Theeb Rent a Car has fleet of over 24,000 cars, car sales segment growing: CEO

Theeb Rent a Car Co. ’s fleet currently has more than 24,000 cars of 90 different models, with over 6,000 vehicles purchased for the short-term rentals and long-term leasing segments in the first nine months of the year, CEO Naif Al-Theeb told Argaam. 

Demand is relatively increasing based on client behavior and the increase in the number of visitors to the Kingdom, he said, adding that the short-term rentals business posted a 29.8% rise in revenue.  

Additionally, new branches were opened, with a new fleet and vehicles to fulfill client demand. 

Al-Theeb attributed profit growth to the end of the pandemic, which had a major impact on the car rental business, the return of tourist seasons, in addition to the expansion of the retail segment by opening new branches.

In addition, several existing branches and companies were improved, as the fleet volume was boosted and new business customers were attracted.

He pointed out that the car sales segment witnessed growth compared to other segments, as the total revenues surged by 149.1% in Q3 2022 on a higher number of cars sold, as well as increased selling prices of its used vehicles.

He pointed out that the long-term leasing sector continues to show stable growth annually, as the company focuses on providing distinguished service to its corporate clients.

Theeb Rent a Car’s long-term leasing segment continued its stable annual growth, as the company's efforts are focused on providing excellent service to its corporate clients.

According to data compiled by Argaam, Theeb Rent a Car reported a 78% surge in net profit after Zakat and tax to SAR 139.5 million in the first nine months of 2022, from SAR 78.3 million a year earlier on higher demand for short-term rentals, continuous growth in the long-term lease segment and extraordinary performance of the used car sales market.

In Q3 2022, net profit after Zakat and tax soared 97% to SAR 53.8 million, from SAR 27.35 million.