Budget Saudi contracts reach SAR 250 million, retained earnings hit SAR 723 million in Q1 2022

RIYADH, Saudi Arabia, June 8, 2022 /PRNewswire/ -- United International Transportation (UNITRANS) Group's flagship brand Budget Saudi has announced Q1 2022 results. The 44-year-old company reported a net profit after Zakat and tax of SAR 60.3M in Q1 2022, compared to SAR 48.3M in the year-earlier period, and retained earnings amounted to about SAR 723M in Q1 2022. Demand in the short-term rental segment increased in Q1 2022, recording revenue of SAR 57.4M, compared to SAR 42.3M a year earlier. Meanwhile, long-term rental income hit SAR 117M during Q1 2022, compared to SAR 114M in Q1 2021. Long-term car rental contracts signed in the first quarter of 2022 reached SAR 250M, compared to SAR 111M a year earlier.

Earlier this year, the company announced their 2021 results, which were the highest profitability in the company's history. Fawaz Abdullah Danish, Budget Saudi's President & Group CEO, said, "Despite the challenges posed by Covid-19 and fluctuating energy prices, we are pleased to announce a very successful year for the company.

"It has been a difficult period for everyone, and we have been fortunate that we have been in the business for a long time. This experience gives us the advantage of an intimate knowledge of the market and a deep understanding of what our customers want.

"As a result, we know how to adapt to situations, even unprecedented ones such as the pandemic. For example, we have always focused on cleanliness and hygiene, so it was easier to meet pandemic requirements. We also believe it is essential to operate with effective corporate governance and transparency. We will continue to reinvest in the company to expand our world-class services and ensure our fleet remains high-quality and up to date. Development and innovation are a key part of our growth," Danish said.

"We will still provide rental vehicles at highly affordable prices, but we have also expanded our offerings to meet demand. For example, we have inducted a huge fleet of multiple brands of cars to cater to the current demand and expectation of the market. We have added new car sales showrooms to sell pre-owned cars, offer a specialized premier limousine service, and have very flexible and tailor made corporate leasing solutions. We have invested more in technology, such as our app, contactless delivery and website.

"It is essential to keep looking to the future. We want to create value for our stakeholders and serve our customers with efficiency and commitment," Danish said.

About Budget Saudi

Founded in 1978, Budget Saudi operates in 25 cities across Saudi Arabia and is expanding. It offers a growing range of services, including short-term local and international rentals, long-term rentals, a premier limousine service, corporate leasing, pre-owned car sales, a loyalty program, 24-hour emergency road assistance, and more. All products and services are of international standard and comply with all health and safety regulations.

For more information, visit www.budgetsaudi.com or download their mobile application.

Media contact:
Anil Mathew Abraham
[email protected] 

SOURCE Budget Saudi