Financial Results : Budget Saudi 9M 2024 profit up slightly to SAR 211.6M; Q3 at SAR 71.7M

Budget Saudi 9M 2024 profit up slightly to SAR 211.6M; Q3 at SAR 71.7M

07/11/2024 Argaam Exclusive

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United International Transportation Co. (Budget Saudi) reported a net profit of SAR 211.6 million for the first nine months of 2024, from SAR 211.1 million in the year-earlier period



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 1,008.33 1,347.77 33.7 %
Gross Income 327.55 405.28 23.7 %
Operating Income 220.11 224.99 2.2 %
Net Income 211.10 212.63 0.7 %
Average Shares 71.17 74.67 4.9 %
Earnings Per Share before unusual items (Riyals) 2.97 2.85 (4.0 %)
EPS (Riyal) 2.97 2.85 (4.0 %)

Q3 2024 net profit stood at SAR 71.7 million, an increase of 0.3%, from SAR 71.5 million, primarily driven by the expansion of its long-term lease fleet and the resulting higher lease revenue. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 369.07 505.82 37.1 %
Gross Income 110.61 156.57 41.6 %
Operating Income 73.09 83.17 13.8 %
Net Income 71.50 71.70 0.3 %
Average Shares 71.17 74.67 4.9 %
Earnings Per Share before unusual items (Riyal) 1.00 0.96 (4.4 %)
EPS (Riyal) 1.00 0.96 (4.4 %)

Additionally, the consolidation of long-term lease revenue from Autoworld, acquired by Budget Saudi this quarter, contributed two months of lease revenue from Aug. 1, 2024, to Sept. 30, 2024.

 

On a sequential basis, net earnings increased by 2.2%from SAR 70.17 million in Q2 2024.

 

