United International Transportation Co. (Budget Saudi) reported net profit after Zakat and tax of SAR 111.4 million for the first six months of 2021, a 64% increase, compared to SAR 68 million in the year-earlier period.
The company attributed the profit rise to improved short-term and long-term rental revenue along with significant improvement in the gain from used vehicles, which was comparatively low in the same period last year due to COVID-19 lockdown, especially in Q2 2020.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 464.33 | 469.40 | 1.1 % |
| Gross Income | 127.51 | 165.05 | 29.4 % |
| Operating Income | 71.32 | 112.17 | 57.3 % |
| Net Income | 68.04 | 117.48 | 72.7 % |
| Average Shares | 71.17 | 71.17 | 0.0 % |
| EPS (Riyals) | 0.96 | 1.65 | 72.7 % |
In Q2 2021, the company’s net profit after Zakat and tax rose more than twofold year-on-year (YoY) to SAR 56.3 million due to short-term rental revenue, which was low in the same quarter last year due to COVID-19 lockdown.
On a sequential basis, the company’s net profit rose marginally from SAR 55.1 million in Q1 2021 on better control over direct expenses.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 187.66 | 232.38 | 23.8 % |
| Gross Income | 45.80 | 91.66 | 100.1 % |
| Operating Income | 23.79 | 66.66 | 180.2 % |
| Net Income | 22.58 | 69.16 | 206.3 % |
| Average Shares | 71.17 | 71.17 | 0.0 % |
| EPS (Riyals) | 0.32 | 0.97 | 206.3 % |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 237.03 | 232.38 | (2.0 %) |
| Gross Income | 73.39 | 91.66 | 24.9 % |
| Operating Income | 45.51 | 66.66 | 46.5 % |
| Net Income | 48.32 | 69.16 | 43.1 % |
| Average Shares | 71.17 | 71.17 | - |
| EPS (Riyals) | 0.68 | 0.97 | 43.1 % |
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