Budget Saudi net profit dips 17% to SAR 108.5 mln in 9M 2020

22/10/2020 Argaam Exclusive

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United International Transportation Co. (Budget Saudi) reported a net profit after Zakat and tax of SAR 108.5 million for the first nine months of 2020, a 17% decline year-on-year (YoY), driven by lower short-term rental revenue.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	769.52	691.98	(10.1 %)
Gross Income	222.43	192.16	(13.6 %)
Operating Income	137.89	112.36	(18.5 %)
Net Income	130.32	108.49	(16.8 %)
Average Shares	71.17	71.17	-
EPS (Riyals)	1.83	1.52	(16.8 %)

The third-quarter net profit after Zakat and tax fell 11% YoY to SAR 40.5 million, due to lower short-term rental revenue, weak demand on the COVID-19 outbreak and lower utilization rate.

When compared to previous quarter, net profit jumped 79.1% backed by slightly improved rental revenue, in addition to selling a number of used vehicles.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	255.64	227.65	(10.9 %)
Gross Income	77.21	64.65	(16.3 %)
Operating Income	48.63	41.04	(15.6 %)
Net Income	45.24	40.45	(10.6 %)
Average Shares	71.17	71.17	-
EPS (Riyals)	0.64	0.57	(10.6 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	187.66	227.65	21.3 %
Gross Income	45.80	64.65	41.2 %
Operating Income	23.79	41.04	72.5 %
Net Income	22.58	40.45	79.1 %
Average Shares	71.17	71.17	-
EPS (Riyals)	0.32	0.57	79.1 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2011	121.48	12.7 %	20.83	4.0 %	22.97	1.8 %	0.32
Q2 2011	125.30	15.0 %	23.69	2.3 %	23.95	5.5 %	0.34
Q3 2011	126.59	10.1 %	24.83	(27.8 %)	25.80	(8.4 %)	0.36
Q4 2011	134.83	13.0 %	19.29	3638.8 %	28.02	30.2 %	0.39
2011	508.21	12.7 %	88.65	10.2 %	100.73	6.2 %	1.42
Q1 2012	136.79	12.6 %	26.67	28.0 %	28.51	24.1 %	0.40
Q2 2012	144.56	15.4 %	26.64	12.5 %	30.31	26.5 %	0.43
Q3 2012	147.49	16.5 %	20.31	(18.2 %)	31.33	21.4 %	0.44
Q4 2012	153.37	13.7 %	20.39	5.7 %	35.64	27.2 %	0.50
2012	582.21	14.6 %	94.01	6.0 %	125.78	24.9 %	1.77
