Riyadh – Mubasher: United International Transportation Company (Budget Saudi) on Sunday reported a 6.8% year-on-year decline in its net profits during the first quarter of 2018, compared to the year-ago period.

Budget Saudi’s net profits fell to SAR 39.59 million in the three-month period ended March 2018, down from SAR 42.48 million in Q1-17, according to a bourse filing.

The firm attributed the decline in its first-quarter profits to a decrease in revenues from short rental and lower profits from cars sale.

“Earnings per share (EPS) for the three months period ended Q1-18 and Q1-17 have been computed by dividing the net income for the period by SAR 71 million shares (including bonus shares), according to previous approval from EGM dated 19-4-201,” the statement added.

Revenues levelled down 9.6% to SAR 270 million in Q1-18, compared to SAR 299 million during the same period in the year before.

Quarter-on-quarter, profits jumped 83.6% during Q1-18, from SAR 21.57 million in Q4-17.

Budget Saudi’s stock inched down 0.5%, closing Sunday at SAR 36.35.