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.
By Staff Writer, Mubasher
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.
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