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Budget Saudi’s initial financials post 6% increase in Q2

Budget Saudi’s initial financials post 6% increase in Q2
Net profits after zakat and tax amounted to SAR 43.47 million in Q2-19
BUDGET SAUDI
4260
0.63% 32.00 0.20

Riyadh – Mubasher: The preliminary financial statements of the United International Transportation Company (Budget Saudi) showed an increase of 6.48% in profits during the second quarter of 2019.

Net profits after zakat and tax amounted to SAR 43.47 million in Q2-19, compared to SAR 40.83 million in Q2-18, according to a bourse filing on Sunday.

Revenues of the Saudi-based company levelled up 1.5% to SAR 254.4 million by the end of June, from SAR 250.6 million in the same period of the previous year.

For the first half of 2019, net profits of Budget Saudi grew 5.79% to SAR 85.08 million, versus SAR 80.42 million in H1-18.

The company attributed the increase in profits to the rise in revenues from selling used cars.

It is worth noting that Budget Saudi has reported a 5% year-on-year profit increase in the first quarter of 2019, registering SAR 41.6 million