	0.39
2011	508.21	12.7 %	88.65	10.2 %	100.73	6.2 %	1.42
Q1 2012	136.79	12.6 %	26.67	28.0 %	28.51	24.1 %	0.40
Q2 2012	144.56	15.4 %	26.64	12.5 %	30.31	26.5 %	0.43
Q3 2012	147.49	16.5 %	20.31	(18.2 %)	31.33	21.4 %	0.44
Q4 2012	153.37	13.7 %	20.39	5.7 %	35.64	27.2 %	0.50
2012	582.21	14.6 %	94.01	6.0 %	125.78	24.9 %	1.77
Q1 2013	157.37	15.0 %	26.32	(1.3 %)	36.16	26.8 %	0.51
Q2 2013	163.17	12.9 %	24.88	(6.6 %)	38.07	25.6 %	0.53
Q3 2013	168.68	14.4 %	28.21	38.9 %	38.47	22.8 %	0.54
Q4 2013	179.54	17.1 %	35.68	75.0 %	37.51	5.3 %	0.53
2013	668.76	14.9 %	115.08	22.4 %	150.21	19.4 %	2.11
Q1 2014	177.94	13.1 %	29.57	12.4 %	39.87	10.3 %	0.56
Q2 2014	190.20	16.6 %	31.20	25.4 %	42.26	11.0 %	0.59
Q3 2014	189.94	12.6 %	27.09	(4.0 %)	44.23	15.0 %	0.62
Q4 2014	199.02	10.9 %	31.12	(12.8 %)	44.69	19.2 %	0.63
2014	757.10	13.2 %	118.98	3.4 %	171.05	13.9 %	2.40
Q1 2015	208.71	17.3 %	33.45	13.1 %	44.80	12.3 %	0.63
Q2 2015	217.16	14.2 %	34.03	9.1 %	45.62	8.0 %	0.64
Q3 2015	221.67	16.7 %	36.61	35.2 %	48.73	10.2 %	0.68
Q4 2015	228.03	14.6 %	36.42	17.0 %	49.62	11.0 %	0.70
2015	875.57	15.6 %	140.50	18.1 %	188.77	10.4 %	2.65
Q1 2016	300.32	43.9 %	73.91	121.0 %	48.80	8.9 %	0.69
Q2 2016	296.04	36.3 %	69.79	105.1 %	46.20	1.3 %	0.65
Q3 2016	297.13	34.0 %	68.31	86.6 %	42.92	(11.9 %)	0.60
Q4 2016	289.03	26.7 %	67.03	84.1 %	32.21	(35.1 %)	0.45
2016	1,182.51	35.1 %	279.05	98.6 %	170.14	(9.9 %)	2.39

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	396.63	1.1 %	131.29	24.2 %	77.38	9.0 %	1.09
2008	472.52	19.1 %	131.84	0.4 %	83.89	8.4 %	1.18
2009	414.36	(12.3 %)	62.15	(52.9 %)	85.77	2.2 %	1.21
2010	451.07	8.9 %	80.47	29.5 %	94.81	10.5 %	1.33
2011	508.21	12.7 %	88.65	10.2 %	100.73	6.2 %	1.42
2012	582.21	14.6 %	94.01	6.0 %	125.78	24.9 %	1.77
2013	668.76	14.9 %	115.08	22.4 %	150.21	19.4 %	2.11
2014	757.10	13.2 %	118.98	3.4 %	171.05	13.9 %	2.40
2015	875.57	15.6 %	140.50	18.1 %	188.77	10.4 %	2.65
2016	1,182.51	35.1 %	279.05	98.6 %	170.14	(9.9 %)	2.39

