Theeb Rent a Car posts 46% profit decline to SAR 63.3 mln for 2020

30/03/2021 Argaam Exclusive

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Theeb Rent a Car Co. reported net profit after Zakat and tax of SAR 63.3 million for 2020, a 46% decline, from SAR 119 million a year earlier.

This earnings drop was driven by lower utilization rates for the short-term rental activities across the Kingdom. The company also cited lower revenue from the short-term rental activities due to the COVID-19 outbreak.

Financials (M)

Item	2019	2020	Change‬
Revenues	631.14	660.00	4.6 %
Gross Income	221.15	162.01	(26.7 %)
Operating Income	156.16	91.52	(41.4 %)
Net Income	116.03	63.25	(45.5 %)
Average Shares	43.00	43.00	-
EPS (Riyals)	2.70	1.47	(45.5 %)

The company’s Q4 2020 net profit after Zakat and tax fell 43% year-on-year to SAR 21.4 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	180.17	174.90	(2.9 %)
Gross Income	65.73	50.51	(23.2 %)
Operating Income	43.15	28.61	(33.7 %)
Net Income	37.61	21.37	(43.2 %)
Average Shares	43.00	43.00	-
EPS (Riyals)	0.87	0.50	(43.2 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	165.98	174.90	5.4 %
Gross Income	38.56	50.51	31.0 %
Operating Income	22.20	28.61	28.9 %
Net Income	13.99	21.37	52.8 %
Average Shares	43.00	43.00	-
EPS (Riyals)	0.33	0.50	52.8 %

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The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

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