Budget Saudi posts 5% net profit rise to $50.1m in 2020

United International Transportation Co. (Budget Saudi) reported a net profit after Zakat and tax of SR 187.9 million ($50.1 million) for 2020, up 5 percent, compared to SR 178.6 million in the previous year.

The company attributed the profit rise to higher sales, as more vehicles were sold with improved margin in the second half of the year, which in turn compensated for the reduction in lease and rental revenue loss due to COVID-19.

Q4 2020 net profit after Zakat and tax rose 64 percent year-on-year (YoY) to SR 79.4 million.