Q1 2013	157.37	15.0 %	26.32	(1.3 %)	36.16	26.8 %	0.51
Q2 2013	163.17	12.9 %	24.88	(6.6 %)	38.07	25.6 %	0.53
Q3 2013	168.68	14.4 %	28.21	38.9 %	38.47	22.8 %	0.54
Q4 2013	179.54	17.1 %	35.68	75.0 %	37.51	5.3 %	0.53
2013	668.76	14.9 %	115.08	22.4 %	150.21	19.4 %	2.11
Q1 2014	177.94	13.1 %	29.57	12.4 %	39.87	10.3 %	0.56
Q2 2014	190.20	16.6 %	31.20	25.4 %	42.26	11.0 %	0.59
Q3 2014	189.94	12.6 %	27.09	(4.0 %)	44.23	15.0 %	0.62
Q4 2014	199.02	10.9 %	31.12	(12.8 %)	44.69	19.2 %	0.63
2014	757.10	13.2 %	118.98	3.4 %	171.05	13.9 %	2.40
Q1 2015	208.71	17.3 %	33.45	13.1 %	44.80	12.3 %	0.63
Q2 2015	217.16	14.2 %	34.03	9.1 %	45.62	8.0 %	0.64
Q3 2015	221.67	16.7 %	36.61	35.2 %	48.73	10.2 %	0.68
Q4 2015	228.03	14.6 %	36.42	17.0 %	49.62	11.0 %	0.70
2015	875.57	15.6 %	140.50	18.1 %	188.77	10.4 %	2.65
Q1 2016	300.32	43.9 %	73.91	121.0 %	48.80	8.9 %	0.69
Q2 2016	296.04	36.3 %	69.79	105.1 %	46.20	1.3 %	0.65
Q3 2016	297.13	34.0 %	68.31	86.6 %	42.92	(11.9 %)	0.60
Q4 2016	289.03	26.7 %	67.03	84.1 %	32.21	(35.1 %)	0.45
2016	1,182.51	35.1 %	279.05	98.6 %	170.14	(9.9 %)	2.39
Q1 2017	298.91	(0.5 %)	66.05	(10.6 %)	42.48	(13.0 %)	0.60
Q2 2017	281.42	(4.9 %)	63.91	(8.4 %)	42.66	(7.7 %)	0.60
Q3 2017	282.99	(4.8 %)	64.84	(5.1 %)	42.81	(0.3 %)	0.60
Q4 2017	309.84	7.2 %	67.81	1.2 %	21.57	(33.0 %)	0.30
2017	1,173.16	(0.8 %)	262.60	(5.9 %)	149.51	(12.1 %)	2.10
Q1 2018	270.23	(9.6 %)	64.89	(1.8 %)	39.59	(6.8 %)	0.56
Q2 2018	250.68	(10.9 %)	63.75	(0.2 %)	40.83	(4.3 %)	0.57
Q3 2018	261.97	(7.4 %)	71.19	9.8 %	43.11	0.7 %	0.61
Q4 2018	258.09	(16.7 %)	75.26	11.0 %	46.45	115.3 %	0.65
2018	1,040.97	(11.3 %)	275.08	4.8 %	169.99	13.7 %	2.39
Q1 2019	259.41	(4.0 %)	71.54	10.3 %	41.60	5.1 %	0.58
Q2 2019	254.47	1.5 %	73.68	15.6 %	43.48	6.5 %	0.61
Q3 2019	255.64	(2.4 %)	77.21	8.5 %	45.24	4.9 %	0.64
Q4 2019	273.97	6.2 %	74.93	(0.4 %)	48.30	4.0 %	0.68
2019	1,043.49	0.2 %	297.36	8.1 %	178.62	5.1 %	2.51
Q1 2020	276.67	6.7 %	81.70	14.2 %	45.46	9.3 %	0.64
Q2 2020	187.66	(26.3 %)	45.80	(37.8 %)	22.58	(48.1 %)	0.32
Q3 2020	227.65	(10.9 %)	64.65	(16.3 %)	40.45	(10.6 %)	0.57

