Budget Saudi’s profits up in H1-24; dividends hit 4.5% of capital

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United International Transportation Company (Budget Saudi) posted 0.19% year-on-year (YoY) higher net profits at SAR 139.88 million in the first half (H1) of 2024, versus SAR 139.60 million.

The revenues amounted to SAR 841.94 million in H1-24, marking an annual leap of 31.70% from SAR 639.25 million, according to the initial financial results.

Earnings per share (EPS) grew to SAR 1.98 as of 30 June 2024 from SAR 1.96 in the year-ago period.

Financials for Q2-24

In the second quarter (Q2) of 2024, the net profits hit SAR 70.17 million, down 0.16% YoY from SAR 70.28 million.

Revenues increased by 24.81% to SAR 425.07 million in Q2-24 from SAR 340.55 million in Q2-23.

Quarter-on-quarter (QoQ), the net profits in Q2-24 edged up by 0.66% from SAR 69.71 million in Q1-24, while the revenues climbed by 1.96% from SAR 416.87 million.

Dividends

The board members of Budget Saudi decided to distribute cash dividends amounting to SAR 35.17 million, equivalent to 4.50% of the share capital, for H1-24.

The Tadawul-listed firm will pay a dividend of SAR 0.45 per share for 78.16 million eligible shares.

Eligibility and payment dates for the dividends will be 8 and 28 August 2024, respectively.