Financial Results : Budget Saudi profit up 18% in Q1 2025 to SAR 82.8M

Budget Saudi profit up 18% in Q1 2025 to SAR 82.8M

13/05/2025 Argaam Exclusive

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United International Transportation Co. (Budget Saudi) reported a net profit of SAR 82.8 million in Q1 2025, an 18% hike from SAR 70.1 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 416.87 543.41 30.4 %
Gross Income 129.02 174.00 34.9 %
Operating Income 71.03 92.98 30.9 %
Net Income 70.06 82.76 18.1 %
Average Shares 74.67 78.17 4.7 %
Earnings Per Share before unusual items (Riyal) 0.94 1.06 12.8 %
EPS (Riyal) 0.94 1.06 12.8 %

Profit increase in Q1 2025 is attributable to higher revenues, driven by the growth in fleet size and improved utilization rates across both short-term and long-term rental segments, in addition to the contribution from the newly established subsidiary, AutoWorld.

 

In addition, Budget Saudi witnessed enhanced operational efficiency, cost control, and improved cost effectiveness, which led to an improvement in both gross and operating profit margins.

 

This was achieved despite an increase in financing costs and depreciation expenses resulting from fleet expansion, as well as recorded losses from the logistics company in which a stake was recently acquired.

 

On a quarterly basis, net profit dropped 18.9% from SAR 102 million in Q4 2024.

 

Total shareholders’ equity, excluding minority interest, rose to SAR 2.7 billion by March 2025 from SAR 1.9 billion a year ago.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q4 2024 623.34 68.6 % 150.42 26.3 % 110.79 65.4 %
Q1 2025 543.41 30.4 % 174.00 34.9 % 92.98 30.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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
Q4 2024 102.01 54.3 % 1.37 - 102.01 1.37
Q1 2025 82.76 18.1 % 1.06 - 82.76 1.06

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2024 31.52 % 41.75 % 18.58 %
Q2 2024 30.26 % 39.87 % 17.62 %
Q3 2024 30.53 % 38.60 % 16.23 %
Q4 2024 28.19 % 38.71 % 15.96 %
2024 28.19 % 38.71 % 15.96 %
Q1 2025 28.64 % 39.81 % 15.61 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q4 2024 74.67 4.21 4.21 34.51
Q1 2025 78.17 4.19 4.19 35.57

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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
Q4 2024 20.35 20.35 2.37
Q1 2025 19.84 19.84 2.34

Business Segments (Million)

Compared With The
Period Leasing sector. Rental sector Used car sales Freight forwarding Other
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 -
Q4 2024 265.62 121.66 196.84 39.21 -
Q1 2025 281.13 108.90 115.61 32.82 4.96

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 87.90 82.76

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
GIB Capital 83.00 82.76
AlJazira Capital 81.90 82.76
SNB Capital 84.50 82.76
United Securities Company 76.00 82.76
Al Rajhi Capital 93.00 82.76
Riyad Capital 109.00 82.76


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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