Budget Saudi 9M 2023 profit up 13% to SAR 211.1 mln; Q3 at SAR 71.5 mln

07/11/2023 Argaam Exclusive

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United International Transportation Co. (Budget Saudi) reported a net profit of SAR 211.1 million for the first nine months of 2023, a 13% rise from SAR 186.9 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	774.95	1,008.33	30.1 %
Gross Income	272.58	327.55	20.2 %
Operating Income	181.03	220.11	21.6 %
Net Income	186.92	211.10	12.9 %
Average Shares	71.17	71.17	-
EPS (Riyals)	2.63	2.97	12.9 %

The profit growth was mainly contributed by improved utilization in the short rental with the higher fleet, in addition to improving demand in long-term leasing during the period. The optimal utilization of the growing fleet was the driving factor for better revenue, which resulted in improving the overall net profit.

In Q3 2023, net profit rose 11% to SAR 71.50 million, compared to SAR 64.17 million a year before on an increase in the short rental revenue with better utilization along with consistent growth in the long rental fleet and revenue.

When compared to the previous quarter, Q3 net profit was up 1.7% from SAR 70.28 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	295.40	369.07	24.9 %
Gross Income	94.14	110.61	17.5 %
Operating Income	62.03	73.09	17.8 %
Net Income	64.17	71.50	11.4 %
Average Shares	71.17	71.17	-
EPS (Riyals)	0.90	1.00	11.4 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	340.55	369.07	8.4 %
Gross Income	112.94	110.61	(2.1 %)
Operating Income	76.57	73.09	(4.5 %)
Net Income	70.28	71.50	1.7 %
Average Shares	71.17	71.17	-
EPS (Riyals)	0.99	1.00	1.7 %

Total shareholders’ equity, no minority interest, reached SAR 1.79 billion as of Sept. 30, 2023, from SAR 1.65 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
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
Q4 2020	272.87	(0.4 %)	108.41	44.7 %	93.96	94.5 %	1.32
2020	964.86	(7.5 %)	300.57	1.1 %	202.45	13.3 %	2.84
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
2021	988.13	2.4 %	333.52	11.0 %	219.91	8.6 %	3.09
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
2022	1,025.16	3.7 %	358.35	7.4 %	252.01	14.6 %	3.54
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
Q3 2023	369.07	24.9 %	110.61	17.5 %	71.50	11.4 %	1.00

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2020	964.86	(7.5 %)	300.57	1.1 %	202.45	13.3 %	2.84
2021	988.13	2.4 %	333.52	11.0 %	219.91	8.6 %	3.09
2022	1,025.16	3.7 %	358.35	7.4 %	252.01	14.6 %	3.54

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 %
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 %
Q4 2020	31.15 %	49.01 %	20.98 %
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 %
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 %
Q1 2023	34.91 %	49.14 %	24.27 %
Q2 2023	33.49 %	48.35 %	22.69 %
Q3 2023	32.84 %	46.72 %	21.95 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2020	31.15 %	49.01 %	20.98 %
2021	33.75 %	43.91 %	22.26 %
2022	34.96 %	48.81 %	24.58 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2020	39.73 %	13.27 %	34.43 %
Q1 2021	30.96 %	43.73 %	20.39 %
Q2 2021	39.45 %	49.14 %	29.76 %
Q3 2021	32.75 %	41.39 %	19.98 %
Q4 2021	32.22 %	41.89 %	19.53 %
Q1 2022	34.99 %	45.76 %	24.27 %
Q2 2022	39.60 %	48.45 %	27.02 %
Q3 2022	31.87 %	47.94 %	21.72 %
Q4 2022	34.28 %	53.21 %	26.01 %
Q1 2023	34.82 %	47.43 %	23.21 %
Q2 2023	33.16 %	45.93 %	20.64 %
Q3 2023	29.97 %	42.48 %	19.37 %

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
Q3 2023	71.17	3.88	3.88	25.20

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2020	71.17	2.84	2.84	21.29
2021	71.17	3.09	3.09	22.46
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 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
Q3 2023	17.75	17.75	2.73

Period	P/E	Adjusted P/E	Price/book
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
2020	13.36	13.36	1.79
2021	15.06	15.06	2.07
2022	12.89	12.89	1.88

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	-
Q3 2023	149.30	102.17	117.60	-

Period	Leasing sector.	Rental sector	Used car sales	Other
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	-
2020	486.46	171.85	306.55	-
2021	455.96	190.32	341.85	-
2022	496.17	260.06	268.93	-

Analysts Estimates (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change‬
Average	69.29	71.50	3.19 %

Estimates vs Actual (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change
AlJazira Capital	72.20	71.50	(1.0) %
OSOOL AND BAKHEET	66.38	71.50	7.7 %

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

United International Transportation Co. (BUDGET SAUDI)

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Budget Saudi 9M 2023 profit up 13% to SAR 211.1 mln; Q3 at SAR 71.5 mln

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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) 2023 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 9M 2023 profit up 13% to SAR 211.1 mln; Q3 at SAR 71.5 mln

View other reports

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 2023

Revenue by Business Segment (Latest) 2023 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)