Theeb H1 2024 earnings leap 18% to SAR 85.1M; Q2 at SAR 44.6M

07/08/2024 Argaam Exclusive

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Theeb Rent a Car Co. reported a net profit of SAR 85.1 million in H1 2024, leaping 18% from SAR 72.2 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	546.31	628.36	15.0 %
Gross Income	172.70	204.69	18.5 %
Operating Income	104.72	127.21	21.5 %
Net Income	72.21	85.06	17.8 %
Average Shares	43.00	43.00	-
EPS (Riyals)	1.68	1.98	17.8 %

Revenues increased by 15% year-on-year (YoY), mainly due to a rise of 37% in the long-term rental segment revenues. Sales of the used car sales segment also rose by 21%.

The growth in revenues from the long-term rental and used car sales segments offset the 3% decrease in revenues of the short-term rental segment.

The company reported a net profit of SAR 44.6 million in Q2 2024, up 49% from SAR 29.92 million in the year before, driven mainly by a 13.6% revenue increase and improved utilization rates of short term and long-term rental segments, in addition to the improved certain operational cost items.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	283.37	321.78	13.6 %
Gross Income	84.64	105.83	25.0 %
Operating Income	46.49	69.08	48.6 %
Net Income	29.92	44.58	49.0 %
Average Shares	43.00	43.00	-
EPS (Riyals)	0.70	1.04	49.0 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	306.57	321.78	5.0 %
Gross Income	98.86	105.83	7.0 %
Operating Income	60.75	69.08	13.7 %
Net Income	40.48	44.58	10.1 %
Average Shares	43.00	43.00	-
EPS (Riyals)	0.94	1.04	10.1 %

On a quarterly basis, Q2 net earnings increased 10.1% from SAR 40.48 million.

Total shareholders’ equity, no minority interest, stood at SAR 776.89 million as of June 30, 2024, compared to SAR 690.63 million in a prior-year period.

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