Financial Results : Theeb Rent a Car posts 46% profit decline to SAR 63.3 mln for 2020

Theeb Rent a Car posts 46% profit decline to SAR 63.3 mln for 2020

30/03/2021 Argaam Exclusive

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Theeb Rent a Car Co. reported net profit after Zakat and tax of SAR 63.3 million for 2020, a 46% decline, from SAR 119 million a year earlier.

 

This earnings drop was driven by lower utilization rates for the short-term rental activities across the Kingdom. The company also cited lower revenue from the short-term rental activities due to the COVID-19 outbreak.



Financials (M)

Item 2019 2020 Change‬
Revenues 631.14 660.00 4.6 %
Gross Income 221.15 162.01 (26.7 %)
Operating Income 156.16 91.52 (41.4 %)
Net Income 116.03 63.25 (45.5 %)
Average Shares 43.00 43.00 -
EPS (Riyals) 2.70 1.47 (45.5 %)

The company’s Q4 2020 net profit after Zakat and tax fell 43% year-on-year to SAR 21.4 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 180.17 174.90 (2.9 %)
Gross Income 65.73 50.51 (23.2 %)
Operating Income 43.15 28.61 (33.7 %)
Net Income 37.61 21.37 (43.2 %)
Average Shares 43.00 43.00 -
EPS (Riyals) 0.87 0.50 (43.2 %)

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