United International Transportation Co. announces its Interim Financial Results for the Period Ending on 2020-09-30 ( Nine Months )

22 October 2020 03:27 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	227,651	255,644	-10.949	187,663	21.308
Gross Profit (Loss)	64,650	77,212	-16.269	45,802	41.151
Operational Profit (Loss)	42,396	48,645	-12.846	23,559	79.956
Net Profit (Loss) after Zakat and Tax	40,450	45,243	-10.593	22,582	79.124
Total Comprehensive Income	40,476	45,243	-10.536	22,575	79.295
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	691,983	769,521	-10.076
Gross Profit (Loss)	192,156	222,434	-13.612
Operational Profit (Loss)	113,904	138,747	-17.905
Net Profit (Loss) after Zakat and Tax	108,489	130,324	-16.754
Total Comprehensive Income	108,354	130,324	-16.857
Total Share Holders Equity (after Deducting Minority Equity)	1,196,986	1,149,929	4.092
Profit (Loss) per Share	1.52	1.83
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 (less number of cars on rent) , low demand for short rental due to the current pandemic, covid-19.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to	The increase in net profit for current quarter compared to previous quarter is mainly due to slight improvement in the short rental revenue with comparatively better utilization (more number of cars on rent) after lifting of the lockdown. Also, during the current quarter, the company has sold more number of used vehicles, hence more net gain of used car too.
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 and third quarter 2020, because of significantly low utilization (less number of cars on rent) during the period starting from Covid -19 (from middle of March 2020).
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 and similar period of previous year is mainly due to comparatively low commercial activities because of COVID -19, which has significantly impacted the short rental hence comprehensive income as well as net profit are low.

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