Theeb Rent a Car Co. reported a net profit after Zakat and tax of SAR 50.9 million for the first half of 2021, a surge of 83% from SAR 27.9 million a year earlier.
The profit rise was spurred by continuous improvement in demand for the short-term car rental services in 2021, as the 2020 demand was adversely impacted by the COVID-19 pandemic. This improvement resulted in higher rented units with better utilization for the short-term rental segment. The long-term lease and car sales segment also reported better net profit, despite a drop in car sales revenue.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 319.11 | 357.15 | 11.9 % |
| Gross Income | 72.94 | 107.78 | 47.8 % |
| Operating Income | 40.71 | 66.06 | 62.3 % |
| Net Income | 27.89 | 50.93 | 82.6 % |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 0.65 | 1.18 | 82.6 % |
In Q2 2021, the company turned to a net profit after Zakat and tax of SAR 25 million against a net loss of SAR 6.17 million in the prior-year period.
The positive performance was attributed to the increased short-term rental revenues, which were adversely impacted by the COVID-19 pandemic in Q2 2020.
On a sequential basis, the company turned profitable from a net loss of SAR 4 million.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 121.51 | 180.24 | 48.3 % |
| Gross Income | 12.72 | 54.35 | 327.2 % |
| Operating Income | (0.11) | 33.16 | 31380.2 % |
| Net Income | (6.17) | 24.96 | 504.3 % |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | (0.14) | 0.58 | 504.3 % |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 176.90 | 180.24 | 1.9 % |
| Gross Income | 53.42 | 54.35 | 1.7 % |
| Operating Income | 32.91 | 33.16 | 0.8 % |
| Net Income | 25.97 | 24.96 | (3.9 %) |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 0.60 | 0.58 | (3.9 %) |
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