Theeb profit falls 26% to SAR 142.1M in 2023; Q4 at SAR 35.5M

14/03/2024 Argaam Exclusive

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Theeb Rent a Car Co. posted a 26% profit drop to SAR 142.1 million in 2023, compared to SAR 193.1 million in the year-earlier period.

Financials (M)

Item	2022	2023	Change‬
Revenues	967.97	1,135.39	17.3 %
Gross Income	351.86	358.87	2.0 %
Operating Income	227.80	205.91	(9.6 %)
Net Income	193.11	142.07	(26.4 %)
Average Shares	43.00	43.00	-
EPS (Riyals)	4.49	3.30	(26.4 %)

The car rental company cited a decline in the utilization rates of short-term rental segment, along with higher operating and financing costs. Meanwhile, revenues improved across the board.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	270.28	300.67	11.2 %
Gross Income	97.33	94.18	(3.2 %)
Operating Income	60.34	48.11	(20.3 %)
Net Income	53.66	35.53	(33.8 %)
Average Shares	43.00	43.00	-
EPS (Riyals)	1.25	0.83	(33.8 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	288.41	300.67	4.3 %
Gross Income	93.25	94.18	1.0 %
Operating Income	53.41	48.11	(9.9 %)
Net Income	34.33	35.53	3.5 %
Average Shares	43.00	43.00	-
EPS (Riyals)	0.80	0.83	3.5 %

In Q4 2023, the company’s net profit declined by 34% to SAR 35.5 million from SAR 53.6 million in Q4 2022.

On a sequential basis, Theeb’s net earnings rose 3.5% from SAR 34.3 million in Q3 2023.

Shareholders’ equity, no minority interest, grew to SAR 729.67 million as of Dec. 31, 2023, from SAR 664.86 million a year earlier.

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