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.
| 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 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 300.67 | 306.57 | 2.0 % |
| Gross Income | 94.18 | 98.86 | 5.0 % |
| Operating Income | 48.11 | 60.75 | 26.3 % |
| Net Income | 35.53 | 40.48 | 13.9 % |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 0.83 | 0.94 | 13.9 % |
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.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}