United International Transportation Co. announces its Interim Financial Results for the Period Ending on 2020-06-30 (SIX months )

23 July 2020 03:30 PM

BUDGET SAUDI 4260 32.15% 85.90 20.90

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	187,663	254,469	-26.253	276,669	-32.17
Gross Profit (Loss)	45,802	73,683	-37.839	81,704	-43.941
Operational Profit (Loss)	23,559	46,256	-49.068	47,949	-50.866
Net Profit (Loss) after Zakat and Tax	22,582	43,477	-48.059	45,457	-50.322
Total Comprehensive Income	22,575	43,477	-48.075	45,303	-50.168
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	464,332	513,877	-9.641
Gross Profit (Loss)	127,506	145,222	-12.199
Operational Profit (Loss)	71,508	90,102	-20.636
Net Profit (Loss) after Zakat and Tax	68,039	85,081	-20.03
Total Comprehensive Income	67,878	85,081	-20.219
Total Share Holders Equity (after Deducting Minority Equity)	1,192,094	1,159,799	2.784
Profit (Loss) per Share	0.96	1.2
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 decrease in net profit for current quarter compared to the same quarter of previous year is mainly due to substantial decrease in the short rental revenue as the result of significantly low utilization in short rental due to lock down during the current quarter. Also, during the lock down period, the company was unable to sale all the vehicles due for the sale
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 substantial decrease in the short rental revenue as the result of significantly low utilization in short rental due to lock down, during the period. Also, during the lock down period, the company was unable to sale all the vehicles due for the sale.
Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to	The decrease in net profit for current period compared to similar period of previous year is mainly due to substantial decrease in the short rental revenue in the second quarter 2020, as the result of significantly low utilization in short rental due to lock down during the period, specially the suspension of the commercial activities at all airports.
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 of all compared figures for current quarter and current period compared to same quarter last year and similar period of previous year and compared to previous quarter is mainly due to no or minimum commercial activities during the current quarter due to lock down and suspension of commercial activities at all the airports which has impacted the short rental hence comprehensive income as well as net profit are significantly low.

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