UNITED INTERNATIONAL TRANSPORTATION COMPANY (BUDGET-SAUDI) ANNOUNCES ITS CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31 December 2017
| Element | Current year | Previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 149,511 | 170,135 | -12.12 |
| Earning or loss per share, Riyals | 2.1 | 2.39 | - |
| Gross profit (loss) | 262,602 | 279,049 | -5.89 |
| Operational profit (loss) | 186,633 | 201,793 | -7.51 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of annual financial results | The decrease of net profit in current period compared to same period last year was mainly due to 1-The decrease of revenue from short rental. 2-decline in net gain on sale of the vehicles during the year as a result of the vehicles mixed sold during the year 3-In addition, the management has decided to make the impairment of SR 14.9 M against the investment in its associate due to status que situation of the associate with no improvement. |
| Reclassifications in annual financial results | No Translation, see the Arabic version |
| Other notes | 1-The revenue as of 31 December 2017 amounted to SR 1,173 million compared to SR 1,183 million as of 31 December 2016 with decrease of 0.85%. 2-The Total Comprehensive Income as of 31 December 2017 amounted to SR 151.2 million compared to SR 170 million as of 31 December 2016 with decrease of 11%. 3-The shareholders equity (no minatory Interests) as of 31 December 2017 amounted to SR 1070 Million compared to SR 995 Million as of 31 December 2016 with increase of 7.5%. 4- The decrease of Gross profit in current period compared to same period last year was mainly due to the decrease of revenue from short rental. 5- The decrease of Income from operation in current period compared to same period last year was mainly due to the decrease of revenue from short rental. 6- The consolidated financial statements of 2017 are the first annual consolidated financial statement prepared in accordance with IFRS as endorsed in KSA. 7- Earnings per share for the twelve months period ended 31/12/2017, 31/12/2016 have been computed by dividing the net income for the period by 71 million shares (including bonus shares) according to previous approval from EGM dated 19-4-2017 |
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