United International Transportation Company announces the interim consolidated financial results for the period ending on 30-09-2014 (Nine Months)
| Element | Current quarter | Similar quarter for previous year | % Change Current | Previous quarter | % Change Previous |
|---|---|---|---|---|---|
| Net profit (loss) | 44,234,155 | 38,468,275 | 14.99 | 42,254,155 | 4.69 |
| Gross profit (loss) | 27,087,883 | 28,210,344 | -3.98 | 31,200,745 | -13.18 |
| Operational profit (loss) | 11,248,140 | 13,023,017 | -13.63 | 13,651,910 | -17.61 |
| Element | Current period | similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 126,361,326 | 112,697,884 | 12.12 |
| Gross profit (loss) | 87,862,672 | 79,404,529 | 10.65 |
| Operational profit (loss) | 37,694,173 | 33,379,666 | 12.93 |
| Earning or loss per share, Riyals | 3.11 | 2.77 | - |
| All figures are in Saudi Arabia, Riyals |
|---|
| Element | Explaination |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | 1- The increase of revenue from rentals (long and short term) during this quarter as a result of high demand of leasing vehicles as well as small and medium trucks added in its subsidiary Rahal. 2- The increase of gain on sale of vehicles on account of disposal of more vehicle which became due for sale based on lease maturity or based on reaching to the age for discontinue with object to keep the latest and young fleet as a management policy. |
| Reasons of increase (decrease) for period compared with same period last year | 1- The increase of revenue from rentals (long and short term) especially long term in addition to the growth in leasing commercial vehicles and trucks in subsidiary company Rahaal. 2- The increase of gain on sale of vehicles on account of disposal of more vehicle which became due for sale based on lease maturity or based on reaching to the age for discontinue with object to keep the latest and young fleet as a management policy. |
| Reasons of increase (decrease) for quarter compared with previous quarter | The increase of gain on sale of vehicles on account of disposal of more vehicle which became due for sale based on lease maturity or based on reaching to the age for discontinue with object to keep the latest and young fleet as a management policy. |
| Reclassifications in quarterly financial results | Certain comparative figures have been reclassified to conform to the current period's presentation |
| Other notes | 1- The decrease in Gross Profit during the current quarter compared to same Quarter last year is mainly due to The increase of cost of revenue as a result of increasing in prices of new vehicles in addition to increase of maintenance expenses on account of increase in spare part cost. Also as small and medium trucks are being added into its subsidiary Rahal where the gestation period from the purchase of truck till it is delivered to customer with the specified body, depreciation is provided but no revenue realized up to 3 to 6 months. 2- The decrease in Gross Profit during the current quarter compared to preceding quarter is mainly due to increase of cost of revenue as a result of increase in the purchase price for the new vehicles specially models 2015 as well as maintenance and other direct incidental cost. 3- The decrease of income from operation in the current quarter compared to same quarter last year is mainly due to the increase of cost of revenue as a result of increase in the purchase price of vehicles as well as maintenance and other incidental cost. 4- The decrease of income from operation in the current quarter compared to preceding quarter is mainly due to the increase of cost of revenue as a result of increase in the purchase price for the new vehicles specially models 2015 as well as maintenance and other incidental cost. Also as small and medium trucks are being added into its subsidiary Rahal where the gestation period from the purchase of truck till it is delivered with the specified body, depreciation is provided but no revenue realized up to 3 to 6 months. 5- The increase in Gross Profit during the current period compared to same period last year is mainly due to The increase of revenue mainly from long term (Leasing) revenue as a result of growth in the fleet with efficient management in addition to the growth in leasing commercial vehicles and trucks in subsidiary company Rahaal 6- The increase of Income from operation in the current period compared to same period last year is mainly due to the increase of revenue from rentals (long and short term) especially long term on account of significant growth in operation lease revenue on account of lease fleet growth. 7- Earnings per share for the nine months period ended 30 September 2014 & 30 September 2013 have been computed by dividing the net income for the period by 40.6 million shares (including bonus shares) |
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