United International Transportation Co. (Budget Saudi) reported a net profit after Zakat and tax of SAR 108.5 million for the first nine months of 2020, a 17% decline year-on-year (YoY), driven by lower short-term rental revenue.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 769.52 | 691.98 | (10.1 %) |
| Gross Income | 222.43 | 192.16 | (13.6 %) |
| Operating Income | 137.89 | 112.36 | (18.5 %) |
| Net Income | 130.32 | 108.49 | (16.8 %) |
| Average Shares | 71.17 | 71.17 | - |
| EPS (Riyals) | 1.83 | 1.52 | (16.8 %) |
The third-quarter net profit after Zakat and tax fell 11% YoY to SAR 40.5 million, due to lower short-term rental revenue, weak demand on the COVID-19 outbreak and lower utilization rate.
When compared to previous quarter, net profit jumped 79.1% backed by slightly improved rental revenue, in addition to selling a number of used vehicles.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 255.64 | 227.65 | (10.9 %) |
| Gross Income | 77.21 | 64.65 | (16.3 %) |
| Operating Income | 48.63 | 41.04 | (15.6 %) |
| Net Income | 45.24 | 40.45 | (10.6 %) |
| Average Shares | 71.17 | 71.17 | - |
| EPS (Riyals) | 0.64 | 0.57 | (10.6 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 187.66 | 227.65 | 21.3 % |
| Gross Income | 45.80 | 64.65 | 41.2 % |
| Operating Income | 23.79 | 41.04 | 72.5 % |
| Net Income | 22.58 | 40.45 | 79.1 % |
| Average Shares | 71.17 | 71.17 | - |
| EPS (Riyals) | 0.32 | 0.57 | 79.1 % |
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