Financial Results : Theeb 9M 2025 profit up 9% to SAR 143.3M; Q3 at SAR 50.2M

Theeb 9M 2025 profit up 9% to SAR 143.3M; Q3 at SAR 50.2M

10/11/2025 Argaam Exclusive

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Theeb Rent a Car Co. reported a net profit of SAR 143.3 million in the first nine months of 2025, an increase of 9% from SAR 131.5 million in the year-earlier period.



Financials (M)

Item 9m 2024 9m 2025 Change‬
Revenues 965.75 1,105.16 14.4 %
Gross Income 311.25 351.60 13.0 %
Operating Income 202.44 224.27 10.8 %
Net Income 131.54 143.33 9.0 %
Average Shares 43.00 43.00 -
Earnings Per Share before unusual items (Riyals) 3.06 3.33 9.0 %
EPS (Riyal) 3.06 3.33 9.0 %

Theeb cited a 14.4% year-on-year (YoY) topline hike, in addition to the improvement in certain operating cost items during the nine-month period.



Current Quarter Comparison (M)

Compared With The
Item Q3 2024 Q3 2025 Change‬
Revenues 337.40 403.61 19.6 %
Gross Income 106.55 120.37 13.0 %
Operating Income 70.86 79.53 12.2 %
Net Income 46.49 50.17 7.9 %
Average Shares 43.00 43.00 -
Earnings Per Share before unusual items (Riyal) 1.08 1.17 7.9 %
EPS (Riyal) 1.08 1.17 7.9 %

The company reported a net profit of SAR 50.2 million in Q3 2025, up 7.9% from SAR 46.49 million in the year before.

 

This was primarily driven by the 18.2% hike in the three-month short-term and long-term rental revenues, coupled with the 24.2%jump in the used car sales segment revenues for the same quarter.

 

On a quarterly basis, net earnings climbed by 5% from SAR 47.79 million in Q2 2025.

 

Total shareholders’ equity, no minority interest, stood at SAR 902.38 million as of Sept. 30, 2025, compared to SAR 801.44 million in the prior-year period.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 141.63 - 45.37 - 30.36 -
Q2 2019 148.50 - 50.44 - 36.74 -
Q3 2019 160.84 - 59.61 - 45.92 -
Q4 2019 180.17 - 65.73 - 43.15 -
Q1 2020 197.60 39.5 % 60.22 32.7 % 40.82 34.4 %
Q2 2020 121.51 (18.2 %) 12.72 (74.8 %) (0.11) (100.3 %)
Q3 2020 165.98 3.2 % 38.56 (35.3 %) 22.20 (51.7 %)
Q4 2020 174.90 (2.9 %) 50.51 (23.2 %) 28.61 (33.7 %)
Q1 2021 176.90 (10.5 %) 53.42 (11.3 %) 32.91 (19.4 %)
Q2 2021 180.24 48.3 % 54.35 327.2 % 33.16 31380.2 %
Q3 2021 182.23 9.8 % 62.77 62.8 % 33.62 51.4 %
Q4 2021 213.00 21.8 % 77.94 54.3 % 52.53 83.6 %
Q1 2022 220.88 24.9 % 84.29 57.8 % 50.46 53.3 %
Q2 2022 226.60 25.7 % 81.65 50.2 % 52.69 58.9 %
Q3 2022 250.20 37.3 % 88.60 41.2 % 64.31 91.3 %
Q4 2022 270.28 26.9 % 97.33 24.9 % 60.34 14.9 %
Q1 2023 262.94 19.0 % 88.07 4.5 % 58.22 15.4 %
Q2 2023 283.37 25.1 % 84.64 3.7 % 46.49 (11.8 %)
Q3 2023 288.41 15.3 % 93.25 5.3 % 53.08 (17.5 %)
Q4 2023 300.67 11.2 % 93.17 (4.3 %) 48.11 (20.3 %)
Q1 2024 306.57 16.6 % 98.86 12.3 % 60.75 4.3 %
Q2 2024 321.78 13.6 % 105.83 25.0 % 66.46 42.9 %
Q3 2024 337.40 17.0 % 106.55 14.3 % 70.86 33.5 %
Q4 2024 336.92 12.1 % 106.52 14.3 % 67.59 40.5 %
Q1 2025 336.68 9.8 % 113.18 14.5 % 67.48 11.1 %
Q2 2025 364.88 13.4 % 118.04 11.5 % 75.24 13.2 %
Q3 2025 403.61 19.6 % 120.37 13.0 % 79.53 12.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 18.13 - 0.42 - 18.13 0.42
Q2 2019 25.55 - 0.59 - 25.55 0.59
Q3 2019 34.74 - 0.81 - 34.74 0.81
Q4 2019 37.61 - 0.87 - 37.61 0.87
Q1 2020 34.06 87.8 % 0.79 - 34.06 0.79
Q2 2020 (6.17) (124.2 %) (0.14) - (6.17) (0.14)
Q3 2020 13.99 (59.7 %) 0.33 - 13.99 0.33
Q4 2020 21.37 (43.2 %) 0.50 - 21.37 0.50
Q1 2021 25.97 (23.7 %) 0.60 - 25.97 0.60
Q2 2021 24.96 504.3 % 0.58 - 24.96 0.58
Q3 2021 27.35 95.6 % 0.64 - 27.35 0.64
Q4 2021 47.44 122.0 % 1.10 - 47.44 1.10
Q1 2022 42.59 64.0 % 0.99 - 42.59 0.99
Q2 2022 43.06 72.5 % 1.00 - 43.06 1.00
Q3 2022 53.79 96.7 % 1.25 - 53.79 1.25
Q4 2022 53.66 13.1 % 1.25 4.06 49.60 1.15
Q1 2023 42.29 (0.7 %) 0.98 - 42.29 0.98
Q2 2023 29.92 (30.5 %) 0.70 - 29.92 0.70
Q3 2023 34.33 (36.2 %) 0.80 - 34.33 0.80
Q4 2023 35.53 (33.8 %) 0.83 - 35.53 0.83
Q1 2024 40.48 (4.3 %) 0.94 - 40.48 0.94
Q2 2024 44.58 49.0 % 1.04 - 44.58 1.04
Q3 2024 46.49 35.4 % 1.08 - 46.49 1.08
Q4 2024 51.16 44.0 % 1.19 - 51.16 1.19
Q1 2025 45.36 12.1 % 1.05 - 45.36 1.05
Q2 2025 47.79 7.2 % 1.11 - 47.79 1.11
Q3 2025 50.17 7.9 % 1.17 - 50.17 1.17