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2010	451.07	8.9 %	80.47	29.5 %	94.81	10.5 %	1.33
2011	508.21	12.7 %	88.65	10.2 %	100.73	6.2 %	1.42
2012	582.21	14.6 %	94.01	6.0 %	125.78	24.9 %	1.77
2013	668.76	14.9 %	115.08	22.4 %	150.21	19.4 %	2.11
2014	757.10	13.2 %	118.98	3.4 %	171.05	13.9 %	2.40
2015	875.57	15.6 %	140.50	18.1 %	188.77	10.4 %	2.65
2016	1,182.51	35.1 %	279.05	98.6 %	170.14	(9.9 %)	2.39
2017	1,173.16	(0.8 %)	262.60	(5.9 %)	149.51	(12.1 %)	2.10
2018	1,040.97	(11.3 %)	275.08	4.8 %	169.99	13.7 %	2.39
2019	1,043.49	0.2 %	297.36	8.1 %	178.62	5.1 %	2.51

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	16.97 %	59.32 %	20.52 %
Q2 2011	16.51 %	59.20 %	20.08 %
Q3 2011	14.18 %	59.46 %	19.12 %
Q4 2011	17.44 %	60.71 %	19.82 %
2011	17.44 %	60.71 %	19.82 %
Q1 2012	18.05 %	61.09 %	20.30 %
Q2 2012	17.95 %	61.59 %	20.75 %
Q3 2012	16.48 %	61.43 %	20.96 %
Q4 2012	16.15 %	61.68 %	21.60 %
2012	16.15 %	61.68 %	21.60 %
Q1 2013	15.54 %	61.88 %	22.14 %
Q2 2013	14.79 %	62.34 %	22.72 %
Q3 2013	15.53 %	63.14 %	23.08 %
Q4 2013	17.21 %	65.14 %	22.46 %
2013	17.21 %	65.14 %	22.46 %
Q1 2014	17.17 %	65.89 %	22.33 %
Q2 2014	17.40 %	65.96 %	22.07 %
Q3 2014	16.75 %	64.56 %	22.22 %
Q4 2014	15.72 %	66.14 %	22.59 %
2014	15.72 %	66.14 %	22.59 %
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 %
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 %
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 %
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 %
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 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2010	17.84 %	60.05 %	21.02 %
2011	17.44 %	60.71 %	19.82 %
2012	16.15 %	61.68 %	21.60 %
2013	17.21 %	65.14 %	22.46 %
2014	15.72 %	66.14 %	22.59 %
2015	16.05 %	65.94 %	21.56 %
2016	23.60 %	60.38 %	14.95 %
2017	22.38 %	56.33 %	14.02 %
2018	26.43 %	60.78 %	16.33 %
2019	28.50 %	62.13 %	17.12 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	17.15 %	60.06 %	18.90 %
Q2 2011	18.91 %	61.59 %	19.11 %
Q3 2011	19.61 %	63.51 %	20.38 %
Q4 2011	14.31 %	57.83 %	20.78 %
Q1 2012	19.50 %	61.58 %	20.84 %
Q2 2012	18.43 %	63.40 %	20.96 %
Q3 2012	13.77 %	62.63 %	21.24 %
Q4 2012	13.29 %	59.24 %	23.24 %
Q1 2013	16.72 %	62.36 %	22.98 %
Q2 2013	15.25 %	64.98 %	23.33 %
Q3 2013	16.72 %	65.64 %	22.81 %
Q4 2013	19.87 %	67.27 %	20.89 %
Q1 2014	16.62 %	65.58 %	22.41 %
Q2 2014	16.40 %	65.39 %	22.22 %
Q3 2014	14.26 %	60.23 %	23.29 %
Q4 2014	15.64 %	73.01 %	22.46 %
Q1 2015	16.03 %	66.49 %	21.46 %
Q2 2015	15.67 %	70.37 %	21.01 %
Q3 2015	16.52 %	72.76 %	21.98 %
Q4 2015	15.97 %	54.60 %	21.76 %
Q1 2016	24.61 %	61.63 %	18.45 %
Q2 2016	23.58 %	59.89 %	15.61 %
Q3 2016	22.99 %	60.09 %	14.45 %
Q4 2016	23.19 %	59.86 %	11.14 %
Q1 2017	22.10 %	57.19 %	14.21 %
Q2 2017	22.71 %	57.96 %	15.16 %
Q3 2017	22.91 %	57.58 %	15.13 %
Q4 2017	21.88 %	52.88 %	11.79 %
Q1 2018	24.01 %	58.33 %	14.65 %
Q2 2018	25.43 %	61.53 %	16.29 %
Q3 2018	27.18 %	60.67 %	16.46 %
Q4 2018	29.16 %	62.71 %	18.00 %
Q1 2019	27.58 %	61.24 %	16.04 %
Q2 2019	28.96 %	61.95 %	17.09 %
Q3 2019	30.20 %	63.12 %	17.70 %
Q4 2019	27.35 %	62.22 %	17.63 %
Q1 2020	29.53 %	59.81 %	16.43 %
Q2 2020	24.41 %	67.78 %	12.03 %
Q3 2020	28.40 %	63.28 %	17.77 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2011	71.17	1.34	1.34	6.79
Q2 2011	71.17	1.36	1.36	6.55
Q3 2011	71.17	1.32	1.32	6.90
Q4 2011	71.17	1.42	1.42	7.27
Q1 2012	71.17	1.49	1.49	7.66
Q2 2012	71.17	1.58	1.58	7.44
Q3 2012	71.17	1.66	1.66	7.87
Q4 2012	71.17	1.77	1.77	8.34
Q1 2013	71.17	1.87	1.87	8.84
Q2 2013	71.17	1.98	1.98	8.65
Q3 2013	71.17	2.08	2.08	9.18
Q4 2013	71.17	2.11	2.11	9.67
Q1 2014	71.17	2.16	2.16	10.22
Q2 2014	71.17	2.22	2.22	9.85
Q3 2014	71.17	2.30	2.30	10.46
Q4 2014	71.17	2.40	2.40	11.05
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2010	71.17	1.33	1.33	6.48
2011	71.17	1.42	1.42	7.27
2012	71.17	1.77	1.77	8.34
2013	71.17	2.11	2.11	9.67
2014	71.17	2.40	2.40	11.05
2015	71.17	2.65	2.65	12.67
2016	71.17	2.39	2.48	13.99
2017	71.17	2.10	2.31	15.04
2018	71.17	2.39	2.39	15.83
2019	71.17	2.51	2.51	16.30

