United International Transportation Co. (Budget Saudi) announces its Annual consolidated audited financial results for the year ending on 31-12-2019
|Element List||Current Year||Previous Year||%Change|
|Gross Profit (Loss)||297,360||275,082||8.098|
|Operational Profit (Loss)||189,178||182,596||3.604|
|Net Profit (Loss) after Zakat and Tax||178,619||169,986||5.078|
|Total Comprehensive Income||175,777||162,758||7.998|
|Total Share Holders Equity (after Deducting Minority Equity)||1,159,799||1,126,355||2.969|
|Profit (Loss) per Share||2.51||2.39|
|All figures are in (Thousands) Saudi Arabia, Riyals|
|Increase (Decrease) in Net Profit for Current Year Compared to Last Year is Attributed to|| 1-Better operational efficiency in the short rental, which resulted in better utilization of fleet and resulted in improved revenue per vehicle.
2- Consistent demand for used vehicles for all types of vehicles with improved market price.
|Basis of the External Auditor's Opinion||Unmodified opinion|
|Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion||None|
|Reclassification of Comparison Items||Certain comparative figures have been reclassified to conform to the current period's presentation according to International Financial Reporting Standards (IFRS).|
|Additional Information|| 1-Overall revenue is almost the same; however, the short-term rental revenue has increased, whereas operational lease revenue has declined due to less demand in the operational lease segment. The decline in the operational lease revenue is compensated by the increase in the short rental revenue as a result of improved utilization with a higher short-term rental fleet this year.
2- The increase in total profit for the current year compared to last year is mainly due to higher profit from the vehicles sold as a result of continues change and improved marketing tools to increase the customer base in this segment.
3- The increase in operational profit for the current year compared to the previous year is mainly due to consistent better used car sale demand.