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 35.04 % 40.22 % 18.38 %
Q1 2020 34.35 % 40.66 % 19.20 %
Q2 2020 30.04 % 44.83 % 15.18 %
Q3 2020 26.64 % 50.52 % 11.95 %
Q4 2020 24.55 % 49.57 % 9.58 %
Q1 2021 24.28 % 50.27 % 8.63 %
Q2 2021 28.20 % 52.06 % 12.36 %
Q3 2021 30.95 % 52.54 % 13.95 %
Q4 2021 33.03 % 53.73 % 16.71 %
Q1 2022 35.08 % 53.85 % 17.88 %
Q2 2022 36.39 % 53.88 % 19.04 %
Q3 2022 36.51 % 54.33 % 20.52 %
Q4 2022 36.35 % 53.13 % 19.53 %
Q1 2023 35.21 % 52.93 % 18.69 %
Q2 2023 33.62 % 51.02 % 16.46 %
Q3 2023 32.88 % 49.55 % 14.13 %
Q4 2023 31.63 % 47.38 % 12.51 %
Q1 2024 31.37 % 45.71 % 11.90 %
Q2 2024 32.13 % 45.95 % 12.72 %
Q3 2024 31.93 % 45.53 % 13.19 %
Q4 2024 32.07 % 46.86 % 14.03 %
2024 32.07 % 46.74 % 14.03 %
Q1 2025 32.42 % 47.54 % 14.08 %
Q2 2025 32.29 % 47.87 % 13.87 %
Q3 2025 31.77 % - 13.49 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 - - - -
Q4 2018 - - - -
Q1 2019 43.00 - - -
Q2 2019 43.00 - - -
Q3 2019 43.00 - - -
Q4 2019 43.00 2.70 2.70 -
Q1 2020 43.00 3.07 3.07 10.87
Q2 2020 43.00 2.33 2.33 10.66
Q3 2020 43.00 1.85 1.85 10.99
Q4 2020 43.00 1.47 1.47 11.20
Q1 2021 43.00 1.28 1.28 11.80
Q2 2021 43.00 2.01 2.01 12.38
Q3 2021 43.00 2.32 2.32 12.51
Q4 2021 43.00 2.92 2.92 13.19
Q1 2022 43.00 3.31 3.31 13.64
Q2 2022 43.00 3.73 3.73 14.16
Q3 2022 43.00 4.35 4.35 14.91
Q4 2022 43.00 4.49 4.40 15.46
Q1 2023 43.00 4.48 4.39 15.86
Q2 2023 43.00 4.18 4.08 16.06
Q3 2023 43.00 3.73 3.63 16.52
Q4 2023 43.00 3.30 3.30 16.97
Q1 2024 43.00 3.26 3.26 17.50
Q2 2024 43.00 3.60 3.60 18.07
Q3 2024 43.00 3.89 3.89 18.64
Q4 2024 43.00 4.25 4.25 19.31
Q1 2025 43.00 4.36 4.36 19.78
Q2 2025 43.00 4.44 4.44 20.37
Q3 2025 43.00 4.52 4.52 20.99

