Riyadh – Mubasher: United International Transportation Company (Budget Saudi) reported its interim financial results for the third quarter of 2019.

Net profits inched up by 4.9% to SAR 45.24 million in Q3-19, compared to SAR 43.11 million in Q3-18, according to a bourse filing on Sunday.

“The increase in net profit is mainly due to better utilization of short term rentals along with to increase in the net car sale gain as a result of the improved model of sales to individual and bulk buyers, along with the type of vehicle mix,” the statement said.

Meanwhile, revenues of the Saudi firm retreated by 2.4% to SAR 255.6 million over the quarter, from SAR 261.9 million in the same period of the prior year.

On a yearly basis, net profits of Budget Saudi increased by 5.49% to SAR 130.3 million during the first nine months of 2019.

Total revenues inched down by 1.7% to SAR 769.5 million during the nine-month period ended September, versus SAR 782.8 million in the same period a year ago.

By the end of September, profit per share registered SAR 1.83, against SAR 1.74 in September 2018.