Theeb profit falls 26% to SAR 142.1M in 2023; Q4 at SAR 35.5M

Theeb profit falls 26% to SAR 142.1M in 2023; Q4 at SAR 35.5M

14/03/2024 Argaam Exclusive

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Theeb Rent a Car Co. posted a 26% profit drop to SAR 142.1 million in 2023, compared to SAR 193.1 million in the year-earlier period.



Financials (M)

Item 2022 2023 Change‬
Revenues 967.97 1,135.39 17.3 %
Gross Income 351.86 358.87 2.0 %
Operating Income 227.80 205.91 (9.6 %)
Net Income 193.11 142.07 (26.4 %)
Average Shares 43.00 43.00 -
EPS (Riyals) 4.49 3.30 (26.4 %)

The car rental company cited a decline in the utilization rates of short-term rental segment, along with higher operating and financing costs. Meanwhile, revenues improved across the board.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 270.28 300.67 11.2 %
Gross Income 97.33 94.18 (3.2 %)
Operating Income 60.34 48.11 (20.3 %)
Net Income 53.66 35.53 (33.8 %)
Average Shares 43.00 43.00 -
EPS (Riyals) 1.25 0.83 (33.8 %)

In Q4 2023, the company’s net profit declined by 34% to SAR 35.5 million from SAR 53.6 million in Q4 2022.

 

On a sequential basis, Theeb’s net earnings rose 3.5% from SAR 34.3 million in Q3 2023.

 

Shareholders’ equity, no minority interest, grew to SAR 729.67 million as of Dec. 31, 2023, from SAR 664.86 million a year earlier.

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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 - 18.13 - 0.42
Q2 2019 148.50 - 50.44 - 25.55 - 0.59
Q3 2019 160.84 - 59.61 - 34.74 - 0.81
Q4 2019 180.17 - 65.73 - 37.61 - 0.87
Q1 2020 197.60 39.5 % 60.22 32.7 % 34.06 87.8 % 0.79
Q2 2020 121.51 (18.2 %) 12.72 (74.8 %) (6.17) (124.2 %) (0.14)
Q3 2020 165.98 3.2 % 38.56 (35.3 %) 13.99 (59.7 %) 0.33
Q4 2020 174.90 (2.9 %) 50.51 (23.2 %) 21.37 (43.2 %) 0.50
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
Q1 2022 220.88 24.9 % 84.29 57.8 % 42.59 64.0 % 0.99
Q2 2022 226.60 25.7 % 81.65 50.2 % 43.06 72.5 % 1.00
Q3 2022 250.20 37.3 % 88.60 41.2 % 53.79 96.7 % 1.25
Q4 2022 270.28 26.9 % 97.33 24.9 % 53.66 13.1 % 1.25
Q1 2023 262.94 19.0 % 88.07 4.5 % 42.29 (0.7 %) 0.98
Q2 2023 283.37 25.1 % 82.18 0.7 % 29.92 (30.5 %) 0.70
Q3 2023 288.41 15.3 % 91.98 3.8 % 34.33 (36.2 %) 0.80
Q4 2023 300.67 11.2 % 94.18 (3.2 %) 35.53 (33.8 %) 0.83
2023 1,135.39 17.3 % 358.87 2.0 % 142.07 (26.4 %) 3.30

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2022 36.51 % 54.33 % 20.52 %
Q4 2022 36.35 % 53.13 % 19.53 %
Q1 2023 35.21 % 52.93 % 18.69 %
Q2 2023 33.39 % 51.02 % 16.46 %
Q3 2023 32.54 % 49.55 % 14.13 %
Q4 2023 31.39 % 47.37 % 12.35 %
2023 31.61 % 47.37 % 12.35 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2022 43.00 4.35 4.35 14.91
Q4 2022 43.00 4.49 4.40 15.46
Q1 2023 43.00 4.48 4.39 15.86
Q2 2023 43.00 4.18 4.08 16.06
Q3 2023 43.00 3.73 3.63 16.52
Q4 2023 43.00 3.30 3.26 16.97

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2022 16.68 16.68 4.86
Q4 2022 15.36 15.69 4.46
Q1 2023 17.49 17.86 4.94
Q2 2023 18.33 18.76 4.77
Q3 2023 16.83 17.27 3.80
Q4 2023 19.92 20.18 3.88

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
Q3 2022 125.63 79.75 44.82
Q4 2022 125.75 81.58 62.95
Q1 2023 123.50 84.31 55.14
Q2 2023 124.67 83.84 74.86
Q3 2023 129.13 91.91 67.36
Q4 2023 132.42 94.04 74.22

Analysts Estimates (Million)

Item Q4 2023 (e) Q4 2023 (a) Change‬
Average 41.41 35.53 (14.2 %)

Estimates vs Actual (Million)

Item Q4 2023 (e) Q4 2023 (a) Change
United Securities Company 35.00 35.53 1.5 %
AlJazira Capital 38.00 35.53 (6.5) %
OSOOL AND BAKHEET 41.66 35.53 (14.7) %
GIB Capital 44.00 35.53 (19.3) %
SNB Capital 48.40 35.53 (26.6) %


Financial Ratios
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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Share Price

Theeb Rent a Car Co.
66.60
(0.40) (0.60 %)

Theeb Rent a Car Co. (THEEB)

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