Riyadh – Mubasher: United International Transportation Co (Budget Saudi) reported a 12.95% year-on-year decrease in its profits during the first quarter of 2017, according to a bourse statement.

Net profits reached SAR 42.48 million in Q1-17, compared to SAR 48.8 million in Q1-16, while net profits for the last quarter grew 31.93% from SAR 32.2 million achieved in Q4-16.

The year-on-year profit decrease was a result of lower revenues generated from rentals and higher cost of revenue.

Total sales reached SAR 299 million in Q1-17, down 0.33% from SAR 300 million in Q1-16.