Total shareholders’ equity, after minority equity, stood at SAR 2.63 billion by Sept. 30, 2024, compared to SAR 1.79 billion a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 208.71 17.3 % 33.45 13.1 % 16.65 30.2 %
Q2 2015 217.16 14.2 % 34.03 9.1 % 15.78 15.6 %
Q3 2015 221.67 16.7 % 36.61 35.2 % 18.49 64.4 %
Q4 2015 228.03 14.6 % 36.42 17.0 % 13.79 (7.9 %)
Q1 2016 300.32 43.9 % 73.91 121.0 % 55.70 234.5 %
Q2 2016 296.04 36.3 % 69.79 105.1 % 49.11 211.2 %
Q3 2016 297.13 34.0 % 68.31 86.6 % 47.03 154.4 %
Q4 2016 289.03 26.7 % 67.03 84.1 % 41.43 200.4 %
Q1 2017 298.91 (0.5 %) 66.05 (10.6 %) 46.70 (16.2 %)
Q2 2017 281.42 (4.9 %) 63.91 (8.4 %) 44.23 (9.9 %)
Q3 2017 282.99 (4.8 %) 64.84 (5.1 %) 45.52 (3.2 %)
Q4 2017 309.84 7.2 % 67.81 1.2 % 41.55 0.3 %
Q1 2018 270.23 (9.6 %) 64.89 (1.8 %) 42.59 (8.8 %)
Q2 2018 250.68 (10.9 %) 63.75 (0.2 %) 42.66 (3.5 %)
Q3 2018 261.97 (7.4 %) 71.19 9.8 % 46.51 2.2 %
Q4 2018 258.09 (16.7 %) 75.26 11.0 % 47.03 13.2 %
Q1 2019 259.41 (4.0 %) 71.54 10.3 % 43.40 1.9 %
Q2 2019 254.47 1.5 % 73.68 15.6 % 45.87 7.5 %
Q3 2019 255.64 (2.4 %) 77.21 8.5 % 48.63 4.6 %
Q4 2019 273.97 6.2 % 74.93 (0.4 %) 49.74 5.8 %
Q1 2020 276.67 6.7 % 81.70 14.2 % 47.53 9.5 %
Q2 2020 187.66 (26.3 %) 45.80 (37.8 %) 23.79 (48.1 %)
Q3 2020 227.65 (10.9 %) 64.65 (16.3 %) 41.04 (15.6 %)
Q4 2020 272.87 (0.4 %) 108.41 44.7 % 84.42 69.7 %
Q1 2021 237.03 (14.3 %) 73.39 (10.2 %) 45.51 (4.2 %)
Q2 2021 232.38 23.8 % 91.66 100.1 % 66.66 180.2 %
Q3 2021 250.83 10.2 % 82.14 27.0 % 47.98 16.9 %
Q4 2021 267.90 (1.8 %) 86.33 (20.4 %) 49.83 (41.0 %)
Q1 2022 248.30 4.8 % 86.88 18.4 % 57.45 26.2 %
Q2 2022 231.25 (0.5 %) 91.57 (0.1 %) 61.55 (7.7 %)
Q3 2022 295.40 17.8 % 94.14 14.6 % 62.03 29.3 %
Q4 2022 250.22 (6.6 %) 85.77 (0.6 %) 55.84 12.0 %
Q1 2023 298.71 20.3 % 104.01 19.7 % 70.45 22.6 %
Q2 2023 340.55 47.3 % 112.94 23.3 % 76.57 24.4 %
Q3 2023 369.07 24.9 % 110.61 17.5 % 73.09 17.8 %
Q4 2023 369.81 47.8 % 119.08 38.8 % 66.97 19.9 %
Q1 2024 416.87 39.6 % 129.02 24.0 % 71.03 0.8 %
Q2 2024 425.07 24.8 % 119.69 6.0 % 70.80 (7.5 %)
Q3 2024 505.82 37.1 % 156.57 41.6 % 83.17 13.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2015 44.80 12.3 % 0.63 - 44.80 0.63
Q2 2015 45.62 8.0 % 0.64 - 45.62 0.64
Q3 2015 48.73 10.2 % 0.68 - 48.73 0.68
Q4 2015 49.62 11.0 % 0.70 - 49.62 0.70
Q1 2016 48.80 8.9 % 0.69 (6.62) 55.42 0.78
Q2 2016 46.20 1.3 % 0.65 - 46.20 0.65
Q3 2016 42.92 (11.9 %) 0.60 - 42.92 0.60
Q4 2016 32.21 (35.1 %) 0.45 - 32.21 0.45
Q1 2017 42.48 (13.0 %) 0.60 - 42.48 0.60
Q2 2017 42.66 (7.7 %) 0.60 - 42.66 0.60
Q3 2017 42.81 (0.3 %) 0.60 - 42.81 0.60
Q4 2017 21.57 (33.0 %) 0.30 (14.95) 36.52 0.51
Q1 2018 39.59 (6.8 %) 0.56 - 39.59 0.56
Q2 2018 40.83 (4.3 %) 0.57 - 40.83 0.57
Q3 2018 43.11 0.7 % 0.61 - 43.11 0.61
Q4 2018 46.45 115.3 % 0.65 - 46.45 0.65
Q1 2019 41.60 5.1 % 0.58 - 41.60 0.58
Q2 2019 43.48 6.5 % 0.61 - 43.48 0.61
Q3 2019 45.24 4.9 % 0.64 - 45.24 0.64
Q4 2019 48.30 4.0 % 0.68 - 48.30 0.68
Q1 2020 45.46 9.3 % 0.64 - 45.46 0.64
Q2 2020 22.58 (48.1 %) 0.32 - 22.58 0.32
Q3 2020 40.45 (10.6 %) 0.57 - 40.45 0.57
Q4 2020 93.96 94.5 % 1.32 - 93.96 1.32
Q1 2021 48.32 6.3 % 0.68 - 48.32 0.68
Q2 2021 69.16 206.3 % 0.97 - 69.16 0.97
Q3 2021 50.12 23.9 % 0.70 - 50.12 0.70
Q4 2021 52.32 (44.3 %) 0.74 - 52.32 0.74
Q1 2022 60.27 24.7 % 0.85 - 60.27 0.85
Q2 2022 62.48 (9.7 %) 0.88 - 62.48 0.88
Q3 2022 64.17 28.0 % 0.90 - 64.17 0.90
Q4 2022 65.09 24.4 % 0.91 - 65.09 0.91
Q1 2023 69.32 15.0 % 0.97 - 69.32 0.97
Q2 2023 70.28 12.5 % 0.99 - 70.28 0.99
Q3 2023 71.50 11.4 % 1.00 - 71.50 1.00
Q4 2023 66.13 1.6 % 0.93 - 66.13 0.93
Q1 2024 70.06 1.1 % 0.94 - 70.06 0.94
Q2 2024 70.87 0.8 % 0.95 - 70.87 0.95
Q3 2024 71.70 0.3 % 0.96 - 71.70 0.96

