United International Transportation Co. (Budget Saudi) reported a net profit of SAR 211.1 million for the first nine months of 2023, a 13% rise from SAR 186.9 million in the year-earlier period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 774.95 | 1,008.33 | 30.1 % |
| Gross Income | 272.58 | 327.55 | 20.2 % |
| Operating Income | 181.03 | 220.11 | 21.6 % |
| Net Income | 186.92 | 211.10 | 12.9 % |
| Average Shares | 71.17 | 71.17 | - |
| EPS (Riyals) | 2.63 | 2.97 | 12.9 % |
The profit growth was mainly contributed by improved utilization in the short rental with the higher fleet, in addition to improving demand in long-term leasing during the period. The optimal utilization of the growing fleet was the driving factor for better revenue, which resulted in improving the overall net profit.
In Q3 2023, net profit rose 11% to SAR 71.50 million, compared to SAR 64.17 million a year before on an increase in the short rental revenue with better utilization along with consistent growth in the long rental fleet and revenue.
When compared to the previous quarter, Q3 net profit was up 1.7% from SAR 70.28 million.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 295.40 | 369.07 | 24.9 % |
| Gross Income | 94.14 | 110.61 | 17.5 % |
| Operating Income | 69.75 | 73.09 | 4.8 % |
| Net Income | 64.17 | 71.50 | 11.4 % |
| Average Shares | 71.17 | 71.17 | - |
| EPS (Riyals) | 0.90 | 1.00 | 11.4 % |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 340.55 | 369.07 | 8.4 % |
| Gross Income | 112.94 | 110.61 | (2.1 %) |
| Operating Income | 76.57 | 73.09 | (4.5 %) |
| Net Income | 70.28 | 71.50 | 1.7 % |
| Average Shares | 71.17 | 71.17 | - |
| EPS (Riyals) | 0.99 | 1.00 | 1.7 % |
Total shareholders’ equity, no minority interest, reached SAR 1.79 billion as of Sept. 30, 2023, from SAR 1.65 billion a year earlier.
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