Theeb Rent a Car posts 78% profit leap to SAR 139.5 mln in 9M 2022; Q3 at SAR 53.8 mln
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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.
Short-term rental revenue increased by 39% year-on-year (YoY) to SAR 352.5 million in the nine-month period.
Long-term lease revenue jumped 18.1% YoY to SAR 233.1 million in the same period.
Financials (M)
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 539.37 | 697.69 | 29.4 % |
| Gross Income | 170.54 | 254.54 | 49.3 % |
| Operating Income | 99.68 | 167.46 | 68.0 % |
| Net Income | 78.28 | 139.45 | 78.1 % |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 1.82 | 3.24 | 78.1 % |
In Q3 2022, net profit after Zakat and tax soared 97% to SAR 53.8 million, from SAR 27.35 million, driven by solid performance in all segments. Short-term rental revenue climbed 29.8% YoY to SAR 125.6 million in the three-month period.
Long-term lease revenue advanced 18.2% YoY to SAR 79.8 million in the same period.
The company’s net profit after Zakat and tax rose 25% from SAR 43 million in Q2 2022.
Current Quarter Comparison (M)
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 182.23 | 250.20 | 37.3 % |
| Gross Income | 62.77 | 88.60 | 41.2 % |
| Operating Income | 33.62 | 64.31 | 91.3 % |
| Net Income | 27.35 | 53.79 | 96.7 % |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 0.64 | 1.25 | 96.7 % |
Shareholders’ equity, no minority interest, increased to SAR 641.014 million as of Sept. 30, 2022, from SAR 537.870 million a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % |
| Q3 2022 | 250.20 | 37.3 % | 88.60 | 41.2 % | 64.31 | 91.3 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2022 | 42.59 | 64.0 % | 0.99 | - | 42.59 | 0.99 |
| Q2 2022 | 43.06 | 72.5 % | 1.00 | - | 43.06 | 1.00 |
| Q3 2022 | 53.79 | 96.7 % | 1.25 | - | 53.79 | 1.25 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2022 | 35.08 % | 53.85 % | 17.88 % |
| Q2 2022 | 36.39 % | 53.88 % | 19.04 % |
| Q3 2022 | 36.51 % | 54.33 % | 20.52 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2022 | 43.00 | 3.31 | 3.31 | 13.64 |
| Q2 2022 | 43.00 | 3.73 | 3.73 | 14.16 |
| Q3 2022 | 43.00 | 4.35 | 4.35 | 14.91 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | 19.94 | 19.94 | 4.84 |
| Q2 2022 | 16.37 | 16.37 | 4.32 |
| Q3 2022 | 16.68 | 16.68 | 4.86 |
Business Segments (Million)
Q3 2022
| Period | Short term leasing | Long term leasing | Cars sales |
|---|---|---|---|
| Q1 2022 | 112.02 | 75.59 | 33.27 |
| Q2 2022 | 114.86 | 77.78 | 33.97 |
| Q3 2022 | 125.63 | 79.75 | 44.82 |
Analysts Estimates (Million)
| Item | Q3 2022 (e) | Q3 2022 (a) | Change |
|---|---|---|---|
| Average | 47.50 | 53.79 | 13.25 % |
Estimates vs Actual (Million)
| Item | Q3 2022 (e) | Q3 2022 (a) | Change |
|---|---|---|---|
| OSOOL AND BAKHEET | 47.70 | 53.79 | 12.8 % |
| AlJazira Capital | 47.30 | 53.79 | 13.7 % |
| Current | |
| Market Cap (M Riyal) | 3,285.20 |
| Enterprise Value (EV) (M) | 4,456.62 |
| 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) | 19.66 |
| P/E (TTM) | 19.66 |
| Price/book | 4.10 |
| Return on Average Assets (%) (TTM) | 7.5 |
| Return on Average Equity (%) (TTM) | 22.1 |
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