Budget Saudi posts 5% net profit rise to SAR 187.9 mln in 2020

Budget Saudi posts 5% net profit rise to SAR 187.9 mln in 2020

07/02/2021 Argaam Exclusive

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United International Transportation Co. (Budget Saudi) reported a net profit after Zakat and tax of SAR 187.9 million for 2020, up 5%, compared to SAR 178.6 million in the previous year.



Financials (M)

Item 2019 2020 Change‬
Revenues 1,043.49 964.86 (7.5 %)
Gross Income 297.36 300.57 1.1 %
Operating Income 187.63 196.78 4.9 %
Net Income 178.62 202.45 13.3 %
Average Shares 71.17 71.17 -
EPS (Riyals) 2.51 2.84 13.3 %

The company attributed the profit rise to higher sales, as more vehicles were sold with improved margin in the second half of the year, which in turn compensated for the reduction in lease and rental revenue loss due to COVID-19.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 273.97 272.87 (0.4 %)
Gross Income 74.93 108.41 44.7 %
Operating Income 49.74 84.42 69.7 %
Net Income 48.30 93.96 94.5 %
Average Shares 71.17 71.17 -
EPS (Riyals) 0.68 1.32 94.5 %

Q4 2020 net profit after Zakat and tax rose 64% year-on-year (YoY) to SAR 79.4 million.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 121.48 12.7 % 20.83 4.0 % 6.09 (20.0 %)
Q2 2011 125.30 15.0 % 23.69 2.3 % 7.53 6.4 %
Q3 2011 126.59 10.1 % 24.83 (27.8 %) 9.47 (50.9 %)
Q4 2011 134.83 13.0 % 19.29 3638.8 % 13.41 29.6 %
Q1 2012 136.79 12.6 % 26.67 28.0 % 9.75 60.2 %
Q2 2012 144.56 15.4 % 26.64 12.5 % 9.36 24.3 %
Q3 2012 147.49 16.5 % 20.31 (18.2 %) 3.36 (64.5 %)
Q4 2012 153.37 13.7 % 20.39 5.7 % 1.91 (85.8 %)
Q1 2013 157.37 15.0 % 26.32 (1.3 %) 8.91 (8.7 %)
Q2 2013 163.17 12.9 % 24.88 (6.6 %) 11.45 22.3 %
Q3 2013 168.68 14.4 % 28.21 38.9 % 13.02 287.2 %
Q4 2013 179.54 17.1 % 35.68 75.0 % 18.42 864.3 %
Q1 2014 177.94 13.1 % 29.57 12.4 % 12.80 43.7 %
Q2 2014 190.20 16.6 % 31.20 25.4 % 13.65 19.2 %
Q3 2014 189.94 12.6 % 27.09 (4.0 %) 11.25 (13.6 %)
Q4 2014 199.02 10.9 % 31.12 (12.8 %) 14.98 (18.7 %)
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 %
2020 964.86 (7.5 %) 300.57 1.1 % 196.78 4.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2011 22.97 1.8 % 0.32 - 22.97 0.32
Q2 2011 23.95 5.5 % 0.34 - 23.95 0.34
Q3 2011 25.80 (8.4 %) 0.36 - 25.80 0.36
Q4 2011 28.02 30.2 % 0.39 - 28.02 0.39
Q1 2012 28.51 24.1 % 0.40 - 28.51 0.40
Q2 2012 30.31 26.5 % 0.43 - 30.31 0.43
Q3 2012 31.33 21.4 % 0.44 - 31.33 0.44
Q4 2012 35.64 27.2 % 0.50 - 35.64 0.50
Q1 2013 36.16 26.8 % 0.51 - 36.16 0.51
Q2 2013 38.07 25.6 % 0.53 - 38.07 0.53
Q3 2013 38.47 22.8 % 0.54 - 38.47 0.54
Q4 2013 37.51 5.3 % 0.53 - 37.51 0.53
Q1 2014 39.87 10.3 % 0.56 - 39.87 0.56
Q2 2014 42.26 11.0 % 0.59 - 42.26 0.59
Q3 2014 44.23 15.0 % 0.62 - 44.23 0.62
Q4 2014 44.69 19.2 % 0.63 - 44.69 0.63
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
2020 202.45 13.3 % 2.84 - 202.45 2.84

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 %
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 %
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 %
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 %
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 % 49.01 % 20.98 %
2020 31.15 % 49.01 % 20.98 %


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
Q4 2020 71.17 2.84 2.84 21.29

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2011 10.35 10.35 2.04
Q2 2011 9.58 9.58 1.99
Q3 2011 9.58 9.58 1.84
Q4 2011 10.02 10.02 1.95
Q1 2012 12.42 12.42 2.42
Q2 2012 10.08 10.08 2.14
Q3 2012 11.05 11.05 2.33
Q4 2012 11.25 11.25 2.38
Q1 2013 12.76 12.76 2.71
Q2 2013 13.47 13.47 3.09
Q3 2013 16.25 16.25 3.69
Q4 2013 15.94 15.94 3.48
Q1 2014 22.11 22.11 4.68
Q2 2014 20.28 20.28 4.58
Q3 2014 21.61 21.61 4.76
Q4 2014 18.20 18.20 3.96
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

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

Analysts Estimates (Million)

Item Q4 2020 (e) Q4 2020 (a) Change‬
Average 37.70 93.96 149.22 %

Estimates vs Actual (Million)

Item Q4 2020 (e) Q4 2020 (a) Change
AlJazira Capital 37.70 93.96 149.2 %


Financial Ratios
Current
Market Cap (M Riyal) 5,987.82
Enterprise Value (EV) (M) 7,464.12
Shares Outstanding ((M)) 78.17
EPS ( Riyal) (TTM) 3.73
Book Value (BV) ( Riyal) 33.15
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 21.48
P/E (TTM) 21.48
Price/book 2.31
Return on Average Assets (%) (TTM) 7.2
Return on Average Equity (%) (TTM) 12.7
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Share Price

United International Transportation Co.
76.60
4.70 6.54 %

United International Transportation Co. (BUDGET SAUDI)

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