Budget Saudi posts 10% decline in H1 net profit

01/08/2017 Argaam Exclusive

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Share Price

United International Transportation Co. (BUDGET SAUDI)

United International Transportation Co. (Budget Saudi) reported a net profit of SAR 85.13 million for the first half of 2017, a 10.4 percent year-on-year (YoY) decline attributed to lower revenue, mainly from short-term rentals. Profit from used cars also dropped due to lower sales volume and mix.

Financials (M)

Item	6m 2016	6m 2017	Change‬
Revenues	596.36	580.33	(2.7 %)
Gross Income	143.71	129.96	(9.6 %)
Operating Income	104.81	90.93	(13.2 %)
Net Income	95.00	85.13	(10.4 %)
Average Shares	71.17	71.17	-
EPS (Riyals)	1.33	1.20	(10.4 %)

Net profit for the second quarter was 8 percent lower YoY at SAR 42.7 million, hurt by lower revenue, mainly from rentals.

When compared to Q1 2017, net income edged up 0.42 percent due to a marginal increase in quarterly revenue.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2016	Q2 2017	Change‬
Revenues	296.04	281.42	(4.9 %)
Gross Income	69.79	63.91	(8.4 %)
Operating Income	49.11	44.23	(9.9 %)
Net Income	46.20	42.66	(7.7 %)
Average Shares	71.17	71.17	-
EPS (Riyals)	0.65	0.60	(7.7 %)

Item	Q1 2017	Q2 2017	Change‬
Revenues	298.91	281.42	(5.9 %)
Gross Income	66.05	63.91	(3.2 %)
Operating Income	46.70	44.23	(5.3 %)
Net Income	42.48	42.66	0.4 %
Average Shares	71.17	71.17	-
EPS (Riyals)	0.60	0.60	0.4 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q1 2017	298.91	(0.5 %)	66.05	(10.6 %)	42.48	(13.0 %)	0.60
Q2 2017	281.42	(4.9 %)	63.91	(8.4 %)	42.66	(7.7 %)	0.60

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 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 %
Q1 2017	22.96 %	59.25 %	13.87 %
Q2 2017	22.74 %	58.78 %	13.74 %

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 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 %
Q1 2017	22.10 %	57.19 %	14.21 %
Q2 2017	22.71 %	57.96 %	15.16 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2017	71.17	2.30	2.30	14.58
Q2 2017	71.17	2.25	2.25	14.11

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 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
Q1 2017	10.76	10.76	1.70
Q2 2017	9.15	9.15	1.46

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
Q1 2017	140.53	63.24	95.13
Q2 2017	139.06	56.04	86.31

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	Q2 2017 (e)	Q2 2017 (a)	Change‬
Average	40.93	42.66	4.23 %

Estimates vs Actual (Million)

Item	Q2 2017 (e)	Q2 2017 (a)	Change
HSBC	42.00	42.66	1.6 %
OSOOL AND BAKHEET	41.20	42.66	3.5 %
Hermes	41.00	42.66	4.0 %
AlJazira Capital	39.50	42.66	8.0 %

Financial Ratios

	Current
Market Cap (M Riyal)	5,387.57
Enterprise Value (EV) (M)	5,907.06
Shares Outstanding ((M))	71.17
EPS ( Riyal) (TTM)	3.90
Book Value (BV) ( Riyal)	27.13
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	19.41
P/E (TTM)	19.41
Price/book	2.79
Return on Average Assets (%) (TTM)	9.6
Return on Average Equity (%) (TTM)	14.9

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Budget Saudi posts 10% decline in H1 net profit

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Share Price

United International Transportation Co. (BUDGET SAUDI)

Financials (M)

Current Quarter Comparison (M)

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Financial results (Million)

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Profitability

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Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

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Revenue by Business Segment (Latest) 2017 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

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Budget Saudi posts 10% decline in H1 net profit

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) Q2 2017

Revenue by Business Segment (Latest) 2017 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)