February 28, 2024
Unidas' third-quarter profit more than doubled

Unidas’ third-quarter profit more than doubled

The company stated on its balance sheet that the average rate for its car rental division has increased by about 29% year-over-year and 9% quarter-on-quarter (Image: YouTube/Unidas Oficial)

a United (LCAM3) Net profit amounted to 267.3 million riyals in the third quarter, more than double the profit of the previous year. a company From vehicle leasing and fleet management this Wednesday.

Cash generation is measured by profit ExpensesAnd taxes, Depreciation and Amortization (Ebitda) RO 636 million from July to September, up 72.5% in the year-on-year comparison.

Analysts on average expected a net profit of 252.7 million riyals and an EBITDA of 590 million riyals for Unidas in the period, according to data from Refinitiv.

The company stated in the balance sheet that the average rate for the car rental division rose by about 29% year-on-year and 9% quarter-on-quarter, to 80 riyals. According to the company, “the demand for rents is still very high, which facilitates these transfers.”

In used cars, the average selling price continued to benefit from the scenario of higher new car prices, given the inability of the automakers to meet the demand in the sector due to the supply crisis of semiconductors that equips vehicles.

According to Unidas, the average selling price of used cars increased by 43.3% in 12 months, to a record level of 58.8 thousand riyals. Despite the higher prices, the company sold 12,200 vehicles in the period, down 57.5% from the same comparison.

“Sales volume continues to slow due to the company’s strategy of prioritizing lease servicing and maximizing the useful life of assets until the vehicle-receipt scenario from automakers is streamlined,” Unidas stated.

According to the company, the production capacity of used cars is approximately 30,000 cars per quarter.

See the result below: