Budget Saudi posts 5% profit rise in Q1 2019

25/04/2019 Argaam Exclusive

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Share Price

United International Transportation Co.
80.60
0.60 0.75 %

United International Transportation Co. (BUDGET SAUDI)

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United International Transportation Company (Budget Saudi) reported a net profit of SAR 41.6 million for the first quarter of 2019, up by 5.07 percent year-on-year (YoY), due to slightly lower cost of revenue, decreased cost of financing and lower leverage.  

When compared to the previous quarter, net profit increased by 6.07 percent, on revenue from selling second-hand cars.



Current Quarter Comparison (M)

Compared With The
Item Q1 2018 Q1 2019 Change‬
Revenues 270.23 259.41 (4.0 %)
Gross Income 64.89 71.54 10.3 %
Operating Income 42.59 43.40 1.9 %
Net Income 39.59 41.60 5.1 %
Average Shares 71.17 71.17 -
EPS (Riyals) 0.56 0.58 5.1 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
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
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
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
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
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
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
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
Q3 2017 282.99 (4.8 %) 64.84 (5.1 %) 42.81 (0.3 %) 0.60
Q4 2017 309.84 7.2 % 67.81 1.2 % 21.57 (33.0 %) 0.30
Q1 2018 270.23 (9.6 %) 64.89 (1.8 %) 39.59 (6.8 %) 0.56
Q2 2018 250.68 (10.9 %) 63.75 (0.2 %) 40.83 (4.3 %) 0.57
Q3 2018 261.97 (7.4 %) 71.19 9.8 % 43.11 0.7 % 0.61
Q4 2018 258.09 (16.7 %) 75.26 11.0 % 46.45 115.3 % 0.65
Q1 2019 259.41 (4.0 %) 71.54 10.3 % 41.60 5.1 % 0.58

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2017 10.40 10.40 1.59
Q4 2017 12.95 11.77 1.81
Q1 2018 18.40 16.69 2.43
Q2 2018 17.52 15.88 2.43
Q3 2018 13.39 12.14 1.79
Q4 2018 11.03 11.03 1.66
Q1 2019 13.43 13.43 1.98

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
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

Analysts Estimates (Million)

Item Q1 2019 (e) Q1 2019 (a) Change‬
Average 45.40 41.60 (8.4 %)

Estimates vs Actual (Million)

Item Q1 2019 (e) Q1 2019 (a) Change
OSOOL AND BAKHEET 43.90 41.60 (5.2) %
AlJazira Capital 46.90 41.60 (11.3) %


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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