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Theeb Rent a Car posts 46% profit decline to SAR 63.3 mln for 2020
Theeb Rent a Car Co. reported net profit after Zakat and tax of SAR 63.3 million for 2020, a 46% decline, from SAR 119 million a year earlier.
This earnings drop was driven by lower utilization rates for the short-term rental activities across the Kingdom. The company also cited lower revenue from the short-term rental activities due to the COVID-19 outbreak.
Financials (M)
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 631.14 | 660.00 | 4.6 % |
| Gross Income | 221.15 | 162.01 | (26.7 %) |
| Operating Income | 156.16 | 91.52 | (41.4 %) |
| Net Income | 116.03 | 63.25 | (45.5 %) |
| Average Shares | 43.00 | 43.00 | - |
| Earnings Per Share before unusual items | 2.70 | 1.47 | (45.5 %) |
| EPS (Riyals) | 2.70 | 1.47 | (45.5 %) |
The company’s Q4 2020 net profit after Zakat and tax fell 43% year-on-year to SAR 21.4 million.
Current Quarter Comparison (M)
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 180.17 | 174.90 | (2.9 %) |
| Gross Income | 65.73 | 50.51 | (23.2 %) |
| Operating Income | 43.15 | 28.61 | (33.7 %) |
| Net Income | 37.61 | 21.37 | (43.2 %) |
| Average Shares | 43.00 | 43.00 | - |
| Earnings Per Share before unusual items | 0.87 | 0.50 | (43.2 %) |
| EPS (Riyals) | 0.87 | 0.50 | (43.2 %) |
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Share Price
Theeb Rent a Car Co. (THEEB)
| Current | |
| Market Cap (M Riyal) | 2,915.40 |
| Enterprise Value (EV) (M) | 4,261.86 |
| Shares Outstanding ((M)) | 43.00 |
| EPS ( Riyal) (TTM) | 4.25 |
| Book Value (BV) ( Riyal) | 19.31 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 15.96 |
| P/E (TTM) | 15.96 |
| Price/book | 3.51 |
| Return on Average Assets (%) (TTM) | 7.6 |
| Return on Average Equity (%) (TTM) | 11.9 |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | Earnings Per Share before unusual items |
|---|---|---|---|---|---|---|
| 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 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 %) |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2020 | - | - | - |
| Q2 2020 | - | - | - |
| Q3 2020 | - | - | - |
| Q4 2020 | - | - | - |
Business Segments (Million)
Q4 2020
| Period | Short term leasing | Long term leasing | Cars sales |
|---|---|---|---|
| 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 |
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