United International Transportation Co.’s (Budget Saudi) net profit after Zakat and tax climbed 25% to SAR 60.3 million in Q1 2022, compared to SAR 48.3 million in the year-earlier period.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 237.03 | 248.30 | 4.8 % |
| Gross Income | 73.39 | 86.88 | 18.4 % |
| Operating Income | 45.51 | 57.45 | 26.2 % |
| Net Income | 48.32 | 60.27 | 24.7 % |
| Average Shares | 71.17 | 71.17 | 0.0 % |
| EPS (Riyals) | 0.68 | 0.85 | 24.7 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 267.90 | 248.30 | (7.3 %) |
| Gross Income | 86.33 | 86.88 | 0.6 % |
| Operating Income | 49.83 | 57.45 | 15.3 % |
| Net Income | 52.32 | 60.27 | 15.2 % |
| Average Shares | 71.17 | 71.17 | 0.0 % |
| EPS (Riyals) | 0.74 | 0.85 | 15.2 % |
The profit rise was due to higher demand and significant improvement in the short-term rentals revenue and new orders, as well as renewal of long-term rentals contracts year-on-year (YoY).
Sequentially, net profit rose 16.6% from SAR 51.71 million in Q4 2021, driven by improved demand for the short-term rentals and an increase in long-term rentals contracts.
Total shareholders’ equity, excluding minority interest, rose 6.1% YoY to SAR 1.658 billion as of March 31, 2022.
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