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 43.73 43.73 4.75
Q2 2021 35.88 35.88 5.81
Q3 2021 28.39 28.39 5.26
Q4 2021 20.83 20.83 4.62
Q1 2022 19.94 19.94 4.84
Q2 2022 16.37 16.37 4.32
Q3 2022 16.68 16.68 4.86
Q4 2022 15.36 15.69 4.46
Q1 2023 17.49 17.86 4.94
Q2 2023 18.33 18.76 4.77
Q3 2023 16.83 17.27 3.80
Q4 2023 19.92 19.92 3.88
Q1 2024 21.15 21.15 3.94
Q2 2024 18.85 18.85 3.76
Q3 2024 20.18 20.18 4.21
Q4 2024 18.03 18.03 3.97
Q1 2025 16.05 16.05 3.54
Q2 2025 15.12 15.12 3.29
Q3 2025 14.43 14.43 3.11

Business Segments (Million)

Compared With The
Period Short term leasing Long term leasing Cars sales
Q1 2019 75.16 41.70 24.77
Q2 2019 83.66 44.90 19.94
Q3 2019 94.49 49.16 17.19
Q4 2019 96.08 55.40 28.69
Q1 2020 88.51 59.73 49.35
Q2 2020 30.46 60.89 30.16
Q3 2020 65.06 62.27 38.65
Q4 2020 70.94 66.76 37.20
Q1 2021 76.98 64.58 35.34
Q2 2021 79.91 65.35 34.98
Q3 2021 96.78 67.45 18.00
Q4 2021 104.75 72.87 35.38
Q1 2022 112.02 75.59 33.27
Q2 2022 114.86 77.78 33.97
Q3 2022 125.63 79.75 44.82
Q4 2022 125.75 81.58 62.95
Q1 2023 123.50 84.31 55.14
Q2 2023 124.67 83.84 74.86
Q3 2023 129.13 91.91 67.36
Q4 2023 132.42 94.04 74.22
Q1 2024 118.53 109.78 78.26
Q2 2024 123.40 119.97 78.41
Q3 2024 124.23 131.37 81.80
Q4 2024 121.30 140.21 75.41
Q1 2025 122.28 149.41 64.99
Q2 2025 124.26 159.38 81.24

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 49.82 50.17

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
GIB Capital 50.00 50.17
Riyad Capital 49.90 50.17
AlJazira Capital 49.10 50.17
SNB Capital 53.10 50.17
United Securities Company 47.00 50.17

Current
Market Cap (M Riyal) 2,736.95
Enterprise Value (EV) (M Riyal) 4,315.08
Shares Outstanding ((M)) 43.00
EPS ( Riyal) (TTM) 4.52
Book Value (BV) ( Riyal) 20.99
Par Value ( Riyal) 10.00
Recurring P/E 14.07
P/E (TTM) 14.07
Price/book 3.03
Return on Average Assets (%) (TTM) 7.3
Return on Average Equity (%) (TTM) 22.8
EV/adj EBITDA -
EV/Revenues 2.99

Share Price

63.65
(0.10) (0.16 %)

Theeb Rent a Car Co. (THEEB)


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