Theeb Rent a Car posts 78% profit leap to SAR 139.5 mln in 9M 2022; Q3 at SAR 53.8 mln

01/11/2022 Argaam Exclusive

Theeb Rent a Car reported a 78% surge in net profit after Zakat and tax to SAR 139.5 million in the first nine months of 2022, from SAR 78.3 million a year earlier on higher demand for short-term rentals, continuous growth in the long-term lease segment and extraordinary performance of the used car sales market.

 

Short-term rental revenue increased by 39% year-on-year (YoY) to SAR 352.5 million in the nine-month period.

 

Long-term lease revenue jumped 18.1% YoY to SAR 233.1 million in the same period.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 539.37 697.69 29.4 %
Gross Income 170.54 254.54 49.3 %
Operating Income 99.68 167.46 68.0 %
Net Income 78.28 139.45 78.1 %
Average Shares 43.00 43.00 -
EPS (Riyals) 1.82 3.24 78.1 %

In Q3 2022, net profit after Zakat and tax soared 97% to SAR 53.8 million, from SAR 27.35 million, driven by solid performance in all segments.  Short-term rental revenue climbed 29.8% YoY to SAR 125.6 million in the three-month period.

 

Long-term lease revenue advanced 18.2% YoY to SAR 79.8 million in the same period.

 

The company’s net profit after Zakat and tax rose 25% from SAR 43 million in Q2 2022.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 182.23 250.20 37.3 %
Gross Income 62.77 88.60 41.2 %
Operating Income 33.62 64.31 91.3 %
Net Income 27.35 53.79 96.7 %
Average Shares 43.00 43.00 -
EPS (Riyals) 0.64 1.25 96.7 %

Shareholders’ equity, no minority interest, increased to SAR 641.014 million as of Sept. 30, 2022, from SAR 537.870 million a year earlier.

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Share Price

Theeb Rent a Car Co.
74.70
(0.60) (0.80 %)

Theeb Rent a Car Co. (THEEB)

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Financial Ratios
Current
Market Cap (M Riyal) 3,212.10
Enterprise Value (EV) (M) 4,383.52
Shares Outstanding ((M)) 43.00
EPS ( Riyal) (TTM) 3.89
Book Value (BV) ( Riyal) 18.64
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 19.23
P/E (TTM) 19.23
Price/book 4.01
Return on Average Assets (%) (TTM) 7.5
Return on Average Equity (%) (TTM) 22.1
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