United International Transportation Company (Budget Saudi) announces its Interim Financial Results for the Period Ending on 31/03/2022 (Three Months)
ELEMENT LIST |
CURRENT QUARTER |
SIMILAR QUARTER FOR PREVIOUS YEAR |
%CHANGE |
PREVIOUS QUARTER |
% CHANGE |
Sales/Revenue |
248,300 |
237,029 |
4.755 |
254,603 |
-2.475 |
Gross Profit (Loss) |
86,875 |
73,388 |
18.377 |
72,431 |
19.941 |
Operational Profit (Loss) |
64,130 |
50,260 |
27.596 |
54,479 |
17.715 |
Net Profit (Loss) after Zakat and Tax |
60,272 |
48,322 |
24.729 |
51,713 |
16.55 |
Total Comprehensive Income |
60,272 |
48,322 |
24.729 |
47,009 |
28.213 |
All figures are in (Thousands) Saudi Arabia, Riyals |
ELEMENT LIST |
CURRENT PERIOD |
SIMILAR PERIOD FOR PREVIOUS YEAR |
%CHANGE |
Total Share Holders Equity (after Deducting Minority Equity) |
1,658,721 |
1,563,243 |
6.107 |
Profit (Loss) per Share |
0.85 |
0.68 |
|
All figures are in (Thousands) Saudi Arabia, Riyals |
ELEMENT LIST |
EXPLANATION |
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is |
The increase in the profit is mainly due to significant improvement and demand in the short term rental revenue as well as renewal with additional demand for lease (long term rental) vehicles during this quarter compared to the same quarter last year. |
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is |
The increase in the profit is mainly due to improved demand in the short term rental revenue as well as the increase in the lease vehicles (Long Term Rental) during this quarter compared to the previous quarter. |
Statement of the type of external auditor's report |
Unmodified conclusion |
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 |
With reference to note 16 to the condensed consolidated interim financial statements for the period ended 31 March 2021, the Group has reconsidered the prior period’s estimates relating to useful life and the residual value of vehicles. Accordingly, the Group has restated its financial statements for the period ended 31 March 2021. Following is the impact of restatements on Q1 2021 condensed consolidated interim financial statements: -decrease in net profit and profit per share from previously reported for the period ended 31 March 2021 by SR 6.854 million and SR 0.1, respectively. -The net impact of restatements resulted in an increase of equity previously reported as of 31 March 2021 by SR 233.488 million. |