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 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	182.23	213.00	16.9 %
Gross Income	62.77	77.94	24.2 %
Operating Income	33.62	52.53	56.3 %
Net Income	27.35	47.44	73.4 %
Average Shares	43.00	43.00	-
EPS (Riyals)	0.64	1.10	73.4 %

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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