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The United International Transportation Co. (Budget Saudi) Announces its Annual Consolidated Financial Results for the Year Ending on 31-12-2023
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 1,378,138 | 1,025,162 | 34.43 | ||
| Gross Profit (Loss) | 446,638 | 358,352 | 24.64 | ||
| Operational Profit (Loss) | 321,845 | 268,279 | 19.97 | ||
| Net profit (Loss) | 277,211 | 252,009 | 10 | ||
| Total Comprehensive Income | 278,211 | 254,201 | 9.45 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 1,902,765 | 1,724,539 | 10.33 | ||
| Profit (Loss) per Share | 3.9 | 3.54 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The reason of the increase in the revenues during the current year compared to the last year is primarily enhanced due to the fleet expansion along with short-term rental utilization and increased demand for long-term rental in addition to the higher number of sold used car vehicles in 2023 compared to 2022. The overall increase in the revenue may be explained as below: • Short Rental revenue increased by 46% in 2023 compared to 2022 from SR 261m to SR 381m. • Long Rental revenue increased by 17% in 2023 compared to 2022 from SR 496m to SR 582m. • Pre-Owned car sale revenue increased by 53% in 2023 compared to 2022 from SR 269m to SR 411m. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason of the increase in the net profit during the current year compared to the last year is due to the maximizing the utilization of the expanding fleet, both in short-term and long-term rentals, coupled with an increase in the sale of used car units in 2023 compared to 2022, propelled the revenue growth. Despite the increase in the operational and financing costs, net profit increased by 10% for 2023 compared to 2022 reaching SAR 277m for the year 2023 compared to SAR 252m in 2022. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | None |
| Additional Information | - |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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