Financial Results : Theeb’s profit down 4% to SAR 40.5M in Q1 2024

Theeb’s profit down 4% to SAR 40.5M in Q1 2024

16/05/2024 Argaam Exclusive

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Theeb Rent a Car Co. (Theeb) reported a 4% drop in Q1 2024 net profit to SAR 40.5 million, compared to SAR 42.3 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 262.94 306.57 16.6 %
Gross Income 88.07 98.86 12.3 %
Operating Income 58.22 60.75 4.3 %
Net Income 42.29 40.48 (4.3 %)
Average Shares 43.00 43.00 -
EPS (Riyals) 0.98 0.94 (4.3 %)

The profit decline was attributed to the increase in the cost of cars sold due to the revision of their expected resale value, in addition to higher financing costs of bank borrowings.

 

Compared to Q4 2023, the first-quarter net profit rose 13.9% from SAR 35.5 million.

 

Shareholders’ equity, no minority interest, rose to SAR 752.6 million as of March 31, 2024, from SAR 681.8 million a year earlier.

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