Riyadh – Mubasher: United International Transportation Company (Budget Saudi) reported a net profit of SAR 127.84 million for the first half (H1) of 2026, representing a 24.08% plunge from SAR 168.39 million in the same period last year.
The decline in half-year profitability occurred despite a 9.44% increase in total revenue to SAR 1.19 billion, driven by higher used vehicle sales volumes.
The company noted that the six-month performance was impacted by lower utilization rates in short-term rentals due to geopolitical conditions, alongside rising insurance costs and conservative provisioning for receivables.
For the second quarter (Q2) of 2026, net profit rose by 9.06% year-on-year (YoY) to SAR 93.38 million. This quarterly growth was primarily attributed to a one-time non-operating income of SAR 25 million following the final settlement of contractual terms related to the acquisition of Al Jazira Equipment Company Limited (Auto World).
Quarterly revenue reached SAR 638.45 million, up 17.22% from the prior-year period.
Operating profit H1-26 stood at SAR 178.79 million, down 18.15% from SAR 218.44 million. Earnings per share (EPS) for the period reached SAR 1.23, compared to SAR 1.62 a year earlier. Total shareholders' equity increased by 7.33% to SAR 2.99 billion.
In Q1-26, Budget Saudi recorded 58.37% YoY lower net profits at SAR 34.45 million.
