Theeb Rent a Car profit up 54% to SAR 193.1 mln; Q4 at SAR 53.7 mln

07/03/2023 Argaam Exclusive

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Theeb Rent a Car Co. reported a net profit of SAR 193.1 million for 2022, a rise of 54% from SAR 125.7 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	752.37	967.97	28.7 %
Gross Income	248.48	351.86	41.6 %
Operating Income	152.22	227.80	49.7 %
Net Income	125.73	193.11	53.6 %
Average Shares	43.00	43.00	-
EPS (Riyals)	2.92	4.49	53.6 %

The increase in net profit is driven by higher revenue as short-term rentals increased from SAR 358.4 million in 2021 to SAR 484.1 million in 2022 supported by strong utilization and increased demand for car rental services.

Moreover, long-term rentals recorded stable growth, as revenue grew 14.2% from SAR 270.3 million in 2021 to SAR 308.8 million in 2022 attributed to renewals and new additions of long-term contracts in 2022. The used car sales segment showed outstanding results, with revenues reaching SAR 175 million in 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	213.00	270.28	26.9 %
Gross Income	77.94	97.33	24.9 %
Operating Income	52.53	60.34	14.9 %
Net Income	47.44	53.66	13.1 %
Average Shares	43.00	43.00	-
EPS (Riyals)	1.10	1.25	13.1 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	250.20	270.28	8.0 %
Gross Income	88.60	97.33	9.9 %
Operating Income	64.31	60.34	(6.2 %)
Net Income	53.79	53.66	(0.3 %)
Average Shares	43.00	43.00	-
EPS (Riyals)	1.25	1.25	(0.3 %)

The fourth-quarter net profit grew by 13% to SAR 53.7 million, from 47.44 million in the year-earlier period.

Net profit dropped slightly quarter-on-quarter from SAR 53.8 million in Q3 2022.

Shareholders’ equity, no minority interest, increased to SAR 664.86 million as of Dec. 31, 2022, from SAR 567.35 million a year earlier.

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