Financial Results : Budget Saudi posts 5% net profit rise to SAR 187.9 mln in 2020

Budget Saudi posts 5% net profit rise to SAR 187.9 mln in 2020

07/02/2021 Argaam Exclusive

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United International Transportation Co. (Budget Saudi) reported a net profit after Zakat and tax of SAR 187.9 million for 2020, up 5%, compared to SAR 178.6 million in the previous year.



Financials (M)

Item 2019 2020 Change‬
Revenues 1,043.49 964.86 (7.5 %)
Gross Income 297.36 300.57 1.1 %
Operating Income 187.63 196.78 4.9 %
Net Income 178.62 202.45 13.3 %
Average Shares 71.17 71.17 -
EPS (Riyals) 2.51 2.84 13.3 %

The company attributed the profit rise to higher sales, as more vehicles were sold with improved margin in the second half of the year, which in turn compensated for the reduction in lease and rental revenue loss due to COVID-19.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 273.97 272.87 (0.4 %)
Gross Income 74.93 108.41 44.7 %
Operating Income 49.74 84.42 69.7 %
Net Income 48.30 93.96 94.5 %
Average Shares 71.17 71.17 -
EPS (Riyals) 0.68 1.32 94.5 %

Q4 2020 net profit after Zakat and tax rose 64% year-on-year (YoY) to SAR 79.4 million.

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