Theeb Rent a Car net profit up 64% to SAR 42.6 mln in Q1 2022

15/05/2022 Argaam Exclusive

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Theeb Rent a Car Co. reported a net profit after Zakat and tax of SAR 42.6 million for Q1 2022, jumping by 64% from SAR 26 million in the same period a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2021	Q1 2022	Change‬
Revenues	176.90	220.88	24.9 %
Gross Income	53.42	84.29	57.8 %
Operating Income	32.91	50.46	53.3 %
Net Income	25.97	42.59	64.0 %
Average Shares	43.00	43.00	-
EPS (Riyals)	0.60	0.99	64.0 %

Item	Q4 2021	Q1 2022	Change‬
Revenues	213.00	220.88	3.7 %
Gross Income	77.94	84.29	8.1 %
Operating Income	52.53	50.46	(3.9 %)
Net Income	47.44	42.59	(10.2 %)
Average Shares	43.00	43.00	-
EPS (Riyals)	1.10	0.99	(10.2 %)

The profit increase is attributed to higher short-term rental revenue driven by robust demand, as well as higher long-term rental revenue as a result of new long-term contracts concluded during the period and renewals of its expiring contracts.

Sequentially, the company’s net profit fell by 10.2% in Q1 2022 from SAR 47.4 million in Q4 2021. The decline is attributed to a slight drop in the short-term car rental utilization due to seasonal factors.

Total shareholders’ equity, after minority interest, stood at SAR 586.73 million as of March 31, 2022, increasing by 15.6% from SAR 507.489 million a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	469.03	-	139.62	-	84.33	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	535.51	14.2 %	110.50	(20.9 %)	59.27	(29.7 %)
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	532.60	(0.5 %)	142.62	29.1 %	91.82	54.9 %
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	-
2019	631.14	18.5 %	221.15	55.1 %	156.16	70.1 %
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 %)
2020	660.00	4.6 %	162.01	(26.7 %)	91.52	(41.4 %)
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 %
2021	752.37	14.0 %	248.48	53.4 %	152.22	66.3 %
Q1 2022	220.88	24.9 %	84.29	57.8 %	50.46	53.3 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	469.03	-	139.62	-	84.33	-
2017	535.51	14.2 %	110.50	(20.9 %)	59.27	(29.7 %)
2018	532.60	(0.5 %)	142.62	29.1 %	91.82	54.9 %
2019	631.14	18.5 %	221.15	55.1 %	156.16	70.1 %
2020	660.00	4.6 %	162.01	(26.7 %)	91.52	(41.4 %)
2021	752.37	14.0 %	248.48	53.4 %	152.22	66.3 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	45.81	-	1.07	-	45.81	1.07
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	28.72	(37.3 %)	0.67	-	28.72	0.67
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	60.10	109.2 %	1.40	-	60.10	1.40
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
2019	116.03	93.1 %	2.70	-	116.03	2.70
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
2020	63.25	(45.5 %)	1.47	-	63.25	1.47
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
2021	125.73	98.8 %	2.92	-	125.73	2.92
Q1 2022	42.59	64.0 %	0.99	-	42.59	0.99

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	45.81	-	1.07	-	45.81	1.07
2017	28.72	(37.3 %)	0.67	-	28.72	0.67
2018	60.10	109.2 %	1.40	-	60.10	1.40
2019	116.03	93.1 %	2.70	-	116.03	2.70
2020	63.25	(45.5 %)	1.47	-	63.25	1.47
2021	125.73	98.8 %	2.92	-	125.73	2.92

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	29.77 %	57.33 %	9.77 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	20.64 %	39.15 %	5.36 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	26.78 %	43.59 %	11.28 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	35.04 %	40.22 %	18.38 %
2019	35.04 %	55.36 %	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 %
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 %
2021	33.03 %	53.73 %	16.71 %
Q1 2022	35.08 %	53.85 %	17.88 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	29.77 %	57.33 %	9.77 %
2017	20.64 %	39.15 %	5.36 %
2018	26.78 %	43.59 %	11.28 %
2019	35.04 %	55.36 %	18.38 %
2020	24.55 %	49.57 %	9.58 %
2021	33.03 %	53.73 %	16.71 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
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	32.04 %	51.89 %	12.80 %
Q2 2019	33.97 %	-	17.20 %
Q3 2019	37.06 %	-	21.60 %
Q4 2019	36.48 %	54.24 %	20.87 %
Q1 2020	30.47 %	50.09 %	17.24 %
Q2 2020	10.47 %	43.90 %	(5.08 %)
Q3 2020	23.23 %	51.83 %	8.43 %
Q4 2020	28.88 %	50.78 %	12.22 %
Q1 2021	30.20 %	52.68 %	14.68 %
Q2 2021	30.15 %	52.90 %	13.85 %
Q3 2021	34.44 %	53.72 %	15.01 %
Q4 2021	36.59 %	55.32 %	22.27 %
Q1 2022	38.16 %	53.30 %	19.28 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	-	-	-	-
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	43.00	1.07	1.07	7.85
2017	43.00	0.67	0.67	8.16
2018	43.00	1.40	1.40	8.92
2019	43.00	2.70	2.70	10.43
2020	43.00	1.47	1.47	11.20
2021	43.00	2.92	2.92	13.19

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
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

Period	P/E	Adjusted P/E	Price/book
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	20.83	20.83	4.62

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

Period	Short term leasing	Long term leasing	Cars sales
2016	46.41	422.63	-
2017	316.19	82.98	136.34
2018	284.43	136.37	111.79
2019	349.40	191.15	90.59
2020	254.97	249.65	155.37
2021	358.42	270.25	123.70

Analysts Estimates (Million)

Item	Q1 2022 (e)	Q1 2022 (a)	Change‬
Average	41.60	42.59	2.39 %

Estimates vs Actual (Million)

Item	Q1 2022 (e)	Q1 2022 (a)	Change
AlJazira Capital	41.60	42.59	2.4 %

Financial Ratios

	Current
Market Cap (M Riyal)	3,289.50
Enterprise Value (EV) (M)	4,460.92
Shares Outstanding ((M))	43.00
EPS ( Riyal) (TTM)	3.89
Book Value (BV) ( Riyal)	18.64
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	19.69
P/E (TTM)	19.69
Price/book	4.10
Return on Average Assets (%) (TTM)	7.5
Return on Average Equity (%) (TTM)	22.1

Theeb Rent a Car Co. (THEEB)

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Theeb Rent a Car net profit up 64% to SAR 42.6 mln in Q1 2022

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2022 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Theeb Rent a Car Co. (THEEB)

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Theeb Rent a Car net profit up 64% to SAR 42.6 mln in Q1 2022

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2022

Revenue by Business Segment (Latest) 2022 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Theeb Rent a Car Co. (THEEB)

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Business Segments (Million)