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Budget Saudi profits down 8% in Q2

Budget Saudi profits down 8% in Q2
Profits reached SAR 42.7 million in the second quarter of 2017
BUDGET SAUDI
4260
32.15% 85.90 20.90

Riyadh - Mubasher: United International Transportation Company (Budget Saudi) posted a 7.68% decline in profits for the second quarter of 2017, according to a bourse filing.

The company said in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday that profits totalled SAR 42.7 million in Q2-17 compared to SAR 46.2 million for the same period last year.

Meanwhile, profits levelled up by 0.42% compared to the SAR 42.5 million recorded in the first quarter of the year.

The company attributed the year-on-year decrease in profits to lower revenues, mainly from short rentals revenue. Although the lease revenue has partly compensated the loss of short rental revenue, the rental and lease revenue were jointly low compared to same quarter last year, the statement noted, adding that the number of vehicles sold along with net gain on sale was low due to vehicles sales volume and mix.

As for the first half of the year, profits went down by 10.4% to SAR 85.1 million compared to SAR 95 million in H1-16.