Theeb Rent a Car’s H1 2022 net profit jumps 68% to SAR 85.7 mln; Q2 at SAR 43 million

Theeb Rent a Car’s H1 2022 net profit jumps 68% to SAR 85.7 mln; Q2 at SAR 43 million

09/08/2022 Argaam Exclusive

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Theeb Rent a Car Co. reported a 68% leap in H1 2022 net profit after Zakat and tax to SAR 85.7 million, compared to SAR 50.9 million in the corresponding period of 2021.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 357.15 447.49 25.3 %
Gross Income 107.78 165.94 54.0 %
Operating Income 66.06 103.15 56.1 %
Net Income 50.93 85.65 68.2 %
Average Shares 43.00 43.00 -
EPS (Riyals) 1.18 1.99 68.2 %

The profit rise was attributed to higher short-term rental revenues driven by robust demand, and continued growth in long-term rentals. The short-term rentals increased by 44.6% year-on-year (YoY) to SAR 226.9 million in the six-month period. 

 

Long-term rental revenues jumped 18% YoY to SAR 153.4 million.

 

In Q2 2022, net profit after Zakat and tax climbed 73% to SAR 43 million, from SAR 24.96 million in the prior-year period, thanks to improved performance in all segments.

 

Compared to Q1 2022, net profit rose by 1.1% from SAR 42.60 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 180.24 226.60 25.7 %
Gross Income 54.35 81.65 50.2 %
Operating Income 33.16 52.69 58.9 %
Net Income 24.96 43.06 72.5 %
Average Shares 43.00 43.00 -
EPS (Riyals) 0.58 1.00 72.5 %

Shareholders’ equity, after minority interest, rose to SAR 608.719 million by the end of the six-month period, from SAR 532.448 million a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 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 -
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 %)
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 %
Q1 2022 220.88 24.9 % 84.29 57.8 % 50.46 53.3 %
Q2 2022 226.60 25.7 % 81.65 50.2 % 52.69 58.9 %


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 - - - - - -
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 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
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
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
Q1 2022 42.59 64.0 % 0.99 - 42.59 0.99
Q2 2022 43.06 72.5 % 1.00 - 43.06 1.00

Profitability

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 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 35.04 % 40.22 % 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 %
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 %
Q1 2022 35.08 % 53.85 % 17.88 %
Q2 2022 36.39 % 53.88 % 19.04 %


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
Q2 2022 43.00 3.73 3.73 14.16

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
Q2 2022 16.37 16.37 4.32

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
Q2 2022 114.86 77.78 33.97

Analysts Estimates (Million)

Item Q2 2022 (e) Q2 2022 (a) Change‬
Average 46.39 43.06 (7.2 %)

Estimates vs Actual (Million)

Item Q2 2022 (e) Q2 2022 (a) Change
AlJazira Capital 45.50 43.06 (5.4) %
OSOOL AND BAKHEET 47.27 43.06 (8.9) %


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
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Share Price

Theeb Rent a Car Co.
76.50
0.10 0.13 %

Theeb Rent a Car Co. (THEEB)

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