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 15.59 % 66.36 % 22.34 %
Q2 2015 15.42 % 67.66 % 22.01 %
Q3 2015 15.97 % 70.66 % 21.72 %
Q4 2015 16.05 % 65.94 % 21.56 %
Q1 2016 18.71 % 64.49 % 20.62 %
Q2 2016 20.72 % 61.96 % 19.12 %
Q3 2016 22.15 % 59.33 % 17.31 %
Q4 2016 23.60 % 60.38 % 14.95 %
Q1 2017 22.96 % 59.25 % 13.87 %
Q2 2017 22.74 % 58.78 % 13.74 %
Q3 2017 22.72 % 58.14 % 13.90 %
Q4 2017 22.38 % 56.33 % 14.02 %
Q1 2018 22.84 % 56.58 % 14.12 %
Q2 2018 23.46 % 57.34 % 14.34 %
Q3 2018 24.49 % 58.08 % 14.65 %
Q4 2018 26.43 % 60.78 % 16.33 %
Q1 2019 27.35 % 61.54 % 16.70 %
Q2 2019 28.21 % 61.64 % 16.89 %
Q3 2019 28.97 % 62.25 % 17.20 %
Q4 2019 28.50 % 62.13 % 17.12 %
Q1 2020 28.99 % 61.74 % 17.20 %
Q2 2020 28.13 % 62.83 % 16.26 %
Q3 2020 27.65 % 62.86 % 16.23 %
Q4 2020 31.15 % - 20.98 %
Q1 2021 31.59 % - 22.19 %
Q2 2021 34.86 % - 25.97 %
Q3 2021 35.81 % - 26.34 %
Q4 2021 33.75 % 43.91 % 22.26 %
Q1 2022 34.72 % 44.41 % 23.20 %
Q2 2022 34.75 % 44.24 % 22.56 %
Q3 2022 34.42 % 45.98 % 22.94 %
Q4 2022 34.96 % 48.81 % 24.58 %
Q1 2023 34.91 % 49.14 % 24.27 %
Q2 2023 33.49 % 48.35 % 22.69 %
Q3 2023 32.84 % 46.72 % 21.95 %
Q4 2023 32.41 % 44.08 % 20.12 %
2023 32.41 % 44.08 % 20.12 %
Q1 2024 31.52 % 41.75 % 18.58 %
Q2 2024 30.26 % 39.87 % 17.62 %
Q3 2024 30.53 % 38.60 % 16.23 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2015 71.17 2.47 2.47 11.67
Q2 2015 71.17 2.52 2.52 11.34
Q3 2015 71.17 2.58 2.58 12.01
Q4 2015 71.17 2.65 2.65 12.67
Q1 2016 71.17 2.71 2.80 13.35
Q2 2016 71.17 2.72 2.81 12.93
Q3 2016 71.17 2.64 2.73 13.53
Q4 2016 71.17 2.39 2.48 13.99
Q1 2017 71.17 2.30 2.30 14.58
Q2 2017 71.17 2.25 2.25 14.11
Q3 2017 71.17 2.25 2.25 14.71
Q4 2017 71.17 2.10 2.31 15.04
Q1 2018 71.17 2.06 2.27 15.60
Q2 2018 71.17 2.03 2.24 14.67
Q3 2018 71.17 2.04 2.25 15.28
Q4 2018 71.17 2.39 2.39 15.83
Q1 2019 71.17 2.42 2.42 16.41
Q2 2019 71.17 2.45 2.45 15.52
Q3 2019 71.17 2.48 2.48 16.16
Q4 2019 71.17 2.51 2.51 16.30
Q1 2020 71.17 2.56 2.56 16.93
Q2 2020 71.17 2.27 2.27 16.75
Q3 2020 71.17 2.20 2.20 16.82
Q4 2020 71.17 2.84 2.84 21.29
Q1 2021 71.17 2.88 2.88 21.97
Q2 2021 71.17 3.54 3.54 21.69
Q3 2021 71.17 3.68 3.68 21.79
Q4 2021 71.17 3.09 3.09 22.46
Q1 2022 71.17 3.26 3.26 23.31
Q2 2022 71.17 3.16 3.16 22.89
Q3 2022 71.17 3.36 3.36 23.29
Q4 2022 71.17 3.54 3.54 24.23
Q1 2023 71.17 3.67 3.67 25.21
Q2 2023 71.17 3.78 3.78 24.69
Q3 2023 71.17 3.88 3.88 25.20
Q4 2023 71.17 3.90 3.90 26.14
Q1 2024 74.67 3.72 3.72 27.13
Q2 2024 74.67 3.73 3.73 27.12
Q3 2024 74.67 3.73 3.73 33.15

