Budget Saudi's H1 profit hikes 64%; dividends proposed

The profit growth was ascribed to improved short-term and long-term rental revenue

  
Image used for illustrative purpose. Saudi traders monitor stocks at a Saudi Bank in Dammam.

Image used for illustrative purpose. Saudi traders monitor stocks at a Saudi Bank in Dammam.

REUTERS/Stringer
Riyadh – Mubasher: United International Transportation Company (Budget Saudi Arabia) reported a 63.7% year-on-year (YoY) surge in its net profits, logging SAR 111.429 million in the first half (H1) of 2021, compared to SAR 68.039 million.

The profit growth was ascribed to improved short-term and long-term rental revenue as well as higher income from used vehicles, which was low in the year-ago period due to total and partial COVID-19 lockdown, the company said in a bourse disclosure on Sunday.

The revenues increased to SAR 478.563 million in the January-June period from SAR 464.332 million in the corresponding period a year earlier.

As for the second quarter (Q2) of 2021, Budget logged SAR 56.253 million in net profits, up by 149% YoY from SAR 22.582 million in Q1-20.

The sales grew to SAR 237.136 million in the April-June period, compared to SAR 187.663 million in the prior-year period.

In a separate statement, the company said that its board of directors decided to distribute SAR 42.7 million in cash dividends to shareholders for H1-21.

The proposed amount is equal to SAR 0.60 per share or 6% of the share’s nominal value.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities