Theeb Rent Reports SAR 34.50M Net Profit in Q1 2026
THEEB 4261.SA | 0.00 |
On 2026-05-10 16:01:14 (Saudi Time), Theeb Rent a Car Co. announced its Interim financial results for the three months ended on March 31, 2026.
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 409,553 | 336,677 | 21.645 | 391,903 | 4.503 |
| Gross Profit (Loss) | 119,488 | 113,181 | 5.572 | 118,336 | 0.973 |
| Operational Profit (Loss) | 61,529 | 67,481 | -8.82 | 56,299 | 9.289 |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | 34,497 | 45,362 | -23.951 | 36,933 | -6.595 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | 34,497 | 45,362 | -23.951 | 37,209 | -7.288 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 931,090 | 850,430 | 9.484 |
| Profit (Loss) per Share | 0.53 | 0.7 | |
| 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
Sales increased 21.645% YoY to 409.55 million SAR, driven by a 15% growth in short-term and long-term rental segments supported by new branch openings and a 48% surge in used car sales revenues. However, net profit declined 23.951% YoY to 34.497 million SAR due to marginally lower fleet utilization rates in the rental segment, increased expected credit loss provisions reflecting higher market credit risk, and reduced profitability in the used car sales segment caused by declining selling prices.
Quarter-on-Quarter Performance Drivers
QoQ revenue increased 4.50% to 409.55 million, driven by a 24% rise in car sales segment revenues. Net profit declined 6.60% to 34.50 million due to decreased fleet utilization rates from business seasonality and lower profitability in the used car sales segment caused by declining selling prices.
Other Items
The external auditor issued an unmodified conclusion with no additional comments, disclaimers, or adverse opinions noted. No accumulated losses were reported, and total shareholders' equity increased 9.484% to 931,090 thousand SAR. Earnings per share decreased from 0.7 SAR to 0.53 SAR compared to the same period last year.
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=95188&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.