Budget Saudi Arabia Reports Significant Growth Following Al-Alam Cars Acquisition

Budget Saudi Arabia (United International Transportation Company) has experienced substantial growth following its acquisition of Al-Alam Cars. The company reported a 12% increase in profits for the year 2024 compared to 2023, reaching SAR 311.7 million.

According to the company's management, the enhanced financial results, especially in Q4 2024, were driven by improved revenues from both long-term and short-term leasing services, in addition to the direct contribution from Al-Alam Cars—a factor not present during the same period of the previous year.

By the end of 2024, Budget's fleet size exceeded 50,000 vehicles, including cars, trucks, and vans, making it the largest car rental service provider in Saudi Arabia. The company highlighted that over 70% of its fleet is dedicated to long-term leasing, with the remainder allocated to short-term leasing services.

These expansions align with Saudi Arabia's economic growth, as many businesses rely heavily on transportation solutions provided by Budget to support their operational growth.

In terms of strategic investments, Budget Saudi Arabia clarified that its investment in the Overseas Development Company aims to capitalize on promising opportunities within the logistics sector. This sector is crucial to Saudi Arabia’s Vision 2030 and receives strong governmental support aimed at diversifying the national economy.