Theeb Rent a Car Co. posted a 26% profit drop to SAR 142.1 million in 2023, compared to SAR 193.1 million in the year-earlier period.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 967.97 | 1,135.39 | 17.3 % |
| Gross Income | 351.86 | 358.87 | 2.0 % |
| Operating Income | 227.80 | 205.91 | (9.6 %) |
| Net Income | 193.11 | 142.07 | (26.4 %) |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 4.49 | 3.30 | (26.4 %) |
The car rental company cited a decline in the utilization rates of short-term rental segment, along with higher operating and financing costs. Meanwhile, revenues improved across the board.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 270.28 | 300.67 | 11.2 % |
| Gross Income | 97.33 | 94.18 | (3.2 %) |
| Operating Income | 60.34 | 48.12 | (20.3 %) |
| Net Income | 53.66 | 35.53 | (33.8 %) |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 1.25 | 0.83 | (33.8 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 288.41 | 300.67 | 4.3 % |
| Gross Income | 91.98 | 94.18 | 2.4 % |
| Operating Income | 53.08 | 48.12 | (9.4 %) |
| Net Income | 34.33 | 35.53 | 3.5 % |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 0.80 | 0.83 | 3.5 % |
In Q4 2023, the company’s net profit declined by 34% to SAR 35.5 million from SAR 53.6 million in Q4 2022.
On a sequential basis, Theeb’s net earnings rose 3.5% from SAR 34.3 million in Q3 2023.
Shareholders’ equity, no minority interest, grew to SAR 729.67 million as of Dec. 31, 2023, from SAR 664.86 million a year earlier.
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