Riyadh – Mubasher: United International Transportation Company’s (Budget Saudi) net profits slumped by 48.05% on an annual basis in the second quarter (Q2) ended 30 June 2020.

The profits for Q2-20 totalled SAR 22.58 million, compared to SAR 43.47 million in Q1-19, according to a bourse filing on Thursday.

Meanwhile, revenue contracted by 26.25% to reach SAR 187.66 million.

Budget Saudi ascribed the lower Q2-20’s net earnings largely to the plunge in the short-term rental revenue as demand was hammered due to full and partial lockdown during the curfew period. The company was also unable to sell second-hand vehicles due to the same reason.

In its meeting, the board approved the distribution of SAR 35.58 million or SAR 0.5 per share as cash dividends to shareholders for the first half (H1) of 2020, representing 5% of the share’s nominal value.

Eligibility of dividends will be to the shareholders at the end of 28 July 2020, as per the registered shareholders in the register of the Securities Depository Center Company (Edaa) at the end of the second trading day following the due date.