Theeb Rent a Car profit soars 83% to SAR 50.9 mln in H1 2021

12/08/2021 Argaam Exclusive

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Theeb Rent a Car Co. reported a net profit after Zakat and tax of SAR 50.9 million for the first half of 2021, a surge of 83% from SAR 27.9 million a year earlier.

The profit rise was spurred by continuous improvement in demand for the short-term car rental services in 2021, as the 2020 demand was adversely impacted by the COVID-19 pandemic. This improvement resulted in higher rented units with better utilization for the short-term rental segment. The long-term lease and car sales segment also reported better net profit, despite a drop in car sales revenue.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	319.11	357.15	11.9 %
Gross Income	72.94	107.78	47.8 %
Operating Income	40.71	66.06	62.3 %
Net Income	27.89	50.93	82.6 %
Average Shares	43.00	43.00	-
EPS (Riyals)	0.65	1.18	82.6 %

In Q2 2021, the company turned to a net profit after Zakat and tax of SAR 25 million against a net loss of SAR 6.17 million in the prior-year period.

The positive performance was attributed to the increased short-term rental revenues, which were adversely impacted by the COVID-19 pandemic in Q2 2020.

On a sequential basis, the company turned profitable from a net loss of SAR 4 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	121.51	180.24	48.3 %
Gross Income	12.72	54.35	327.2 %
Operating Income	(0.11)	33.16	31380.2 %
Net Income	(6.17)	24.96	504.3 %
Average Shares	43.00	43.00	-
EPS (Riyals)	(0.14)	0.58	504.3 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	176.90	180.24	1.9 %
Gross Income	53.42	54.35	1.7 %
Operating Income	32.91	33.16	0.8 %
Net Income	25.97	24.96	(3.9 %)
Average Shares	43.00	43.00	-
EPS (Riyals)	0.60	0.58	(3.9 %)

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