Theeb Rent a Car reported a 78% surge in net profit after Zakat and tax to SAR 139.5 million in the first nine months of 2022, from SAR 78.3 million a year earlier on higher demand for short-term rentals, continuous growth in the long-term lease segment and extraordinary performance of the used car sales market.
Short-term rental revenue increased by 39% year-on-year (YoY) to SAR 352.5 million in the nine-month period.
Long-term lease revenue jumped 18.1% YoY to SAR 233.1 million in the same period.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 539.37 | 697.69 | 29.4 % |
| Gross Income | 170.54 | 254.54 | 49.3 % |
| Operating Income | 99.68 | 167.46 | 68.0 % |
| Net Income | 78.28 | 139.45 | 78.1 % |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 1.82 | 3.24 | 78.1 % |
In Q3 2022, net profit after Zakat and tax soared 97% to SAR 53.8 million, from SAR 27.35 million, driven by solid performance in all segments. Short-term rental revenue climbed 29.8% YoY to SAR 125.6 million in the three-month period.
Long-term lease revenue advanced 18.2% YoY to SAR 79.8 million in the same period.
The company’s net profit after Zakat and tax rose 25% from SAR 43 million in Q2 2022.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 182.23 | 250.20 | 37.3 % |
| Gross Income | 62.77 | 88.60 | 41.2 % |
| Operating Income | 33.62 | 64.31 | 91.3 % |
| Net Income | 27.35 | 53.79 | 96.7 % |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 0.64 | 1.25 | 96.7 % |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 226.60 | 250.20 | 10.4 % |
| Gross Income | 81.65 | 88.60 | 8.5 % |
| Operating Income | 52.69 | 64.31 | 22.0 % |
| Net Income | 43.06 | 53.79 | 24.9 % |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 1.00 | 1.25 | 24.9 % |
Shareholders’ equity, no minority interest, increased to SAR 641.014 million as of Sept. 30, 2022, from SAR 537.870 million a year earlier.
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