Theeb Rent a Car Reports SAR 50.92M Net Profit in the Six Months 2026
THEEB 4261.SA | 0.00 |
On 2026-08-05 15:56:02 (Saudi Time), Theeb Rent a Car Co. announced its Interim financial results for the six months ended on June 30, 2026.
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 424,679 | 364,875 | 16.39 | 409,553 | 3.693 |
| Gross Profit (Loss) | 109,998 | 118,043 | -6.815 | 119,488 | -7.942 |
| Operational Profit (Loss) | 43,214 | 73,346 | -41.081 | 61,529 | -29.766 |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | 16,422 | 47,793 | -65.639 | 34,497 | -52.395 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | 16,422 | 47,793 | -65.639 | 34,497 | -52.395 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 834,232 | 701,551 | 18.912 |
| Gross Profit (Loss) | 229,486 | 231,224 | -0.751 |
| Operational Profit (Loss) | 104,742 | 140,827 | -25.623 |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | 50,919 | 93,155 | -45.339 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | 50,919 | 93,155 | -45.339 |
| Total Shareholders Equity (after Deducting Minority Equity) | 947,512 | 875,862 | 8.18 |
| Profit (Loss) per Share | 0.79 | 1.44 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
Year-on-Year Performance Drivers
For the six-month period ending 30 June 2026, Theeb Rent a Car Co. reported sales/revenue of SAR 834.23 million, up 18.912% YoY from SAR 701.55 million, driven by a 14% increase in short-term and long-term rental segment revenues supported by the opening of new branches, and a 38% surge in used car sales segment revenues. Despite the top-line growth, net profit attributable to shareholders fell sharply by 45.339% YoY to SAR 50.92 million from SAR 93.16 million, primarily due to a drop in fleet utilization rates within the rental segment, a higher expected credit loss provision reflecting increased credit risk levels in the market, and lower profitability in the used car sales segment caused by a decline in selling prices.
Quarter-on-Quarter Performance Drivers
QoQ revenue rose 3.7% to SAR 424.68 million (from SAR 409.55 million), driven by a 1.8% increase in short- and long-term rental revenues and a 10% rise in used car sales revenues. Despite the top-line growth, net profit attributable to shareholders dropped 52.4% QoQ to SAR 16.42 million (from SAR 34.50 million), primarily due to a decline in fleet utilization rates within the rental segment, a higher expected credit loss provision reflecting increased market credit risk, and lower profitability in the used car sales segment caused by falling selling prices.
Other Items
The external auditor issued an unmodified conclusion with no additional comments or reservations noted. No accumulated losses were reported. Total shareholders' equity (after deducting minority equity) stood at SAR 947,512 thousand as of the current period, up 8.18% from SAR 875,862 thousand in the same period of the prior year. Earnings per share for the current six-month period were SAR 0.79, compared to SAR 1.44 in the same period of the prior year. No material risks, debt covenant breaches, or going concern uncertainties were disclosed.
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=97307&anCat=1&cs=4261&locale=arImportant Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.