United International Transportation Co. announces its Interim Financial Results for the Period Ending on 2020-09-30 ( Nine Months )
ELEMENT LIST |
CURRENT QUARTER |
SIMILAR QUARTER FOR PREVIOUS YEAR |
%CHANGE |
PREVIOUS QUARTER |
% CHANGE |
Sales/Revenue |
227,651 |
255,644 |
-10.949 |
187,663 |
21.308 |
Gross Profit (Loss) |
64,650 |
77,212 |
-16.269 |
45,802 |
41.151 |
Operational Profit (Loss) |
42,396 |
48,645 |
-12.846 |
23,559 |
79.956 |
Net Profit (Loss) after Zakat and Tax |
40,450 |
45,243 |
-10.593 |
22,582 |
79.124 |
Total Comprehensive Income |
40,476 |
45,243 |
-10.536 |
22,575 |
79.295 |
All figures are in (Thousands) Saudi Arabia, Riyals |
ELEMENT LIST |
CURRENT PERIOD |
SIMILAR PERIOD FOR PREVIOUS YEAR |
%CHANGE |
Sales/Revenue |
691,983 |
769,521 |
-10.076 |
Gross Profit (Loss) |
192,156 |
222,434 |
-13.612 |
Operational Profit (Loss) |
113,904 |
138,747 |
-17.905 |
Net Profit (Loss) after Zakat and Tax |
108,489 |
130,324 |
-16.754 |
Total Comprehensive Income |
108,354 |
130,324 |
-16.857 |
Total Share Holders Equity (after Deducting Minority Equity) |
1,196,986 |
1,149,929 |
4.092 |
Profit (Loss) per Share |
1.52 |
1.83 |
|
All figures are in (Thousands) Saudi Arabia, Riyals |
ELEMENT LIST |
EXPLANATION |
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to |
The decrease in net profit for current quarter compared to the same quarter of previous year is mainly due to substantial decrease in the short rental revenue as the result of significantly low utilization (less number of cars on rent) , low demand for short rental due to the current pandemic, covid-19. |
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to |
The increase in net profit for current quarter compared to previous quarter is mainly due to slight improvement in the short rental revenue with comparatively better utilization (more number of cars on rent) after lifting of the lockdown. Also, during the current quarter, the company has sold more number of used vehicles, hence more net gain of used car too. |
Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to |
The decrease in net profit for current period compared to similar period of previous year is mainly due to substantial decrease in the short rental revenue in the second and third quarter 2020, because of significantly low utilization (less number of cars on rent) during the period starting from Covid -19 (from middle of March 2020). |
Basis of the External Auditor's Opinion |
Unmodified opinion |
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion |
None |
Reclassification of Comparison Items |
Certain comparative figures have been reclassified to conform to the current period's presentation according to International Financial Reporting Standards (IFRS) |
Additional Information |
The decrease of all compared figures for current quarter and current period compared to same quarter and similar period of previous year is mainly due to comparatively low commercial activities because of COVID -19, which has significantly impacted the short rental hence comprehensive income as well as net profit are low. |