Budget Saudi H1 2023 profit up 14% to SAR 139.6 mln; Q2 at SAR 70.3 mln

Budget Saudi H1 2023 profit up 14% to SAR 139.6 mln; Q2 at SAR 70.3 mln

27/07/2023 Argaam Exclusive

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United International Transportation Co. (Budget Saudi) reported a 14% increase in H1 2023 net profit to SAR 139.6 million, from SAR 122.8 million in the year-earlier period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 479.55 639.26 33.3 %
Gross Income 178.45 216.95 21.6 %
Operating Income 119.00 147.02 23.5 %
Net Income 122.75 139.60 13.7 %
Average Shares 71.17 71.17 0.0 %
EPS (Riyals) 1.72 1.96 13.7 %

The profit growth was mainly spurred by higher sale proceeds from used cars and resultant gains, along with better lease and rental revenues as the result of growth in the fleet with consistently improved utilization.

 

The company reported a net profit of SAR 70.28 million in Q2 2023, a 12.5% year-on-year (YoY) increase.

 

Sequentially, net profit rose 1.4% from SAR 69.32 million in Q1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 231.25 340.55 47.3 %
Gross Income 91.57 112.94 23.3 %
Operating Income 61.55 76.57 24.4 %
Net Income 62.48 70.28 12.5 %
Average Shares 71.17 71.17 0.0 %
EPS (Riyals) 0.88 0.99 12.5 %

Total shareholders’ equity, no minority interest, stood at SAR 1.75 billion as of June 30, 2023, compared to SAR 1.62 billion a year earlier.

 

View More Financial Results

 

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
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
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
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
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
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
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
Q4 2020 272.87 (0.4 %) 108.41 44.7 % 93.96 94.5 % 1.32
Q1 2021 237.03 (14.3 %) 73.39 (10.2 %) 48.32 6.3 % 0.68
Q2 2021 232.38 23.8 % 91.66 100.1 % 69.16 206.3 % 0.97
Q3 2021 250.83 10.2 % 82.14 27.0 % 50.12 23.9 % 0.70
Q4 2021 267.90 (1.8 %) 86.33 (20.4 %) 52.32 (44.3 %) 0.74
Q1 2022 248.30 4.8 % 86.88 18.4 % 60.27 24.7 % 0.85
Q2 2022 231.25 (0.5 %) 91.57 (0.1 %) 62.48 (9.7 %) 0.88
Q3 2022 295.40 17.8 % 94.14 14.6 % 64.17 28.0 % 0.90
Q4 2022 250.22 (6.6 %) 85.77 (0.6 %) 65.09 24.4 % 0.91
Q1 2023 298.71 20.3 % 104.01 19.7 % 69.32 15.0 % 0.97
Q2 2023 340.55 47.3 % 112.94 23.3 % 70.28 12.5 % 0.99

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2023 34.91 % 49.14 % 24.27 %
Q2 2023 33.49 % 48.35 % 22.69 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2023 71.17 3.67 3.67 25.21
Q2 2023 71.17 3.78 3.78 24.69

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2020 13.36 13.36 1.79
Q1 2021 15.22 15.22 2.00
Q2 2021 12.74 12.74 2.08
Q3 2021 13.51 13.51 2.28
Q4 2021 15.06 15.06 2.07
Q1 2022 15.87 15.87 2.22
Q2 2022 14.22 14.22 1.97
Q3 2022 13.09 13.09 1.89
Q4 2022 12.89 12.89 1.88
Q1 2023 15.87 15.87 2.31
Q2 2023 19.43 19.43 2.97

Business Segments (Million)

Compared With The
Period Leasing sector. Rental sector Used car sales Other
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 -
Q1 2023 137.79 84.08 76.84 -
Q2 2023 142.00 85.40 113.15 -

Analysts Estimates (Million)

Item Q2 2023 (e) Q2 2023 (a) Change‬
Average 70.10 70.28 0.26 %

Estimates vs Actual (Million)

Item Q2 2023 (e) Q2 2023 (a) Change
OSOOL AND BAKHEET 70.90 70.28 (0.9) %
HSBC 69.00 70.28 1.9 %
Hermes 74.00 70.28 (5.0) %
AlJazira Capital 66.50 70.28 5.7 %


Financial Ratios
Current
Market Cap (M Riyal) 6,255.84
Enterprise Value (EV) (M) 6,775.33
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) 22.53
P/E (TTM) 22.53
Price/book 3.24
Return on Average Assets (%) (TTM) 9.6
Return on Average Equity (%) (TTM) 14.9
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Share Price

United International Transportation Co.
87.80
(1.20) (1.35 %)

United International Transportation Co. (BUDGET SAUDI)

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