Budget Saudi reports net profit growth to SAR 69.7M in Q1 2024

Budget Saudi reports net profit growth to SAR 69.7M in Q1 2024

12/05/2024 Argaam Exclusive

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United International Transportation Co. (Budget Saudi) reported net profit growth to SAR 69.7 million in Q1 2024, from SAR 69.3 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 298.71 416.87 39.6 %
Gross Income 104.01 129.02 24.0 %
Operating Income 70.45 71.03 0.8 %
Net Income 69.32 69.71 0.6 %
Average Shares 71.17 71.17 -
EPS (Riyals) 0.97 0.98 0.6 %

The company cited steady growth of both long-term and short-term rental revenue.

 

However, the first-quarter profit was affected by a correction in used car prices, and the mix of vehicles sold, especially those with a comparatively higher net book value compared to the same quarter of last year. Additionally, Budget Saudi’s Q1 figures were impacted by an increase in finance costs due to higher borrowings.

 

On a quarterly basis, net earnings rose 5.4% from SAR 66.13 million in Q4 2023.

 

Shareholders’ equity, after minority interest, reached SAR 1.97 billion by March 31, 2024, compared to SAR 1.79 billion in the prior-year period.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q3 2023 369.07 24.9 % 110.61 17.5 % 71.50 11.4 % 1.00
Q4 2023 369.81 47.8 % 119.08 38.8 % 66.13 1.6 % 0.93
Q1 2024 416.87 39.6 % 129.02 24.0 % 69.71 0.6 % 0.98

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2023 32.84 % 46.72 % 21.95 %
Q4 2023 32.41 % 44.08 % 20.12 %
Q1 2024 31.52 % 41.75 % 18.55 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2023 71.17 3.90 3.90 26.14
Q1 2024 71.17 3.90 3.90 27.13

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2023 20.28 20.28 3.02
Q1 2024 22.25 22.25 3.20

Business Segments (Million)

Compared With The
Period Leasing sector. Rental sector Used car sales Other
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 -
Q4 2023 152.60 109.35 103.88 -
Q1 2024 163.73 106.29 128.59 18.27

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 70.79 69.71 (1.5 %)

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
AlJazira Capital 70.40 69.71 (1.0) %
OSOOL AND BAKHEET 67.62 69.71 3.1 %
GIB Capital 72.00 69.71 (3.2) %
Al Rajhi Capital 74.00 69.71 (5.8) %
United Securities Company 65.00 69.71 7.2 %
SNB Capital 75.70 69.71 (7.9) %


Financial Ratios
Current
Market Cap (M Riyal) 6,284.31
Enterprise Value (EV) (M) 6,803.80
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) 22.64
P/E (TTM) 22.64
Price/book 3.26
Return on Average Assets (%) (TTM) 9.6
Return on Average Equity (%) (TTM) 14.9
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Share Price

United International Transportation Co.
88.30
(0.70) (0.79 %)

United International Transportation Co. (BUDGET SAUDI)

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