ALBAWABA - Budget, the Saudi Arabian company, announced its financial results for the first quarter of 2023 on Sunday, May 21st. The results showed a 15% increase in net profit to SAR 69.3 million compared to SAR 60.2 million in the same period last year.
Additionally, the company recorded a 20 Percent growth in revenues, amounting to SAR 298.7 million compared to SAR 248.3 million in the same period last year.
The main reason for the increase in net profit during the current quarter can be attributed to the rise in short-term rental revenues, driven by improved occupancy rates due to increased demand that continued until the end of Q1 2023. The company's statement also highlighted noticeable growth in the long-term run.
