Budget Saudi net profit dips 17% to SAR 108.5 mln in 9M 2020
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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.
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.