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2015 17.63 17.63 3.73
Q2 2015 18.31 18.31 4.07
Q3 2015 13.76 13.76 2.96
Q4 2015 12.74 12.74 2.67
Q1 2016 10.80 10.44 2.19
Q2 2016 11.99 11.59 2.52
Q3 2016 9.64 9.31 1.88
Q4 2016 13.28 12.78 2.27
Q1 2017 11.82 11.82 1.86
Q2 2017 10.05 10.05 1.60
Q3 2017 11.42 11.42 1.75
Q4 2017 14.22 12.93 1.99
Q1 2018 20.21 18.34 2.67
Q2 2018 19.25 17.44 2.67
Q3 2018 14.71 13.33 1.96
Q4 2018 12.12 12.12 1.83
Q1 2019 14.75 14.75 2.17
Q2 2019 14.68 14.68 2.32
Q3 2019 15.57 15.57 2.39
Q4 2019 15.97 15.97 2.46
Q1 2020 11.70 11.70 1.77
Q2 2020 14.76 14.76 2.00
Q3 2020 16.95 16.95 2.22
Q4 2020 14.67 14.67 1.96
Q1 2021 16.71 16.71 2.20
Q2 2021 14.00 14.00 2.28
Q3 2021 14.84 14.84 2.50
Q4 2021 16.55 16.55 2.28
Q1 2022 17.43 17.43 2.44
Q2 2022 15.62 15.62 2.16
Q3 2022 14.38 14.38 2.08
Q4 2022 14.16 14.16 2.07
Q1 2023 17.43 17.43 2.54
Q2 2023 21.34 21.34 3.26
Q3 2023 19.50 19.50 3.00
Q4 2023 22.28 22.28 3.32
Q1 2024 24.41 24.41 3.51
Q2 2024 23.99 23.99 3.46
Q3 2024 24.45 24.45 2.63

Business Segments (Million)

Compared With The
Period Leasing sector. Rental sector Used car sales Freight forwarding
Q1 2015 116.78 91.91 - -
Q2 2015 123.45 93.73 - -
Q3 2015 126.59 95.08 - -
Q4 2015 128.02 100.01 - -
Q1 2016 130.49 88.19 81.64 -
Q2 2016 135.88 81.70 78.46 -
Q3 2016 139.04 77.08 81.01 -
Q4 2016 141.22 74.31 73.50 -
Q1 2017 140.53 63.24 95.13 -
Q2 2017 139.06 56.04 86.31 -
Q3 2017 141.47 62.32 79.20 -
Q4 2017 134.84 67.55 107.46 -
Q1 2018 139.47 52.66 78.10 -
Q2 2018 139.89 53.90 56.90 -
Q3 2018 135.38 56.66 69.93 -
Q4 2018 131.83 67.89 58.37 -
Q1 2019 131.48 65.44 62.50 -
Q2 2019 126.90 65.28 62.29 -
Q3 2019 137.10 57.67 60.87 -
Q4 2019 113.92 85.09 74.97 -
Q1 2020 124.13 66.66 85.89 -
Q2 2020 125.51 26.95 35.21 -
Q3 2020 122.30 42.29 63.07 -
Q1 2021 114.72 42.30 80.00 -
Q2 2021 115.50 41.72 75.15 -
Q3 2021 112.76 47.32 90.76 -
Q4 2021 112.98 58.98 95.94 -
Q1 2022 117.12 57.47 73.71 -
Q2 2022 121.55 57.48 52.22 -
Q3 2022 123.90 72.59 98.91 -
Q4 2022 133.61 72.52 44.10 -
Q1 2023 137.79 84.08 76.84 -
Q2 2023 142.00 85.40 113.15 -
Q3 2023 149.30 102.17 117.60 -
Q4 2023 152.60 109.35 103.88 -
Q1 2024 163.73 106.29 128.59 18.27
Q2 2024 168.54 105.83 123.13 12.94
Q3 2024 235.76 99.22 126.26 44.59

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 84.87 71.70

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
Al Rajhi Capital 77.00 71.70
United Securities Company 77.00 71.70
Hermes 84.00 71.70
OSOOL AND BAKHEET 85.47 71.70
AlJazira Capital 89.00 71.70
GIB Capital 90.00 71.70
SNB Capital 91.60 71.70


Financial Ratios
Current
Market Cap (M Riyal) 5,202.22
Enterprise Value (EV) (M Riyal) 6,714.28
Shares Outstanding ((M)) 78.17
EPS ( Riyal) (TTM) 4.38
Book Value (BV) ( Riyal) 35.66
Par Value ( Riyal) 10.00
Recurring P/E 15.21
P/E (TTM) 15.21
Price/book 1.87
Return on Average Assets (%) (TTM) 8.3
Return on Average Equity (%) (TTM) 14.5
EV/adj EBITDA 7.43
EV/Revenues 3.03
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Share Price

United International Transportation Co.
66.55
(0.35) (0.52 %)

United International Transportation Co. (BUDGET SAUDI)

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