Riyadh – Mubasher: United International Transportation Co. (Budget Saudi) on Sunday reported robust results for the full-year 2018, citing better operational efficiency.

Budget’s net profits after Zakat and taxes amounted to SAR 169.986 million ($45.32 million) between January and December 2018, registering a year-on-year rise of 13.7% from SAR 149.511 million ($39.86 million).

The rise came despite an 11.3% fall in revenues to SAR 1.041 billion in 2018 from SAR 1.173 billion in 2017, Budget Saudi said in a filing to the Saudi Stock Exchange (Tadawul).

Operating profits fell slightly by 2.16% to SAR 182.596 million last year from SAR 186.63 million in 2017.

Total shareholders’ equity, after deducting minority interests, amounted to SAR 1.126 billion in 2018, up 5.32% from SAR 1.070 billion in the prior year.

Earnings per share reached SAR 2.39 in 2018 versus SAR 2.1 in 2017, the statement indicated.

Budget Saudi attributed the profit growth to two main aspects, namely better operating performance, which allowed the company to better utilise its fleet and resulted in “improved revenue per vehicle” added to management impairing an investment in an associate at SAR 14.9 million in 2017.

No impairments were made in 2018, the firm highlighted.

In a separate statement, Budget announced its dividend distribution for 2018 at SAR 1.5 per share, representing 15% of the share’s nominal value.

The firm, which operates with Saudi Arabia’s transportation sector and focuses on trucking, said that the total value of its dividend distribution amounts to SAR 106.75 million for 2018 and entails 71.167 million shares.

Shareholders registered in the firm’s registry at the end of the second day of trading following the shareholders’ meeting will be entitled to the dividends, Budget added.

Budget previously reported a slight growth in net profit in the third quarter of 2018 to SAR 43.11 million compared to SAR 42.81 million ($11.41 million) the same period of 2017 on the back of higher profits from the sale of its vehicles.

By 10:07 am Saudi time, Budget Saudi’s stock jumped 4.09% to SAR 29.25.