Financial Results : Theeb profit rises 29% to SAR 182.7M in 2024; Q4 at SAR 51.2M

Theeb profit rises 29% to SAR 182.7M in 2024; Q4 at SAR 51.2M

12/03/2025 Argaam Exclusive

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Theeb Rent a Car Co. posted a 29% profit rise to SAR 182.7 million in 2024, compared to SAR 142.1 million in the year-earlier period.



Financials (M)

Item 2023 2024 Change‬
Revenues 1,135.39 1,302.67 14.7 %
Gross Income 358.87 417.76 16.4 %
Operating Income 205.91 264.07 28.2 %
Net Income 142.07 182.71 28.6 %
Average Shares 43.00 43.00 -
Earnings Per Share before unusual items (Riyals) 3.30 4.25 28.6 %
EPS (Riyals) 3.30 4.25 28.6 %

The profit growth was primarily driven by a 14.73% year-on-year (YoY) rise in revenues. This growth was buoyed by a 41.6% YoY increase in long-term leasing revenues and a 15.6% annual growth in used car sales. The rise in revenues from both the long-term leasing and used car sales segments helped offset a 4.4% YoY decline in short-term leasing revenues.

 

Moreover, certain operating cost items improved, in addition to the overall 14.73% YoY increase in revenues.

 

The company reported a net profit of SAR 51.2 million in Q4 2024, up 44% from SAR 35.53 million in the year before.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 300.67 336.92 12.1 %
Gross Income 93.17 106.52 14.3 %
Operating Income 46.29 61.63 33.2 %
Net Income 35.53 51.16 44.0 %
Average Shares 43.00 43.00 -
Earnings Per Share before unusual items (Riyals) 0.83 1.19 44.0 %
EPS (Riyals) 0.83 1.19 44.0 %

On a quarterly basis, net earnings climbed by 10.1% from SAR 46.49 million in Q3 2024.

 

Total shareholders’ equity, no minority interest, stood at SAR 830.44 million as of Dec. 31, 2024, compared to SAR 729.67 million a year earlier.

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