Theeb Rent a Car’s H1 2022 net profit jumps 68% to SAR 85.7 mln; Q2 at SAR 43 million

09/08/2022 Argaam Exclusive

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Theeb Rent a Car Co. reported a 68% leap in H1 2022 net profit after Zakat and tax to SAR 85.7 million, compared to SAR 50.9 million in the corresponding period of 2021.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	357.15	447.49	25.3 %
Gross Income	107.78	165.94	54.0 %
Operating Income	66.06	103.15	56.1 %
Net Income	50.93	85.65	68.2 %
Average Shares	43.00	43.00	-
EPS (Riyals)	1.18	1.99	68.2 %

The profit rise was attributed to higher short-term rental revenues driven by robust demand, and continued growth in long-term rentals. The short-term rentals increased by 44.6% year-on-year (YoY) to SAR 226.9 million in the six-month period.

Long-term rental revenues jumped 18% YoY to SAR 153.4 million.

In Q2 2022, net profit after Zakat and tax climbed 73% to SAR 43 million, from SAR 24.96 million in the prior-year period, thanks to improved performance in all segments.

Compared to Q1 2022, net profit rose by 1.1% from SAR 42.60 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	180.24	226.60	25.7 %
Gross Income	54.35	81.65	50.2 %
Operating Income	33.16	52.69	58.9 %
Net Income	24.96	43.06	72.5 %
Average Shares	43.00	43.00	-
EPS (Riyals)	0.58	1.00	72.5 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	220.88	226.60	2.6 %
Gross Income	84.29	81.65	(3.1 %)
Operating Income	50.46	52.69	4.4 %
Net Income	42.59	43.06	1.1 %
Average Shares	43.00	43.00	-
EPS (Riyals)	0.99	1.00	1.1 %

Shareholders’ equity, after minority interest, rose to SAR 608.719 million by the end of the six-month period, from SAR 532.448 million a year earlier.

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