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	-	-	-
Q2 2007	32.20 %	86.02 %	22.60 %
Q3 2007	32.49 %	63.98 %	22.76 %
Q4 2007	33.10 %	63.19 %	19.51 %
2007	33.10 %	63.19 %	19.51 %
Q1 2008	29.60 %	65.08 %	16.23 %
Q2 2008	30.56 %	68.46 %	17.48 %
Q3 2008	30.29 %	68.43 %	17.39 %
Q4 2008	27.90 %	67.68 %	17.75 %
2008	27.90 %	67.68 %	17.75 %
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 %
2009	15.00 %	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 %
2010	17.84 %	60.05 %	21.02 %
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 %
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 %
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 %
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 %
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 %
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 %
2016	23.60 %	60.38 %	14.95 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	33.10 %	63.19 %	19.51 %
2008	27.90 %	67.68 %	17.75 %
2009	15.00 %	63.14 %	20.70 %
2010	17.84 %	60.05 %	21.02 %
2011	17.44 %	60.71 %	19.82 %
2012	16.15 %	61.68 %	21.60 %
2013	17.21 %	65.14 %	22.46 %
2014	15.72 %	66.14 %	22.59 %
2015	16.05 %	65.94 %	21.56 %
2016	23.60 %	60.38 %	14.95 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	43.52 %	60.05 %	33.00 %
Q2 2007	24.77 %	51.67 %	11.91 %
Q3 2007	28.01 %	69.26 %	20.18 %
Q4 2007	36.62 %	68.79 %	14.71 %
Q1 2008	27.76 %	68.02 %	17.45 %
Q2 2008	29.63 %	67.80 %	17.73 %
Q3 2008	27.42 %	69.04 %	19.42 %
Q4 2008	26.84 %	65.76 %	16.25 %
Q1 2009	26.59 %	67.57 %	16.81 %
Q2 2009	15.48 %	58.56 %	23.91 %
Q3 2009	25.69 %	65.18 %	20.86 %
Q4 2009	30.64 %	59.88 %	22.23 %
Q1 2010	18.58 %	63.34 %	20.92 %
Q2 2010	21.27 %	62.46 %	20.84 %
Q3 2010	29.90 %	62.82 %	24.51 %
Q4 2010	0.43 %	52.31 %	18.03 %
Q1 2011	17.15 %	60.06 %	18.90 %
Q2 2011	18.91 %	61.59 %	19.11 %
Q3 2011	19.61 %	63.51 %	20.38 %
Q4 2011	14.31 %	57.83 %	20.78 %
Q1 2012	19.50 %	61.58 %	20.84 %
Q2 2012	18.43 %	63.40 %	20.96 %
Q3 2012	13.77 %	62.63 %	21.24 %
Q4 2012	13.29 %	59.24 %	23.24 %
Q1 2013	16.72 %	62.36 %	22.98 %
Q2 2013	15.25 %	64.98 %	23.33 %
Q3 2013	16.72 %	65.64 %	22.81 %
Q4 2013	19.87 %	67.27 %	20.89 %
Q1 2014	16.62 %	65.58 %	22.41 %
Q2 2014	16.40 %	65.39 %	22.22 %
Q3 2014	14.26 %	60.23 %	23.29 %
Q4 2014	15.64 %	73.01 %	22.46 %
Q1 2015	16.03 %	66.49 %	21.46 %
Q2 2015	15.67 %	70.37 %	21.01 %
Q3 2015	16.52 %	72.76 %	21.98 %
Q4 2015	15.97 %	54.60 %	21.76 %
Q1 2016	24.61 %	61.63 %	18.45 %
Q2 2016	23.58 %	59.89 %	15.61 %
Q3 2016	22.99 %	60.09 %	14.45 %
Q4 2016	23.19 %	59.86 %	11.14 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2007	71.17	-	-	3.62
Q2 2007	71.17	1.25	1.25	3.75
Q3 2007	71.17	1.28	1.28	4.05
Q4 2007	71.17	1.09	1.09	4.26
Q1 2008	71.17	0.96	0.96	4.13
Q2 2008	71.17	1.10	1.10	4.42
Q3 2008	71.17	1.15	1.15	4.76
Q4 2008	71.17	1.18	1.18	5.00
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	71.17	1.09	1.09	4.26
2008	71.17	1.18	1.18	5.00
2009	71.17	1.21	1.21	5.71
2010	71.17	1.33	1.33	6.48
2011	71.17	1.42	1.42	7.27
2012	71.17	1.77	1.77	8.34
2013	71.17	2.11	2.11	9.67
2014	71.17	2.40	2.40	11.05
2015	71.17	2.65	2.65	12.67
2016	71.17	2.39	2.48	13.99

