Theeb H1 2023 earnings dip 16% to SAR 72.2 mln; Q2 at SAR 29.9 mln

10/08/2023 Argaam Exclusive

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Theeb Rent a Car Co. reported a net profit of SAR 72.2 million in H1 2023, down 16% from SAR 85.7 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	447.49	546.31	22.1 %
Gross Income	165.94	172.70	4.1 %
Operating Income	103.15	104.72	1.5 %
Net Income	85.65	72.21	(15.7 %)
Average Shares	43.00	43.00	-
EPS (Riyals)	1.99	1.68	(15.7 %)

The profit decline was attributed to a decrease in the utilization rate of the short-term leasing segment, an increase in financing costs and operating expenses, especially auto insurance and spare parts costs.

This came despite the rise in revenues from the car sales segment of 93% as a result of the growth in the company’s fleet.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	226.60	283.37	25.1 %
Gross Income	81.65	84.64	3.7 %
Operating Income	52.69	46.49	(11.8 %)
Net Income	43.06	29.92	(30.5 %)
Average Shares	43.00	43.00	-
EPS (Riyals)	1.00	0.70	(30.5 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	262.94	283.37	7.8 %
Gross Income	88.07	84.64	(3.9 %)
Operating Income	58.22	46.49	(20.1 %)
Net Income	42.29	29.92	(29.3 %)
Average Shares	43.00	43.00	-
EPS (Riyals)	0.98	0.70	(29.3 %)

The company reported a net profit of SAR 29.92 million in Q2 2023, down 30.5% from SAR 43.06 million in the year before. This was despite an increase in revenues of the short- and long-term leasing sector by 8.2% during the quarter, coupled with a 120.4% year-on-year (YoY) uptick in the car sales sector’s revenues and the YoY expansion in Theeb's car fleet.

On a quarterly basis, Q2 net earnings fell 29.3% from SAR 42.29 million as the short-term rental segment’s operating rates dropped due to the extension of the holy month of Ramadan in the second quarter of 2023.

Total shareholders’ equity, after excluding minority interest, stood at SAR 690.63 million as of June 30, 2023, compared to SAR 608.71 million in a prior-year period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
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 %
Q4 2022	270.28	26.9 %	97.33	24.9 %	60.34	14.9 %
2022	967.97	28.7 %	351.86	41.6 %	227.80	49.7 %
Q1 2023	262.94	19.0 %	88.07	4.5 %	58.22	15.4 %
Q2 2023	283.37	25.1 %	84.64	3.7 %	46.49	(11.8 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2022	967.97	28.7 %	351.86	41.6 %	227.80	49.7 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
Q2 2022	43.06	72.5 %	1.00	-	43.06	1.00
Q3 2022	53.79	96.7 %	1.25	-	53.79	1.25
Q4 2022	53.66	13.1 %	1.25	4.06	49.60	1.15
2022	193.11	53.6 %	4.49	4.06	189.05	4.40
Q1 2023	42.29	(0.7 %)	0.98	-	42.29	0.98
Q2 2023	29.92	(30.5 %)	0.70	-	29.92	0.70

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2022	193.11	53.6 %	4.49	4.06	189.05	4.40

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q2 2022	36.39 %	53.88 %	19.04 %
Q3 2022	36.51 %	54.33 %	20.52 %
Q4 2022	36.35 %	53.13 %	19.53 %
2022	36.35 %	53.13 %	19.53 %
Q1 2023	35.21 %	52.93 %	18.69 %
Q2 2023	33.62 %	51.02 %	16.46 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2022	36.35 %	53.13 %	19.53 %

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	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 %
Q2 2022	36.03 %	53.22 %	19.00 %
Q3 2022	35.41 %	55.39 %	21.50 %
Q4 2022	36.01 %	50.83 %	18.35 %
Q1 2023	33.49 %	52.49 %	16.08 %
Q2 2023	29.87 %	45.98 %	10.56 %

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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2022	43.00	4.49	4.40	15.46

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

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	20.83	20.83	4.62
2022	15.36	15.69	4.46

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

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
2022	478.26	314.69	175.01

Analysts Estimates (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change‬
Average	47.83	29.92	(37.5 %)

Estimates vs Actual (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change
AlJazira Capital	46.30	29.92	(35.4) %
Hermes	47.00	29.92	(36.3) %
OSOOL AND BAKHEET	50.20	29.92	(40.4) %

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 H1 2023 earnings dip 16% to SAR 72.2 mln; Q2 at SAR 29.9 mln

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Financials (M)

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) 2023 Q2

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 H1 2023 earnings dip 16% to SAR 72.2 mln; Q2 at SAR 29.9 mln

View other reports

Financials (M)

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) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

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)