Theeb 9M 2024 profit up 23% to SAR 131.5M; Q3 at SAR 46.5M

Theeb Rent a Car Co. reported a net profit of SAR 131.5 million in the first nine months of 2024, leaping 23% from SAR 106.5 million in the year-earlier period.

The profit growth was primarily driven by a 15.7% year-on-year (YoY) topline hike, largely attributed to a 39% rise in revenues from the long-term lease segment. Additionally, the used car sales segment’s nine-month revenues grew by 20.8%.

The topline growth of both of the company’s business segments offset the drop in revenues from the short-term rental segment by 3%.

The improvement in occupancy rates for both the lease and rental segments, coupled with lower operating expenses, also spurred the company’s the nine-month profit growth.

The company reported a net profit of SAR 46.49 million in Q3 2024, up 35.4% from SAR 34.33 million in the year before. This was primarily driven by a 17% revenue pick-up, fueled by a 42.9% and 21.4% rise in revenues of the lease and used car sales segments, respectively.

On a quarterly basis, net earnings climbed by 4.3% from SAR 44.58 million in Q2 2024.

Total shareholders’ equity, no minority interest, stood at SAR 801.44 million as of Sept. 30, 2024, compared to SAR 710.34 million in the prior-year period.

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