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	22.84	22.84	7.19
Q4 2007	28.99	28.99	7.41
Q1 2008	29.66	29.66	6.88
Q2 2008	22.73	22.73	5.67
Q3 2008	11.89	11.89	2.86
Q4 2008	8.24	8.24	1.94
Q1 2009	8.83	8.83	2.18
Q2 2009	11.44	11.44	2.69
Q3 2009	15.68	15.68	3.35
Q4 2009	12.84	12.84	2.71
Q1 2010	13.07	13.07	2.95
Q2 2010	10.65	10.65	2.31
Q3 2010	11.14	11.14	2.42
Q4 2010	10.63	10.63	2.19
Q1 2011	9.42	9.42	1.86
Q2 2011	8.72	8.72	1.81
Q3 2011	8.72	8.72	1.67
Q4 2011	9.12	9.12	1.78
Q1 2012	11.30	11.30	2.20
Q2 2012	9.18	9.18	1.95
Q3 2012	10.06	10.06	2.12
Q4 2012	10.24	10.24	2.17
Q1 2013	11.62	11.62	2.46
Q2 2013	12.26	12.26	2.81
Q3 2013	14.80	14.80	3.36
Q4 2013	14.51	14.51	3.17
Q1 2014	20.13	20.13	4.26
Q2 2014	18.46	18.46	4.17
Q3 2014	19.68	19.68	4.33
Q4 2014	16.57	16.57	3.60
Q1 2015	16.05	16.05	3.40
Q2 2015	16.67	16.67	3.70
Q3 2015	12.53	12.53	2.69
Q4 2015	11.60	11.60	2.43
Q1 2016	9.84	9.51	2.00
Q2 2016	10.91	10.55	2.29
Q3 2016	8.77	8.47	1.71
Q4 2016	12.09	11.64	2.07

Period	P/E	Adjusted P/E	Price/book
2007	28.99	28.99	7.41
2008	8.24	8.24	1.94
2009	12.84	12.84	2.71
2010	10.64	10.64	2.19
2011	9.12	9.12	1.78
2012	10.24	10.24	2.17
2013	14.51	14.51	3.17
2014	16.57	16.57	3.60
2015	11.60	11.60	2.43
2016	12.09	11.64	2.07

Business Segments (Million)

Compared With The

Period	Leasing sector.	Rental sector	Others..
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

Period	Leasing sector.	Rental sector	Others..
2010	191.66	259.41	-
2011	240.48	267.73	-
2012	290.09	292.13	-
2013	347.84	320.92	-
2014	412.95	344.15	-
2015	494.84	380.73	-
2016	546.62	321.28	314.61

Analysts Estimates (Million)

Item	Q4 2016 (e)	Q4 2016 (a)	Change‬
Average	44.67	32.21	(27.9 %)

Estimates vs Actual (Million)

Item	Q4 2016 (e)	Q4 2016 (a)	Change
AlJazira Capital	43.64	32.21	(26.2) %
OSOOL AND BAKHEET	45.70	32.21	(29.5) %

Financial Ratios

	Current
Market Cap (M Riyal)	5,736.30
Enterprise Value (EV) (M)	6,254.46
Shares Outstanding ((M))	71.17
EPS ( Riyal) (TTM)	3.90
Book Value (BV) ( Riyal)	27.72
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	20.66
P/E (TTM)	20.66
Price/book	2.91
Return on Average Assets (%) (TTM)	9.8
Return on Average Equity (%) (TTM)	14.7

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Budget Saudi net profit dips 8% in FY16

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Share Price

United International Transportation Co. (BUDGET SAUDI)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

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Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2016 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

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Budget Saudi net profit dips 8% in FY16

View other reports

Share Price

United International Transportation Co. (BUDGET SAUDI)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2016

Revenue by Business Segment (Latest) 2016 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)