Theeb Rent a Car profit jumps 87% to SAR 78.3 mln in 9M 2021

09/11/2021 Argaam Exclusive

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Theeb Rent a Car Co. reported a net profit after Zakat and tax of SAR 78.3 million for the first nine months of 2021, soaring 87% from SAR 41.9 million in the year-earlier period.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	485.09	539.37	11.2 %
Gross Income	111.50	170.54	52.9 %
Operating Income	62.91	99.68	58.5 %
Net Income	41.87	78.28	87.0 %
Average Shares	43.00	43.00	-
EPS (Riyals)	0.97	1.82	87.0 %

The profit growth was driven by the continuous improvement in demand for short-term car rental services in 2021, as 2020 was adversely affected by COVID-19. The lease segment showed continued stable growth year-on-year due to higher contract renewals and new clients.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	165.98	182.23	9.8 %
Gross Income	38.56	62.77	62.8 %
Operating Income	22.20	33.62	51.4 %
Net Income	13.99	27.35	95.6 %
Average Shares	43.00	43.00	-
EPS (Riyals)	0.33	0.64	95.6 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	180.24	182.23	1.1 %
Gross Income	54.35	62.77	15.5 %
Operating Income	33.16	33.62	1.4 %
Net Income	24.96	27.35	9.6 %
Average Shares	43.00	43.00	-
EPS (Riyals)	0.58	0.64	9.6 %

The net profit after Zakat and tax jumped 96% YoY to SAR 27.4 million in Q3 2021, mainly due to higher revenue from short-term rentals.

On a sequential basis, Q3 net profit climbed 9.6% from SAR 24.96 million.

Shareholders’ equity, after minority interest, increased to SAR 537.87 million as of Sept. 30, 2021, from SAR 472.48 million a year earlier.

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