Riyadh – Mubasher: United International Transportation Company (Budget Saudi) on Thursday said that its net profit declined 12.12% during 2017, compared to the year before.
Net profit reached SAR 149.51 million in 2017, compared to SAR 170.13 million the year before, according to a statement to the Saudi Stock Exchange (Tadawul).
Budget Saudi attributed the decrease in its annual profits to a drop in revenues from short rental, decline in net profit of vehicles selling, and a decision to make SAR 14.9 million impairment against investing in its associate firm in India.
The company’s revenues inched down 0.85% to SAR 1.17 billion in 2017, compared to SAR 1.18 billion a year earlier.
Budget’s stock edged down 0.98%, closing Wednesday at SAR 29.41.
