Theeb Rent a Car Co. posted a 24% profit decline in the first nine months of 2023 to SAR 106.5 million, compared to SAR 139.5 million in the year-earlier period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 697.69 | 834.72 | 19.6 % |
| Gross Income | 254.54 | 264.69 | 4.0 % |
| Operating Income | 167.46 | 157.79 | (5.8 %) |
| Net Income | 139.45 | 106.54 | (23.6 %) |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 3.24 | 2.48 | (23.6 %) |
The company noted a decline in the utilization rate of short-term rental segment, along with higher operational and financing costs. However, revenues improved across segments.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 250.20 | 288.41 | 15.3 % |
| Gross Income | 88.60 | 91.98 | 3.8 % |
| Operating Income | 64.31 | 53.08 | (17.5 %) |
| Net Income | 53.79 | 34.33 | (36.2 %) |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 1.25 | 0.80 | (36.2 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 283.37 | 288.41 | 1.8 % |
| Gross Income | 82.18 | 91.98 | 11.9 % |
| Operating Income | 46.49 | 53.08 | 14.2 % |
| Net Income | 29.92 | 34.33 | 14.8 % |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 0.70 | 0.80 | 14.8 % |
In Q3 2023, the company’s net profit fell 36% SAR 34.3 million from SAR 53.80 million in Q3 2022.
On a sequential basis, the bottom line grew 14.8% from SAR 29.92 million in Q2 2023, on higher sale proceeds from short-term and long-term rental segments, as a result of improved utilization rates.
Shareholders’ equity, no minority interest, reached SAR 710.34 million as of Sept. 30, 2023, up from SAR 641.01 million a year earlier.
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