Theeb Rent a Car 9M 2023 profit down 24% to SAR 106.5 mln; Q3 at SAR 34.3 mln

Theeb Rent a Car 9M 2023 profit down 24% to SAR 106.5 mln; Q3 at SAR 34.3 mln

08/11/2023 Argaam Exclusive

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Theeb Rent a Car Co. posted a 24% profit decline in the first nine months of 2023 to SAR 106.5 million, compared to SAR 139.5 million in the year-earlier period. 



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 697.69 834.72 19.6 %
Gross Income 254.54 264.69 4.0 %
Operating Income 167.46 157.79 (5.8 %)
Net Income 139.45 106.54 (23.6 %)
Average Shares 43.00 43.00 -
EPS (Riyals) 3.24 2.48 (23.6 %)

The company noted a decline in the utilization rate of short-term rental segment, along with higher operational and financing costs. However, revenues improved across segments.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 250.20 288.41 15.3 %
Gross Income 88.60 91.98 3.8 %
Operating Income 64.31 53.08 (17.5 %)
Net Income 53.79 34.33 (36.2 %)
Average Shares 43.00 43.00 -
EPS (Riyals) 1.25 0.80 (36.2 %)

In Q3 2023, the company’s net profit fell 36% SAR 34.3 million from SAR 53.80 million in Q3 2022.

 

On a sequential basis, the bottom line grew 14.8% from SAR 29.92 million in Q2 2023, on higher sale proceeds from short-term and long-term rental segments, as a result of improved utilization rates.

 

Shareholders’ equity, no minority interest, reached SAR 710.34 million as of Sept. 30, 2023, up from SAR 641.01 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

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 %


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

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

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

Analysts Estimates (Million)

Item Q3 2023 (e) Q3 2023 (a) Change‬
Average 39.60 34.33 (13.3 %)

Estimates vs Actual (Million)

Item Q3 2023 (e) Q3 2023 (a) Change
OSOOL AND BAKHEET 34.19 34.33 0.4 %
AlJazira Capital 45.00 34.33 (23.7) %


Financial Ratios
Current
Market Cap (M Riyal) 2,838.00
Enterprise Value (EV) (M) 3,955.14
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) 20.50
P/E (TTM) 20.23
Price/book 3.77
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.
66.00
(1.00) (1.49 %)

Theeb Rent a Car Co. (THEEB)

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