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Theeb Rent a Car Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )

4261
THEEB
-0.80 %
1445/01/23     10/08/2023 15:47:25

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 283,370226,60425.05262,9437.77
Gross Profit (Loss) 82,18381,6500.6590,521-9.21
Operational Profit (Loss) 46,49352,693-11.7758,222-20.14
Net Profit (Loss) after Zakat and Tax 29,91943,059-30.5242,292-29.26
Total Comprehensive Income 29,91943,059-30.5242,292-29.26
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 546,313447,48622.08
Gross Profit (Loss) 172,704165,9404.08
Operational Profit (Loss) 104,716103,1511.52
Net Profit (Loss) after Zakat and Tax 72,21185,654-15.69
Total Comprehensive Income 72,21185,654-15.69
Total Share Holders Equity (after Deducting Minority Equity) 690,631664,8603.88
Profit (Loss) per Share 1.681.99
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is Despite the increase in revenues from short and long-term leasing sectors by 8.2% and the increase in revenues from car sales sector by 120.4% as a result of the increase in the company’s fleet in the second quarter of 2023 compared to the same quarter in 2022, the Company has reported a net profit amounting to Saudi riyals 29.9 million, compared to Saudi riyals 43 million, with a decrease of 31%. This is attributed to the following reasons:

* Decline in the utilization rate of the short-term leasing sector.

* Increase in financing costs gloablay and its impact on borrowings.

* Increase in operational costs especially, insurance and spare

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is The net profit in the second quarter of 2023 amounted to Saudi riyals 29.9 million, compared to Saudi riyals 42.3 million for the Q1- 2023,with a decrease of 29%. This was attributed to lower utilization rate in the short-term leasing segment, which was negatively affected by the remaining days of Ramadan in the second quarter of 2023. In addition to Increase in operational costs especially, insurance and spare parts costs.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is Despite the increase in revenues from short and long-term leasing sectors by 10% and the increase in revenues from car sales sector by 93% as a result of the increase in the company’s fleet in the first half of 2023 compared to the same period in 2022, the Company has reporting a net profit amounted to Saudi riyals 72.2 million, compared to Saudi riyals 85.7 million, with a decrease of 16%. This is attributed to the Decline in the utilization rate of the short-term leasing sector, Increase in financing costs, and Increase in operational costs especially, insurance and spare parts costs.
Statement of the type of external auditor's report Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion Note 3 to the interim condensed financial statements. As stated therein, during the year ended 31 December 2021, management has received a correspondence from the Zakat, Tax and Customs Authority (“ZATCA”), regarding certain possible taxes on the Company relating to the ownership interests of one of the Company’s former shareholders. As at the date of this report, no official assessment has been received from ZATCA. Conclusion has not been modified in respect of this matter.
Reclassification of Comparison Items Certain comparative information has been reclassified to align with current period presentation.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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