Jeddah, Saudi Arabia--(Newsfile Corp. - March 13, 2023) - Budget Saudi, one of the leading car rental companies in Saudi Arabia, has announced record-breaking profits for 2022. The company's net profit surged to 252 million Saudi riyals, marking a 14.06% increase over its 2021 results. This impressive growth was largely driven by an increase in sales revenue, which totaled over 1 billion riyals. The company's short-term rental fleet saw strong demand throughout the year, while long-term leasing also contributed significantly to the profits.
The company's optimized use of its growing fleet, which expanded by 6,000 vehicles to 32,000 by the end of the financial year, was a major factor in boosting revenue and profit. In recognition of its outstanding performance, the board of directors recommended distributing cash dividends of 142 million riyals for 2022, a company record.
Mr. Fawaz Abdullah Danish, the Group CEO, attributed the growth in income to an increase in the number of tourists and Umrah performers visiting the Kingdom, thanks to the country's openness to tourism and its excellent airport infrastructure. The company sold 5,900 cars in 2022 and is expected to sell more cars in 2023.
Although the supply of new cars presented a challenge up until August of 2022, it improved during the final quarter, and the company expects it to return to normal levels during the second half of 2023. Budget Saudi's ongoing dedication to providing top-quality service to customers has been a major factor in achieving these historic results. Mr. Danish expressed confidence that the team's continuing dedication will pave the way for even greater achievements and successes in the coming years.
Budget Rent a Car is the flagship brand of United International Transportation Company, which has been proudly serving customers for more than 44 years. The company offers domestic and international short-term rentals, long-term rentals, and corporate leasing, among other services, through 91 locations throughout the Kingdom, including 13 international and domestic airports, that cover the major population centers, and five used-car showrooms located in Riyadh, Jeddah, Dammam, Medina, and Abha.
Name- Anil Mathew Abraham
Contact- +966 92000 4124 / +966 (0)12 692 7070 Ext 1444
Address - 3, Al Basateen District, Bin 3 Complex, King Abdul Aziz Road, Jeddah 23719, Saudi Arabia
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