BUDGET Announces Its Interim Consolidated Financial Results

20/01/2013 10:38 AST

UNITED INTERNATIONAL TRANSPORTATION COMPANY (BUDGET-SAUDI) ANNOUNCES ITS AUDITED CONSLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31 December 2012:

1-The Net income for fourth quarter ended 31 December 2012 amounted to SR 35.6 Million compared to SR 28.00 Million for same quarter last year which is 27% higher and 14% higher compared to preceding quarters profit of SR 31.3 Million

2-The Gross Profit for fourth quarter ended 31 December 2012 amounted to SR 8.9 Million compared to SR 4.04 Million, with net increase of SR4.9M which is 121%, higher for same quarter last year.

3-The Income from operation for fourth quarter ended 31 December 2012 amounted to SR 1.9 Million compared to SR 30.9 Million, lower by 93.8% for same quarter last year.

4-The Net income for the twelve months ended 31 December 2012 amounted to SR 125.8 Million compared to SR 100.7 Million for the same period last year with increase of 25%.

5-The Earnings per share for the twelve months ended 31 December 2012 amounted to SR 5.15 compared to SR 4.13 for the same period last year and it has been computed by dividing the net income for the period by 24.4 million shares (including bonus shares).

6-The Gross Profit for the twelve months ended 31 December 2012 amounted to SR 91.4 Million compared to SR 88.6 Million for the same period last year with increase of 3%.

7-The Income from Operation for the twelve months ended 31 December 2012 amounted to SR 24.4 Million compared to SR 36.5 Million for the same period last year, which is lower by 33%.

8-The increase of Net income for 4th Q 2012 compared to same Quarter last year is mainly due to the significant growth in the revenue from rentals (short and long term) on account of high utilization and demand of short rental of vehicles during Haj season. In addition to rental revenue, the gain on sale of used vehicles was also much higher in the current quarter compared to preceding due to better market conditions as well as the volume of pre-owned high quality vehicles by the company.

9-The increase of Net income for the twelve months ended 31-12-2012 compared to same period last year was mainly due to increase of revenue from rentals (long and short term) . The revenue for the twelve months ended 31 December 2012 amounted to SR 582 Million compared to SR 508 Million for the same period last year, with increase of 15% due to growth in the rental as well as lease fleet with optimal utilization resulted in better revenue. Moreover, significant net increase in the gain of sale of used car by 50% compared to last year has contributed positively to the net profit. During the current year 2012, the gain of sale of used car has contributed to SR 112 Million compared to SR 75 Million in 2011. The increase in the gain of used car sales during the current year was mainly due to high demand of pre-owned high quality vehicles by the company., which are sold at premium compared to other competitors

10- The increase of Net income for 4th Q 2012 compared to 3rd Q 2012 was mainly due to increase of gain of car sales and better utilization of its fleet.

11-The increase of Gross profit for 4th Q 2012 compared to 3rd Q 2012 was mainly due to exclusion of few indirect expenses from cost of revenue which are included with marketing and general expenses based on its nature as other than direct expenses.

For more on this Click Here

Tadawul