Fawaz Danish,CEO ofUnited International Transportation Co. (Budget Saudi)
United International Transportation Co.’s (Budget Saudi) acquisition of Al Jazira Equipment Co. Ltd. (AutoWorld) is starting to show results, expecting it to take two and three years to realize full positive results, CEO Fawaz Danish said.
In a phone call with Argaam, Danish added that the operational integration between the two companies began to be reflected in the results of the fourth quarter of 2024, noting that the negotiating power in the purchase of cars, spare parts, insurance and others helped optimize costs.
The rise in the company’s profits in Q4 2024 was driven by improved income from vehicles rental and leasing segments, in addition to the contribution of profit from AutoWorld, which was not present for the same period in 2023, said the top executive.
He added that the growth in fleet size had a significant impact on the improvement in financial performance, as the rental segment and higher occupancy contributed positively to the increase in income and profits.
The CEO also indicated that the size of the leasing fleet exceeds 70% of the group’s total fleet, while the rental segment represents the remaining percentage.
He revealed that the size of the group’s fleet exceeded 50,000 vehicles by the end of 2024, including cars, trucks and vans, making Budget Saudi the largest car rental company offering various transportation solutions that cater to the needs of its customers.
“Customers rely on these solutions to support the growth of their business. The company is constantly seeking to grow in its field of specialization and secure its share in the Saudi market, which is growing continuously. There is no doubt that the Kingdom’s economy and its future drive to greater growth and increased market share,” said Danish.
Regarding the company’s investments, he explained that Budget Saudi’s investment in the Overseas Development LLC came to seize growth opportunities in the logistics sector, which is witnessing a boom in the Kingdom, as it is one of the main pillars of Vision 2030 to diversify sources of income, adding that this sector receives great support from the government.
He added that the company aims to enter this industry further in the future, noting that the subsidiary’s revenues boosted the group’s revenues for 2024.
Budget Saudi reported a net profit before minority interest of SAR 311.7 million for 2024, a 12% hike from SAR 277.2 million a year earlier. Q4 net profit stood at SAR 100.1 million, Argaam‘s data showed.
Fawaz Danish,CEO ofUnited International Transportation Co. (Budget Saudi)
United International Transportation Co.’s (Budget Saudi) acquisition of Al Jazira Equipment Co. Ltd. (AutoWorld) is starting to show results, expecting it to take two and three years to realize full positive results, CEO Fawaz Danish said.
In a phone call with Argaam, Danish added that the operational integration between the two companies began to be reflected in the results of the fourth quarter of 2024, noting that the negotiating power in the purchase of cars, spare parts, insurance and others helped optimize costs.
The rise in the company’s profits in Q4 2024 was driven by improved income from vehicles rental and leasing segments, in addition to the contribution of profit from AutoWorld, which was not present for the same period in 2023, said the top executive.
He added that the growth in fleet size had a significant impact on the improvement in financial performance, as the rental segment and higher occupancy contributed positively to the increase in income and profits.
The CEO also indicated that the size of the leasing fleet exceeds 70% of the group’s total fleet, while the rental segment represents the remaining percentage.
He revealed that the size of the group’s fleet exceeded 50,000 vehicles by the end of 2024, including cars, trucks and vans, making Budget Saudi the largest car rental company offering various transportation solutions that cater to the needs of its customers.
“Customers rely on these solutions to support the growth of their business. The company is constantly seeking to grow in its field of specialization and secure its share in the Saudi market, which is growing continuously. There is no doubt that the Kingdom’s economy and its future drive to greater growth and increased market share,” said Danish.
Regarding the company’s investments, he explained that Budget Saudi’s investment in the Overseas Development LLC came to seize growth opportunities in the logistics sector, which is witnessing a boom in the Kingdom, as it is one of the main pillars of Vision 2030 to diversify sources of income, adding that this sector receives great support from the government.
He added that the company aims to enter this industry further in the future, noting that the subsidiary’s revenues boosted the group’s revenues for 2024.
Budget Saudi reported a net profit before minority interest of SAR 311.7 million for 2024, a 12% hike from SAR 277.2 million a year earlier. Q4 net profit stood at SAR 100.1 million, Argaam‘s data showed.
