United International Transportation Company (Budget Saudi) announces its Interim Financial Results for the Period Ending on 31/03/2023 (Three Months)

21 May 2023 08:00 AM

BUDGET SAUDI 4260 -3.27% 65.00 -2.20

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	298,705	248,300	20.3	250,217	19.38
Gross Profit (Loss)	104,006	86,875	19.72	85,770	21.26
Operational Profit (Loss)	77,854	64,130	21.4	67,520	15.3
Net Profit (Loss) after Zakat and Tax	69,318	60,272	15.01	65,088	6.5
Total Comprehensive Income	69,318	60,272	15.01	67,280	3.03
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)	1,793,857	1,658,721	8.15
Profit (Loss) per Share	0.97	0.85
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The reason of the increase in the net profit during the current quarter compared to the same quarter of the last year is mainly due to the increase in short rental revenue with better utilization as a result of more demand which was continued till the end of quarter one, along with significant growth in the long rental.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is	The reason of the increase in the net profit during the current quarter compared to the previous quarter is mainly due to the increase in short rental revenue with better utilization, which was due to consistent increase in the demand and it remained unaffected until the end of March 2023, The consistent growth was also witnessed in the long rental and more vehicles were sold in current quarter in comparison to the previous quarter.
Statement of the type of external auditor's report	Unmodified conclusion
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)

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