Financial Results : Budget Saudi 2024 profit rises 12% to SAR 311.7M; Q4 at SAR 100.1M

Budget Saudi 2024 profit rises 12% to SAR 311.7M; Q4 at SAR 100.1M

17/03/2025 Argaam Exclusive

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United International Transportation Co. (Budget Saudi) reported a net profit before minority interest of SAR 311.7 million for 2024, a 12% hike from SAR 277.2 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 1,378.14 1,971.10 43.0 %
Gross Income 446.64 555.70 24.4 %
Operating Income 287.07 335.78 17.0 %
Net Income 277.23 314.64 13.5 %
Average Shares 71.17 74.67 4.9 %
Earnings Per Share before unusual items (Riyals) 3.90 4.21 8.2 %
EPS (Riyals) 3.90 4.21 8.2 %

Revenue rose year-on-year (YoY) as long-term and short-term rental fleet grew. Additionally, five-month lease earnings from AutoWorld alongside the full-year revenue from Overseas Development Co. (70% owned by the group) further bolstered the company’s performance.

 

Meanwhile, there was an improvement in operating rates for both short-term and long-term rentals, along with the expansion of the fleet size.

 

The acquisition of AutoWorld, which focuses on long-term rentals, also contributed to the increase in profits during the last five months of the year. Furthermore, the operational integration and the benefits derived from the synergies post-acquisition led to improved fleet utilization and a continuous increase in profitability.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 369.81 623.34 68.6 %
Gross Income 119.08 150.42 26.3 %
Operating Income 66.97 110.79 65.4 %
Net Income 66.13 102.01 54.3 %
Average Shares 71.17 74.67 4.9 %
Earnings Per Share before unusual items (Riyals) 0.93 1.37 47.0 %
EPS (Riyals) 0.93 1.37 47.0 %

In Q4 2024, net profit stood at SAR 100.1 million, up 51% from SAR 66.1 million a year earlier.

 

On a quarterly basis, net profit grew 39.6% from SAR 71.7 million in Q3 2024.

 

Total shareholders’ equity, excluding minority interest, rose to SAR 2.7 billion by Dec. 31, 2024, compared to SAR 1.9 billion a year ago.

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