Theeb Rent a Car Co. reported a net profit after Zakat and tax of SAR 42.6 million for Q1 2022, jumping by 64% from SAR 26 million in the same period a year earlier.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 176.90 | 220.88 | 24.9 % |
| Gross Income | 53.42 | 84.29 | 57.8 % |
| Operating Income | 32.91 | 50.46 | 53.3 % |
| Net Income | 25.97 | 42.59 | 64.0 % |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 0.60 | 0.99 | 64.0 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 213.00 | 220.88 | 3.7 % |
| Gross Income | 77.94 | 84.29 | 8.1 % |
| Operating Income | 52.53 | 50.46 | (3.9 %) |
| Net Income | 47.44 | 42.59 | (10.2 %) |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 1.10 | 0.99 | (10.2 %) |
The profit increase is attributed to higher short-term rental revenue driven by robust demand, as well as higher long-term rental revenue as a result of new long-term contracts concluded during the period and renewals of its expiring contracts.
Sequentially, the company’s net profit fell by 10.2% in Q1 2022 from SAR 47.4 million in Q4 2021. The decline is attributed to a slight drop in the short-term car rental utilization due to seasonal factors.
Total shareholders’ equity, after minority interest, stood at SAR 586.73 million as of March 31, 2022, increasing by 15.6% from SAR 507.489 million a year earlier.
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