Theeb Rent a Car 2021 profit rises 99% to SAR 125.7 mln, Q4 earnings at SAR 47.4 mln
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Theeb Rent a Car Co. posted a net profit after Zakat and tax of SAR 125.7 million for 2021, up 99% compared with SAR 63.3 million a year earlier.
Financials (M)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 660.00 | 752.37 | 14.0 % |
| Gross Income | 162.01 | 248.48 | 53.4 % |
| Operating Income | 91.52 | 152.22 | 66.3 % |
| Net Income | 63.25 | 125.73 | 98.8 % |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 1.47 | 2.92 | 98.8 % |
The company attributed the profit growth to revenue from short-term rentals, which increased from SAR 255.0 million in 2020 to SAR 358.4 million in 2021.
The current year showed improved utilization resulting from increased demand of car rental services, the company stated.
It also cited the continued stable growth in the long-term rentals, as revenue grew from SAR 250.0 million in 2020 to SAR 270.3 million in 2021 on renewals and new additions of long term contracts in 2021.
Current Quarter Comparison (M)
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 174.90 | 213.00 | 21.8 % |
| Gross Income | 50.51 | 77.94 | 54.3 % |
| Operating Income | 28.61 | 52.53 | 83.6 % |
| Net Income | 21.37 | 47.44 | 122.0 % |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 0.50 | 1.10 | 122.0 % |
Q4 earnings more than doubled to SAR 47.4 million, compared to SAR 21.3 million a year earlier.
Compared to the previous quarter, Q4 earnings increased 73.4% from SAR 27.3 million in Q3 2021.
Total shareholders’ equity, after minority interest, reached SAR 567.4 million in 2021, compared with SAR 481.6 million a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| Q1 2021 | 176.90 | (10.5 %) | 53.42 | (11.3 %) | 25.97 | (23.7 %) | 0.60 |
| Q2 2021 | 180.24 | 48.3 % | 54.35 | 327.2 % | 24.96 | 504.3 % | 0.58 |
| Q3 2021 | 182.23 | 9.8 % | 62.77 | 62.8 % | 27.35 | 95.6 % | 0.64 |
| Q4 2021 | 213.00 | 21.8 % | 77.94 | 54.3 % | 47.44 | 122.0 % | 1.10 |
| 2021 | 752.37 | 14.0 % | 248.48 | 53.4 % | 125.73 | 98.8 % | 2.92 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
| 2021 | 33.03 % | 53.73 % | 16.71 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| 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 |
Business Segments (Million)
Q4 2021
| Period | Short term leasing | Long term leasing | Cars sales |
|---|---|---|---|
| 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 |
Analysts Estimates (Million)
| Item | Q4 2021 (e) | Q4 2021 (a) | Change |
|---|---|---|---|
| Average | 29.70 | 47.44 | 59.74 % |
Estimates vs Actual (Million)
| Item | Q4 2021 (e) | Q4 2021 (a) | Change |
|---|---|---|---|
| AlJazira Capital | 29.70 | 47.44 | 59.7 % |
| Current | |
| Market Cap (M Riyal) | 2,863.80 |
| Enterprise Value (EV) (M) | 3,980.94 |
| Shares Outstanding ((M)) | 43.00 |
| EPS ( Riyal) (TTM) | 3.26 |
| Book Value (BV) ( Riyal) | 17.50 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 20.69 |
| P/E (TTM) | 20.42 |
| Price/book | 3.81 |
| Return on Average Assets (%) (TTM) | 6.6 |
| Return on Average Equity (%) (TTM) | 19.6 |
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