United International Transportation Co. (Budget Saudi) reported net profit after Zakat and tax of SAR 68 million for the first six months of 2020, a 20% year-on-year (YoY) decrease, compared to SAR 85.1 million in the year-earlier period.
The decline in net profit was attributed to lower short-term rental revenue in Q2 2020 as a result of significantly low utilization following the lockdown, especially the suspension of the commercial activities at airports.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 513.88 | 464.33 | (9.6 %) |
| Gross Income | 145.22 | 127.51 | (12.2 %) |
| Operating Income | 89.27 | 71.32 | (20.1 %) |
| Net Income | 85.08 | 68.04 | (20.0 %) |
| Average Shares | 71.17 | 71.17 | - |
| EPS (Riyals) | 1.20 | 0.96 | (20.0 %) |
In Q2, the company’s net profit after Zakat and tax fell 48% YoY to SAR 22.6 million due to substantially lower short-term rental revenue as a result of low utilization following the lockdown in Q2.
The company was also unable to sell all the vehicles during the lockdown period.
On a sequential basis, the company’s net profit was down 50%.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 254.47 | 187.66 | (26.3 %) |
| Gross Income | 73.68 | 45.80 | (37.8 %) |
| Operating Income | 45.87 | 23.79 | (48.1 %) |
| Net Income | 43.48 | 22.58 | (48.1 %) |
| Average Shares | 71.17 | 71.17 | - |
| EPS (Riyals) | 0.61 | 0.32 | (48.1 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 276.67 | 187.66 | (32.2 %) |
| Gross Income | 81.70 | 45.80 | (43.9 %) |
| Operating Income | 47.53 | 23.79 | (50.0 %) |
| Net Income | 45.46 | 22.58 | (50.3 %) |
| Average Shares | 71.17 | 71.17 | - |
| EPS (Riyals) | 0.64 | 0.32 | (50.3 %) |
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