Financial Results : Theeb Rent a Car net profit up 64% to SAR 42.6 mln in Q1 2022

Theeb Rent a Car net profit up 64% to SAR 42.6 mln in Q1 2022

15/05/2022 Argaam Exclusive

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Theeb Rent a Car Co. reported a net profit after Zakat and tax of SAR 42.6 million for Q1 2022, jumping by 64% from SAR 26 million in the same period a year earlier.  



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 176.90 220.88 24.9 %
Gross Income 53.42 84.29 57.8 %
Operating Income 32.91 50.46 53.3 %
Net Income 25.97 42.59 64.0 %
Average Shares 43.00 43.00 -
EPS (Riyals) 0.60 0.99 64.0 %

The profit increase is attributed to higher short-term rental revenue driven by robust demand, as well as higher long-term rental revenue as a result of new long-term contracts concluded during the period and renewals of its expiring contracts. 

 

Sequentially, the company’s net profit fell by 10.2% in Q1 2022 from SAR 47.4 million in Q4 2021. The decline is attributed to a slight drop in the short-term car rental utilization due to seasonal factors. 

 

Total shareholders’ equity, after minority interest, stood at SAR 586.73 million as of March 31, 2022, increasing by 15.6% from SAR 507.489 million a year earlier. 

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