RIYADH: Car rental company Budget Saudi has posted a slight profit surge of 5 percent to SR123 million ($33 million) for the first half of 2022.
This was an increase from SR117 million in the prior-year period, according to a bourse filing.
The rise in profit was attributed to an increase in revenues of 2 percent to SR479 million compared to the same period last year.
This follows the agreement by Aljozoor Alrasekha Trucking Co., Budget Saudi subsidiary, to buy a 70 percent stake in Overseas Development’s subsidiaries in Saudi Arabia, Kuwait, and the UAE earlier this week.
CEO Fawaz Danish told Argaam that the potential takeover is expected to boost the company’s finances since logistics demand is expected to rise.
In a separate announcement, Budget Saudi said that it is seeking approval from shareholders for the purchase of up to 7 million of its shares to be held in treasury.
Shareholders of Budget Saudi are to receive an interim dividend of SR0.5 per share for the first half of 2022.