Theeb H1 2024 earnings leap 18% to SAR 85.1M; Q2 at SAR 44.6M

07/08/2024 Argaam Exclusive

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Theeb Rent a Car Co. reported a net profit of SAR 85.1 million in H1 2024, leaping 18% from SAR 72.2 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	546.31	628.36	15.0 %
Gross Income	172.70	204.69	18.5 %
Operating Income	104.72	127.21	21.5 %
Net Income	72.21	85.06	17.8 %
Average Shares	43.00	43.00	-
EPS (Riyals)	1.68	1.98	17.8 %

Revenues increased by 15% year-on-year (YoY), mainly due to a rise of 37% in the long-term rental segment revenues. Sales of the used car sales segment also rose by 21%.

The growth in revenues from the long-term rental and used car sales segments offset the 3% decrease in revenues of the short-term rental segment.

The company reported a net profit of SAR 44.6 million in Q2 2024, up 49% from SAR 29.92 million in the year before, driven mainly by a 13.6% revenue increase and improved utilization rates of short term and long-term rental segments, in addition to the improved certain operational cost items.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	283.37	321.78	13.6 %
Gross Income	84.64	105.83	25.0 %
Operating Income	46.49	69.08	48.6 %
Net Income	29.92	44.58	49.0 %
Average Shares	43.00	43.00	-
EPS (Riyals)	0.70	1.04	49.0 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	306.57	321.78	5.0 %
Gross Income	98.86	105.83	7.0 %
Operating Income	60.75	69.08	13.7 %
Net Income	40.48	44.58	10.1 %
Average Shares	43.00	43.00	-
EPS (Riyals)	0.94	1.04	10.1 %

On a quarterly basis, Q2 net earnings increased 10.1% from SAR 40.48 million.

Total shareholders’ equity, no minority interest, stood at SAR 776.89 million as of June 30, 2024, compared to SAR 690.63 million in a prior-year period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
Q3 2023	288.41	15.3 %	93.25	5.3 %	53.41	(17.0 %)
Q4 2023	300.67	11.2 %	94.18	(3.2 %)	48.11	(20.3 %)
2023	1,135.39	17.3 %	358.87	2.0 %	205.91	(9.6 %)
Q1 2024	306.57	16.6 %	98.86	12.3 %	60.75	4.3 %
Q2 2024	321.78	13.6 %	105.83	25.0 %	69.08	48.6 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2023	1,135.39	17.3 %	358.87	2.0 %	205.91	(9.6 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
Q3 2023	34.33	(36.2 %)	0.80	-	34.33	0.80
Q4 2023	35.53	(33.8 %)	0.83	-	35.53	0.83
2023	142.07	(26.4 %)	3.30	-	142.07	3.30
Q1 2024	40.48	(4.3 %)	0.94	-	40.48	0.94
Q2 2024	44.58	49.0 %	1.04	-	44.58	1.04

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2023	142.07	(26.4 %)	3.30	-	142.07	3.30

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2023	32.88 %	49.58 %	14.13 %
Q4 2023	31.72 %	47.40 %	12.51 %
2023	31.61 %	47.37 %	12.51 %
Q1 2024	31.46 %	45.74 %	11.90 %
Q2 2024	32.21 %	46.19 %	12.72 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2023	31.61 %	47.37 %	12.51 %

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	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 %
Q3 2023	32.33 %	49.28 %	11.90 %
Q4 2023	31.32 %	42.50 %	11.82 %
Q1 2024	32.25 %	45.37 %	13.20 %
Q2 2024	32.89 %	47.65 %	13.85 %

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	3.30	16.97
Q1 2024	43.00	3.26	3.26	17.50
Q2 2024	43.00	3.60	3.60	18.07

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2023	43.00	3.30	3.30	16.97

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	19.92	3.88
Q1 2024	21.15	21.15	3.94
Q2 2024	18.85	18.85	3.76

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	20.83	20.83	4.62
2022	15.36	15.69	4.46
2023	19.92	19.92	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
Q1 2024	118.53	109.78	78.26
Q2 2024	123.40	119.97	78.41

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
2023	509.72	354.10	271.57

Analysts Estimates (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change‬
Average	38.12	44.58	16.93 %

Estimates vs Actual (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change
OSOOL AND BAKHEET	42.17	44.58	5.7 %
GIB Capital	42.00	44.58	6.1 %
AlJazira Capital	41.40	44.58	7.7 %
Al Rajhi Capital	37.00	44.58	20.5 %
SNB Capital	36.30	44.58	22.8 %
Hermes	35.00	44.58	27.4 %
United Securities Company	33.00	44.58	35.1 %

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 2024 earnings leap 18% to SAR 85.1M; Q2 at SAR 44.6M

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)

Revenue by Business Segment (Latest) 2024 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 2024 earnings leap 18% to SAR 85.1M; Q2 at SAR 44.6M

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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) Q2 2024

Revenue by Business Segment (Latest) 2024 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)