Theeb Rent a Car profit up 54% to SAR 193.1 mln; Q4 at SAR 53.7 mln

07/03/2023 Argaam Exclusive

View other reports

Theeb Rent a Car Co. reported a net profit of SAR 193.1 million for 2022, a rise of 54% from SAR 125.7 million in 2021.



Financials (M)

Item 2021 2022 Change‬
Revenues 752.37 967.97 28.7 %
Gross Income 248.48 351.86 41.6 %
Operating Income 152.22 227.80 49.7 %
Net Income 125.73 193.11 53.6 %
Average Shares 43.00 43.00 -
EPS (Riyals) 2.92 4.49 53.6 %

The increase in net profit is driven by higher revenue as short-term rentals increased from SAR 358.4 million in 2021 to SAR 484.1 million in 2022 supported by strong utilization and increased demand for car rental services.

 

Moreover, long-term rentals recorded stable growth, as revenue grew 14.2% from SAR 270.3 million in 2021 to SAR 308.8 million in 2022 attributed to renewals and new additions of long-term contracts in 2022. The used car sales segment showed outstanding results, with revenues reaching SAR 175 million in 2022.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 213.00 270.28 26.9 %
Gross Income 77.94 97.33 24.9 %
Operating Income 52.53 60.34 14.9 %
Net Income 47.44 53.66 13.1 %
Average Shares 43.00 43.00 -
EPS (Riyals) 1.10 1.25 13.1 %

The fourth-quarter net profit grew by 13% to SAR 53.7 million, from 47.44 million in the year-earlier period.

 

Net profit dropped slightly quarter-on-quarter from SAR 53.8 million in Q3 2022.  

 

Shareholders’ equity, no minority interest, increased to SAR 664.86 million as of Dec. 31, 2022, from SAR 567.35 million a year earlier.

View more financial results

 

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Contact Us (+966)-92000-7759

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.