Theeb’s profit down 4% to SAR 40.5M in Q1 2024

Theeb’s profit down 4% to SAR 40.5M in Q1 2024

16/05/2024 Argaam Exclusive

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Theeb Rent a Car Co. (Theeb) reported a 4% drop in Q1 2024 net profit to SAR 40.5 million, compared to SAR 42.3 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 262.94 306.57 16.6 %
Gross Income 88.07 98.86 12.3 %
Operating Income 58.22 60.75 4.3 %
Net Income 42.29 40.48 (4.3 %)
Average Shares 43.00 43.00 -
EPS (Riyals) 0.98 0.94 (4.3 %)

The profit decline was attributed to the increase in the cost of cars sold due to the revision of their expected resale value, in addition to higher financing costs of bank borrowings.

 

Compared to Q4 2023, the first-quarter net profit rose 13.9% from SAR 35.5 million.

 

Shareholders’ equity, no minority interest, rose to SAR 752.6 million as of March 31, 2024, from SAR 681.8 million a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q1 2024 306.57 16.6 % 98.86 12.3 % 40.48 (4.3 %) 0.94

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2024 31.15 % 45.71 % 11.74 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2024 43.00 3.26 3.22 17.50

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2024 21.15 21.43 3.94

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
Q1 2024 118.53 109.78 78.26

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 35.86 40.48 12.89 %

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
SNB Capital 41.40 40.48 (2.2) %
Hermes 43.00 40.48 (5.9) %
OSOOL AND BAKHEET 37.29 40.48 8.5 %
AlJazira Capital 34.30 40.48 18.0 %
Al Rajhi Capital 33.00 40.48 22.7 %
GIB Capital 33.00 40.48 22.7 %
United Securities Company 29.00 40.48 39.6 %


Financial Ratios
Current
Market Cap (M Riyal) 2,842.30
Enterprise Value (EV) (M) 3,959.44
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) 20.53
P/E (TTM) 20.27
Price/book 3.78
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.
66.10
(0.90) (1.34 %)

Theeb Rent a Car Co. (THEEB)

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