Budget Saudi net profit rises 6% in H1 2019

21/07/2019 Argaam Exclusive

United International Transportation Co. Ltd. (Budget Saudi) reported a net profit after zakat and tax of SAR 85.1 million for the first half of 2019, a 5.8 percent year-on-year (YoY) increase attributed to an increase in the short rentals and higher average net income from used cars sales. 



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 520.92 513.88 (1.4 %)
Gross Income 128.63 145.22 12.9 %
Operating Income 85.25 89.27 4.7 %
Net Income 80.42 85.08 5.8 %
Average Shares 71.17 71.17 -
EPS (Riyals) 1.13 1.20 5.8 %

Net profit for the second quarter rose 6.5 percent YoY to SAR 43.5 million on an increase in the short rentals and higher average net income from used cars sales. 

 

When compared to the previous quarter, Q2 net profit grew 4.5 percent due to an increase in net income from used cars sales, thanks to implementing an advanced strategy to sell high quality vehicles to organizations, companies and individuals. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 250.68 254.47 1.5 %
Gross Income 63.75 73.68 15.6 %
Operating Income 42.66 45.87 7.5 %
Net Income 40.83 43.48 6.5 %
Average Shares 71.17 71.17 -
EPS (Riyals) 0.57 0.61 6.5 %

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