Financial highlights of AutoWorld: Budget Saudi's next stop

Logo of Al Jazira Equipment Co. Ltd. (AutoWorld)

United International Transportation Co. (Budget Saudi) announced a plan to fully acquire Al Jazira Equipment Co. Ltd. (AutoWorld), through increasing its capital from SAR 711.7 million to SAR 781.8 million.

 
The capital increase will be done through the issuance of 7 million shares for Saudi Economic and Development Holding Co. (SEDCO) and First Development Investment Co. (Tanmiyah).
AutoWorld's cars reached nearly 16,400 by the end of September 2023, while revenues amounted to SAR 289.9 million during the same period, as follows: 
 

Owned Cars and Revenues

Period

2020

2021

2022

Sept. 2023

Owned Cars

11,619

12,488

13,953

16,493

Revenues (SAR mln)

247.4

274.9

320.4

289.9

 

AutoWorld's revenues increased by 17% year-on-year (YoY) to SAR 372 million by the end of the nine-month period ended Sept. 30, 2023. Meanwhile, net profit leapt 53% YoY to SAR 39.9 million, according to the company's financials.

 

AutoWorld's Revenues and Profit (SAR mln)

Period

Sept. 2022

Sept. 2023

Change

Revenues

317.6

372.6

+17%

Gross Profit

127.7

163.9

+28%

Operating Profit

41.1

73.7

+79%

Net Profit

26.0

39.9

+53%

 

The company maintained its revenue growth to SAR 430 million in 2022 compared with a year earlier. However, net profit declined to SAR 26.7 million, compared with SAR 61.5 million in 2021.

 

AutoWorld's Revenues and Profit (SAR mln)

Period

2020

2021

2022

Revenues

402.3

382.5

430.0

Gross Profit

139.4

170.5

162.6

Operating Profit

30.3

72.6

50.0

Net Profit

15.7

61.5

26.7

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