Budget Saudi 2022 net profit jumps 15% to SAR 252 mln; Q4 at SAR 65.1 mln

Budget Saudi 2022 net profit jumps 15% to SAR 252 mln; Q4 at SAR 65.1 mln

23/02/2023 Argaam Exclusive

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United International Transportation Co. (Budget Saudi) reported a net profit after Zakat and tax of SAR 252 million for 2022, a 15% rise from SAR 219.9 million in the year-earlier period.



Financials (M)

Item 2021 2022 Change‬
Revenues 988.13 1,025.16 3.7 %
Gross Income 333.52 358.35 7.4 %
Operating Income 209.98 236.87 12.8 %
Net Income 219.91 252.01 14.6 %
Average Shares 71.17 71.17 -
EPS (Riyals) 3.09 3.54 14.6 %

The company attributed the improved results to better utilization in the short rental with a higher fleet, in addition to improving demand in long-term leasing during the year. This is in addition to optimal utilization of the growing fleet, which exceeded 32,000 vehicles by the end of 2022, was a factor for better revenue which resulted in an increase in profit.

 

In Q4 2022, net profit after Zakat and tax rose 24% to SAR 65.09 million from SAR 52.32 million a year earlier.

 

When compared to the previous quarter, Q4 net profit edged up 1.4% from SAR 64.17 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 267.90 250.22 (6.6 %)
Gross Income 86.33 85.77 (0.6 %)
Operating Income 49.83 55.84 12.0 %
Net Income 52.32 65.09 24.4 %
Average Shares 71.17 71.17 -
EPS (Riyals) 0.74 0.91 24.4 %

Total shareholders’ equity, no minority interest, reached SAR 1.72 billion as of Dec. 31, 2022, from SAR 1.59 billion a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
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 %
2022 1,025.16 3.7 % 358.35 7.4 % 236.87 12.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
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
2022 252.01 14.6 % 3.54 - 252.01 3.54

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2021 31.59 % 44.43 % 22.19 %
Q2 2021 34.86 % 41.04 % 25.97 %
Q3 2021 35.81 % 36.03 % 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 %
2022 34.96 % 48.81 % 24.58 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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

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
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

Analysts Estimates (Million)

Item Q4 2022 (e) Q4 2022 (a) Change‬
Average 61.81 65.09 5.31 %

Estimates vs Actual (Million)

Item Q4 2022 (e) Q4 2022 (a) Change
AlJazira Capital 64.70 65.09 0.6 %
OSOOL AND BAKHEET 65.72 65.09 (1.0) %
Hermes 55.00 65.09 18.3 %


Financial Ratios
Current
Market Cap (M Riyal) 5,784.58
Enterprise Value (EV) (M) 7,260.87
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) 20.75
P/E (TTM) 20.75
Price/book 2.23
Return on Average Assets (%) (TTM) 7.2
Return on Average Equity (%) (TTM) 12.7
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Share Price

United International Transportation Co.
74.00
(0.70) (0.94 %)

United International Transportation Co. (BUDGET SAUDI)

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