Theeb Rent a Car posts 46% profit decline to SAR 63.3 mln for 2020
30/03/2021
Argaam Exclusive
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Theeb Rent a Car Co. reported net profit after Zakat and tax of SAR 63.3 million for 2020, a 46% decline, from SAR 119 million a year earlier.
This earnings drop was driven by lower utilization rates for the short-term rental activities across the Kingdom. The company also cited lower revenue from the short-term rental activities due to the COVID-19 outbreak.
Financials (M)
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 631.14 | 660.00 | 4.6 % |
| Gross Income | 221.15 | 162.01 | (26.7 %) |
| Operating Income | 156.16 | 91.52 | (41.4 %) |
| Net Income | 116.03 | 63.25 | (45.5 %) |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 2.70 | 1.47 | (45.5 %) |
The company’s Q4 2020 net profit after Zakat and tax fell 43% year-on-year to SAR 21.4 million.
Compared With The
Current Quarter Comparison (M)
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 180.17 | 174.90 | (2.9 %) |
| Gross Income | 65.73 | 50.51 | (23.2 %) |
| Operating Income | 43.15 | 28.61 | (33.7 %) |
| Net Income | 37.61 | 21.37 | (43.2 %) |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 0.87 | 0.50 | (43.2 %) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2020 | 197.60 | 39.5 % | 60.22 | 32.7 % | 40.82 | 34.4 % |
| Q2 2020 | 121.51 | (18.2 %) | 12.72 | (74.8 %) | (0.11) | (100.3 %) |
| Q3 2020 | 165.98 | 3.2 % | 38.56 | (35.3 %) | 22.20 | (51.7 %) |
| Q4 2020 | 174.90 | (2.9 %) | 50.51 | (23.2 %) | 28.61 | (33.7 %) |
| 2020 | 660.00 | 4.6 % | 162.01 | (26.7 %) | 91.52 | (41.4 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2020 | 34.06 | 87.8 % | 0.79 | - | 34.06 | 0.79 |
| Q2 2020 | (6.17) | (124.2 %) | (0.14) | - | (6.17) | (0.14) |
| Q3 2020 | 13.99 | (59.7 %) | 0.33 | - | 13.99 | 0.33 |
| Q4 2020 | 21.37 | (43.2 %) | 0.50 | - | 21.37 | 0.50 |
| 2020 | 63.25 | (45.5 %) | 1.47 | - | 63.25 | 1.47 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2020 | 34.35 % | 40.66 % | 19.20 % |
| Q2 2020 | 30.04 % | 44.83 % | 15.18 % |
| Q3 2020 | 26.64 % | 50.52 % | 11.95 % |
| Q4 2020 | 24.55 % | 49.57 % | 9.58 % |
| 2020 | 24.55 % | 49.57 % | 9.58 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2020 | 43.00 | 3.07 | 3.07 | 10.87 |
| Q2 2020 | 43.00 | 2.33 | 2.33 | 10.66 |
| Q3 2020 | 43.00 | 1.85 | 1.85 | 10.99 |
| Q4 2020 | 43.00 | 1.47 | 1.47 | 11.20 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2020 | - | - | - |
| Q2 2020 | - | - | - |
| Q3 2020 | - | - | - |
| Q4 2020 | - | - | - |
Business Segments (Million)
Q4 2020
| Period | Short term leasing | Long term leasing | Cars sales |
|---|---|---|---|
| Q1 2020 | 88.51 | 59.73 | 49.35 |
| Q2 2020 | 30.46 | 60.89 | 30.16 |
| Q3 2020 | 65.06 | 62.27 | 38.65 |
| Q4 2020 | 70.94 | 66.76 | 37.20 |
| Current | |
| Market Cap (M Riyal) | 3,285.20 |
| Enterprise Value (EV) (M) | 4,456.62 |
| Shares Outstanding ((M)) | 43.00 |
| EPS ( Riyal) (TTM) | 3.89 |
| Book Value (BV) ( Riyal) | 18.64 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 19.66 |
| P/E (TTM) | 19.66 |
| Price/book | 4.10 |
| Return on Average Assets (%) (TTM) | 7.5 |
| Return on Average Equity (%) (TTM) | 22.1 |
Share Price
Theeb Rent a Car Co. (THEEB)
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