Theeb Rent a Car 9M 2023 profit down 24% to SAR 106.5 mln; Q3 at SAR 34.3 mln

08/11/2023 Argaam Exclusive

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Theeb Rent a Car Co. posted a 24% profit decline in the first nine months of 2023 to SAR 106.5 million, compared to SAR 139.5 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	697.69	834.72	19.6 %
Gross Income	254.54	265.70	4.4 %
Operating Income	167.46	159.62	(4.7 %)
Net Income	139.45	106.54	(23.6 %)
Average Shares	43.00	43.00	-
EPS (Riyals)	3.24	2.48	(23.6 %)

The company noted a decline in the utilization rate of short-term rental segment, along with higher operational and financing costs. However, revenues improved across segments.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	250.20	288.41	15.3 %
Gross Income	88.60	93.25	5.3 %
Operating Income	64.31	53.41	(17.0 %)
Net Income	53.79	34.33	(36.2 %)
Average Shares	43.00	43.00	-
EPS (Riyals)	1.25	0.80	(36.2 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	283.37	288.41	1.8 %
Gross Income	84.64	93.25	10.2 %
Operating Income	46.49	53.41	14.9 %
Net Income	29.92	34.33	14.8 %
Average Shares	43.00	43.00	-
EPS (Riyals)	0.70	0.80	14.8 %

In Q3 2023, the company’s net profit fell 36% SAR 34.3 million from SAR 53.80 million in Q3 2022.

On a sequential basis, the bottom line grew 14.8% from SAR 29.92 million in Q2 2023, on higher sale proceeds from short-term and long-term rental segments, as a result of improved utilization rates.

Shareholders’ equity, no minority interest, reached SAR 710.34 million as of Sept. 30, 2023, up from SAR 641.01 million a year earlier.

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