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2011	9.42	9.42	1.86
Q2 2011	8.72	8.72	1.81
Q3 2011	8.72	8.72	1.67
Q4 2011	9.12	9.12	1.78
Q1 2012	11.30	11.30	2.20
Q2 2012	9.18	9.18	1.95
Q3 2012	10.06	10.06	2.12
Q4 2012	10.24	10.24	2.17
Q1 2013	11.62	11.62	2.46
Q2 2013	12.26	12.26	2.81
Q3 2013	14.80	14.80	3.36
Q4 2013	14.51	14.51	3.17
Q1 2014	20.13	20.13	4.26
Q2 2014	18.46	18.46	4.17
Q3 2014	19.68	19.68	4.33
Q4 2014	16.57	16.57	3.60
Q1 2015	16.05	16.05	3.40
Q2 2015	16.67	16.67	3.70
Q3 2015	12.53	12.53	2.69
Q4 2015	11.60	11.60	2.43
Q1 2016	9.84	9.51	2.00
Q2 2016	10.91	10.55	2.29
Q3 2016	8.77	8.47	1.71
Q4 2016	12.09	11.64	2.07
Q1 2017	10.76	10.76	1.70
Q2 2017	9.15	9.15	1.46
Q3 2017	10.40	10.40	1.59
Q4 2017	12.95	11.77	1.81
Q1 2018	18.40	16.69	2.43
Q2 2018	17.52	15.88	2.43
Q3 2018	13.39	12.14	1.79
Q4 2018	11.03	11.03	1.66
Q1 2019	13.43	13.43	1.98
Q2 2019	13.37	13.37	2.11
Q3 2019	14.17	14.17	2.18
Q4 2019	14.54	14.54	2.24
Q1 2020	10.65	10.65	1.61
Q2 2020	13.43	13.43	1.82
Q3 2020	15.43	15.43	2.02

Period	P/E	Adjusted P/E	Price/book
2010	10.64	10.64	2.19
2011	9.12	9.12	1.78
2012	10.24	10.24	2.17
2013	14.51	14.51	3.17
2014	16.57	16.57	3.60
2015	11.60	11.60	2.43
2016	12.09	11.64	2.07
2017	12.95	11.77	1.81
2018	11.03	11.03	1.66
2019	14.54	14.54	2.24

Business Segments (Million)

Compared With The

Period	Leasing sector.	Rental sector	Used car sales
Q1 2014	80.88	97.07	-
Q2 2014	90.54	99.66	-
Q3 2014	84.86	105.07	-
Q4 2014	156.67	42.35	-
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

Period	Leasing sector.	Rental sector	Used car sales
2010	191.66	259.41	-
2011	240.48	267.73	-
2012	290.09	292.13	-
2013	347.84	320.92	-
2014	412.95	344.15	-
2015	494.84	380.73	-
2016	546.62	321.28	314.61
2017	555.90	249.15	368.10
2018	546.56	231.11	263.30
2019	509.40	273.47	260.63

Analysts Estimates (Million)

Item	Q3 2020 (e)	Q3 2020 (a)	Change‬
Average	32.00	40.45	26.41 %

Estimates vs Actual (Million)

Item	Q3 2020 (e)	Q3 2020 (a)	Change
AlJazira Capital	32.00	40.45	26.4 %

Financial Ratios

	Current
Market Cap (M Riyal)	6,341.25
Enterprise Value (EV) (M)	6,860.73
Shares Outstanding ((M))	71.17
EPS ( Riyal) (TTM)	3.90
Book Value (BV) ( Riyal)	27.13
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	22.84
P/E (TTM)	22.84
Price/book	3.28
Return on Average Assets (%) (TTM)	9.6
Return on Average Equity (%) (TTM)	14.9

United International Transportation Co. (BUDGET SAUDI)

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Budget Saudi net profit dips 17% to SAR 108.5 mln in 9M 2020

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2020 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

United International Transportation Co. (BUDGET SAUDI)

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Budget Saudi net profit dips 17% to SAR 108.5 mln in 9M 2020

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2020

Revenue by Business Segment (Latest) 2020 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

United International Transportation Co. (BUDGET SAUDI)

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Business Segments (Million)