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

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 82.18 0.7 %
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 %)

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.



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

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 %


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

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

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

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) %

Current
Market Cap (M Riyal) 2,859.50
Enterprise Value (EV) (M) 3,976.64
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) 20.66
P/E (TTM) 20.39
Price/book 3.80
Return on Average Assets (%) (TTM) 6.6
Return on Average Equity (%) (TTM) 19.6

Share Price

66.50
(0.50) (0.75 %)

Theeb Rent a Car Co. (THEEB)


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