Riyadh – Mubasher: United International Transportation Company (Budget Saudi) on Thursday stated that net profits after calculating Zakat and Tax inched up 0.71% in the third quarter of 2018, compared to the year-ago period.

Budget Saudi’s net profits reached SAR 43.11 million ($11.49 million) during Q3-18, compared to SAR 42.81 million ($11.41 million) in Q3-17, according to a bourse filing.

The company attributed the slight growth in Q3-18 profits to generating higher profits from selling vehicles.

Sales fell 7.4% to SAR 261.97 million during Q3-18, from SAR 282.99 million a year earlier.

Operational profits inched down 0.68%, reaching SAR 47.12 million by the end of Q3-18, compared to SAR 47.44 million in the corresponding quarter a year earlier.

Quarter-on-quarter, profits rose 5.6%, from SAR 40.83 million.

From January to September, Budget Saudi’s net profits after calculating Zakat and Tax fell 3.4% to SAR 123.54 million, from SAR 127.94 million in the same months last year.

The nine-month period’s profits declined due to a drop in short and long rental revenues, whereas administrative and general expenses rose.

Revenues decreased by 9.32% to SAR 782.88 million by the end of 30 September, from SAR 863.32 million in the year-ago period.

Year-on-year, operational profits slid 5.9%, reaching SAR 134.99 million, compared to SAR 143.53 million.

Earnings per share fell to SAR 1.74, from SAR 1.80.

Budget Saudi’s stock edged down 0.17% to end Wednesday at SAR 28.80.