Theeb Rent a Car posts 78% profit leap to SAR 139.5 mln in 9M 2022; Q3 at SAR 53.8 mln

01/11/2022 Argaam Exclusive

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Theeb Rent a Car reported a 78% surge in net profit after Zakat and tax to SAR 139.5 million in the first nine months of 2022, from SAR 78.3 million a year earlier on higher demand for short-term rentals, continuous growth in the long-term lease segment and extraordinary performance of the used car sales market.

Short-term rental revenue increased by 39% year-on-year (YoY) to SAR 352.5 million in the nine-month period.

Long-term lease revenue jumped 18.1% YoY to SAR 233.1 million in the same period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	539.37	697.69	29.4 %
Gross Income	170.54	254.54	49.3 %
Operating Income	99.68	167.46	68.0 %
Net Income	78.28	139.45	78.1 %
Average Shares	43.00	43.00	-
EPS (Riyals)	1.82	3.24	78.1 %

In Q3 2022, net profit after Zakat and tax soared 97% to SAR 53.8 million, from SAR 27.35 million, driven by solid performance in all segments. Short-term rental revenue climbed 29.8% YoY to SAR 125.6 million in the three-month period.

Long-term lease revenue advanced 18.2% YoY to SAR 79.8 million in the same period.

The company’s net profit after Zakat and tax rose 25% from SAR 43 million in Q2 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	182.23	250.20	37.3 %
Gross Income	62.77	88.60	41.2 %
Operating Income	33.62	64.31	91.3 %
Net Income	27.35	53.79	96.7 %
Average Shares	43.00	43.00	-
EPS (Riyals)	0.64	1.25	96.7 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	226.60	250.20	10.4 %
Gross Income	81.65	88.60	8.5 %
Operating Income	52.69	64.31	22.0 %
Net Income	43.06	53.79	24.9 %
Average Shares	43.00	43.00	-
EPS (Riyals)	1.00	1.25	24.9 %

Shareholders’ equity, no minority interest, increased to SAR 641.014 million as of Sept. 30, 2022, from SAR 537.870 million a year earlier.

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