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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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