Riyadh – Mubasher: United International Transportation Company (Budget Saudi) gained SAR 40.450 million in net profits during the third quarter (Q3) ending 30 September 2020,10.6% less than the year-ago period.

The slump in net profit is attributed to a substantial decrease in the short rental revenue due to significantly low utilisation (less number of cars on rent) and low demand for short rental on the back of the coronavirus, according to a bourse filing on Thursday.

Revenue registered SAR 227.651 million in the July-September period, a yearly decline of 10.9%.

In the first nine months of 2020, the profits tumbled by 16.8% annually to SAR 108.489 million.