Theeb Rent a Car 2021 profit rises 99% to SAR 125.7 mln, Q4 earnings at SAR 47.4 mln

02/03/2022 Argaam Exclusive

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Theeb Rent a Car Co. posted a net profit after Zakat and tax of SAR 125.7 million for 2021, up 99% compared with SAR 63.3 million a year earlier.



Financials (M)

Item 2020 2021 Change‬
Revenues 660.00 752.37 14.0 %
Gross Income 162.01 248.48 53.4 %
Operating Income 91.52 152.22 66.3 %
Net Income 63.25 125.73 98.8 %
Average Shares 43.00 43.00 -
EPS (Riyals) 1.47 2.92 98.8 %

The company attributed the profit growth to revenue from short-term rentals, which increased from SAR 255.0 million in 2020 to SAR 358.4 million in 2021.

 

The current year showed improved utilization resulting from increased demand of car rental services, the company stated.

 

It also cited the continued stable growth in the long-term rentals, as revenue grew from SAR 250.0 million in 2020 to SAR 270.3 million in 2021 on renewals and new additions of long term contracts in 2021.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 174.90 213.00 21.8 %
Gross Income 50.51 77.94 54.3 %
Operating Income 28.61 52.53 83.6 %
Net Income 21.37 47.44 122.0 %
Average Shares 43.00 43.00 -
EPS (Riyals) 0.50 1.10 122.0 %

Q4 earnings more than doubled to SAR 47.4 million, compared to SAR 21.3 million a year earlier.

 

Compared to the previous quarter, Q4 earnings increased 73.4% from SAR 27.3 million in Q3 2021.

 

Total shareholders’ equity, after minority interest, reached SAR 567.4 million in 2021, compared with SAR 481.6 million a year earlier.

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