United International Transportation Company (Budget-Saudi) logged a six percent rise in net profit in the second quarter of this year at SR23,945,850 compared to SR22,664,879 for same quarter last year, the company said in a statement on Tadawul website. Compared to net income for the first quarter of this year of SR22,965,335, it rose 4 percent. The net income for the six amounted to SR46,911,185 compared to SR45,255,841 for the same period last year, an increase of 4 percent. The increase in net income for the period ended 30 June 2011 was mainly due to the increase in revenue from rentals (long and short term) and gain of car sales in six months compared with same period in last year. Gross profit for second quarter ended 30 June 2011 amounted to SR23,692,229 compared to SR23,079,245 for same quarter last year, or a 3 percent climb. Income from operation for second quarter dropped 1 percent to SR26,749,511 compared to SR26,944,992 for same quarter last year. Earnings per share for the six months amounted to SR2.56 compared to SR2.47 for the same period last year.
