United International Transportation Co. announces its Interim Financial Results for the Period Ending on 2020-03-31 ( Three Months )

21 June 2020 03:53 PM

BUDGET SAUDI 4260 -3.27% 65.00 -2.20

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	276,669	259,408	6.653	273,973	0.984
Gross Profit (Loss)	81,704	71,539	14.209	74,926	9.046
Operational Profit (Loss)	47,949	43,846	9.357	50,432	-4.923
Net Profit (Loss) after Zakat and Tax	45,457	41,604	9.261	48,296	-5.878
Total Comprehensive Income	45,303	41,604	8.89	45,454	-0.332
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (after Deducting Minority Equity)	1,205,102	1,159,799	3.906
Profit (Loss) per Share	0.64	0.58
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Explanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to	The increase in net profit for current quarter compared to the same quarter of previous year is mainly due to the increase in the sale proceed of vehicles, as the used vehicle market was strong in terms of demand and sales value.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to	The decrease in net profit for current quarter compared to previous quarter is mainly due to the provision for the bad debts of 8.9M in the current quarter, no such provision in the preceding quarter.
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	The decrease in operating profit for current quarter compared to previous (preceding) quarter is mainly due to the provision for the bad debts of 8.9M in the current quarter, no such provision in the preceding quarter. Even though it was partly offset with the better car sale proceeds.

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