Theeb Rent a Car Co. reported a net profit after Zakat and tax of SAR 78.3 million for the first nine months of 2021, soaring 87% from SAR 41.9 million in the year-earlier period.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 485.09 | 539.37 | 11.2 % |
| Gross Income | 111.50 | 170.54 | 52.9 % |
| Operating Income | 62.91 | 99.68 | 58.5 % |
| Net Income | 41.87 | 78.28 | 87.0 % |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 0.97 | 1.82 | 87.0 % |
The profit growth was driven by the continuous improvement in demand for short-term car rental services in 2021, as 2020 was adversely affected by COVID-19. The lease segment showed continued stable growth year-on-year due to higher contract renewals and new clients.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 165.98 | 182.23 | 9.8 % |
| Gross Income | 38.56 | 62.77 | 62.8 % |
| Operating Income | 22.20 | 33.62 | 51.4 % |
| Net Income | 13.99 | 27.35 | 95.6 % |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 0.33 | 0.64 | 95.6 % |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 180.24 | 182.23 | 1.1 % |
| Gross Income | 54.35 | 62.77 | 15.5 % |
| Operating Income | 33.16 | 33.62 | 1.4 % |
| Net Income | 24.96 | 27.35 | 9.6 % |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 0.58 | 0.64 | 9.6 % |
The net profit after Zakat and tax jumped 96% YoY to SAR 27.4 million in Q3 2021, mainly due to higher revenue from short-term rentals.
On a sequential basis, Q3 net profit climbed 9.6% from SAR 24.96 million.
Shareholders’ equity, after minority interest, increased to SAR 537.87 million as of Sept. 30, 2021, from SAR 472.48 million a year earlier.
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