Budget Saudi’s profits up 15% in Q1-23 initial financials

Reuters Images/Fahad Shadeed

The registered net profits were higher by 15.01%

Staff Writer, Mubasher

May 22, 2023

PHOTO

Riyadh – United International Transportation Company (Budget Saudi) logged net profits after Zakat and tax amounting to SAR 69.31 million in the first quarter (Q1) of 2023.

The registered net profits were higher by 15.01% than SAR 60.27 million in Q1-22, according to interim financial results.

Earnings per share (EPS) jumped to SAR 0.97 as of 31 March 2023 from SAR 0.85 in Q1-22.

Budget Saudi generated revenues valued at SAR 298.70 million in Q1-23, a 20.30% year-on-year (YoY) growth from SAR 248.30 million.

On a quarterly basis, the Q1-23 net profits climbed by 6.50% from SAR 65.08 million in Q4-22, while the revenues jumped by 19.38% from SAR 250.21 million.

Last year, the company posted a 14.60% rise in net profit after Zakat and tax to SAR 252 million, compared to SAR 219.91 million in 2021.

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