United International Transportation Co. (Budget Saudi) reported a net profit after Zakat and tax of SAR 168.9 million for the first nine months of 2022, a 12% rise from SAR 167.6 million in the year-earlier period.
The company attributed the improved results to an increase in sale proceeds from used cars, along with better short- and long-term rental revenue as the result of improving utilization.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 720.23 | 774.95 | 7.6 % |
| Gross Income | 247.19 | 272.58 | 10.3 % |
| Operating Income | 160.15 | 181.03 | 13.0 % |
| Net Income | 167.60 | 186.92 | 11.5 % |
| Average Shares | 71.17 | 71.17 | - |
| EPS (Riyals) | 2.35 | 2.63 | 11.5 % |
In Q3 2022, net profit after Zakat and tax rose 28% to SAR 64.2 million from SAR 50.2 million a year earlier, driven by consistent improved utilization of short-term rental and growth in the long-term rental.
When compared to the previous quarter, Q3 net profit edged up 2.7% from SAR 62.4 million.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 250.83 | 295.40 | 17.8 % |
| Gross Income | 82.14 | 94.14 | 14.6 % |
| Operating Income | 47.98 | 69.75 | 45.4 % |
| Net Income | 50.12 | 64.17 | 28.0 % |
| Average Shares | 71.17 | 71.17 | - |
| EPS (Riyals) | 0.70 | 0.90 | 28.0 % |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 231.25 | 295.40 | 27.7 % |
| Gross Income | 91.57 | 94.14 | 2.8 % |
| Operating Income | 61.55 | 69.75 | 13.3 % |
| Net Income | 62.48 | 64.17 | 2.7 % |
| Average Shares | 71.17 | 71.17 | 0.0 % |
| EPS (Riyals) | 0.88 | 0.90 | 2.7 % |
Total shareholders’ equity, no minority interest, reached SAR 1.657 billion as of Sept. 30, 2022, from SAR 1.550 billion a year earlier.
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