BUDGET Posts 2013 Net Profit of SAR 150.21 Million

19/01/2014 19:42 AST

Net profit of United International Transportation Company (BUDGET) during the 4th Q 2013 amounted to SAR 37.51 million versus SAR 35.64 million for the same quarter of last year with an increase of 5.25 %, compared to SAR 38.47 million for the previous quarter with a decrease of 2.49 %.

Gross profit during the 4th Q of 2013 added up to SAR 34.55 million versus SAR 8.97 million for the same quarter of last year, an increase of 285.04 percent.

Operating profit increased 864.45 % to SAR 18.42 million during 4thQuarter of 2013 versus SAR 1.91 million for the same quarter of last year.

While, net profit during 2013 showed an increase of 19.42 percent with SAR 150.21 million versus SAR 125.78 million for the last year 2012.

EPS of BUDGET during 2013 recorded as SAR 4.92 per share versus 4.12 SAR/Share for the same period last year 2012.

The total gross profit during 2013 is recorded as SAR 144.80 million versus SAR 94.01 million for the last year 2012, showing increase of 22.13%.

The total operating profit of BUDGET during 2013 amounted to SAR 51.80 million versus SAR 24.37 million for the last year 2012, increasing 112.41 %.

The reason for increase in net profit for quarter compared with same quarter last year is due to the increase of revenue from rentals (long and short term) especially long term.

The reason for increase in Yearly net profits is due to the following reasons:

1-The increase of revenue from rentals (long and short term) especially long term in addition to the growth in leasing trucks in Consolidated company Rahaal.

2- The reduction of General and administrative expenses by 19% as a result of better cost control and timely collection of trade receivables by the management.

3- The growth in net profit in associated company TranzLease.

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