Mubasher TV
Contact Us Advertising   العربية

United International Transportation Co. (Budget Saudi) announces its Annual consolidated audited financial results for the year ending on 2018-12-31

BUDGET SAUDI 4260 33.08% 86.50 21.50

Element List Current Year Previous Year %Change
Sales/Revenue 1,040,970 1,173,158 -11.267
Total Profit (Loss) 275,082 262,602 4.752
Profit (Loss) Operational 182,596 186,633 -2.163
Net Profit (Loss) after Zakat and Tax 169,986 149,511 13.694
Total Comprehensive Income 162,758 151,259 7.602
Total Share Holders Equity (after deducting minority equity) 1,126,355 1,070,347 5.232
Profit (Loss) per Share 2.39 2.1
All figures are in (Thousands) Saudi Arabia, Riyals
Element List Explanation
Reason for increase (decrease) in net profit for current year compared to last year The increase in net profit is mainly due to:

1-Better operational efficiency which resulted in better utilization of fleet and resulted improved revenue per vehicle.

2-The management has impaired the investment in its associate SR 14.9 M in 2017 no such impairment for the current year.

Type of the external auditor's opinion Unmodified opinion
External auditor's report containing reservation None
Reclassifications in annual financial results Certain comparative figures have been reclassified to conform to the current period's presentation according to International Financial Reporting Standards (IFRS)
Additional Information 1-The decrease in revenue for current year compared to last year is mainly due to decrease in rental revenue from both short and long term because of change in the fleet mix but with better utilization of the fleet as corresponding direct expenses also have reduced.

2- The increase in total Profit for current year compared to last year is mainly due to higher profit from the vehicles sold in addition to decrease in cost of revenue as a result of improved utilization.

3- The decrease in operational profit for current year compared to previous year is mainly due to increase in selling and marketing expenses.

Comments