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Theeb Rent a Car Co. announces its Interim Financial Results for the Period Ending on 2023-03-31 ( Three Months )

4261
THEEB
-1.16 %
1444/10/25     15/05/2023 15:39:15

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 262,943220,88319.04270,279-2.71
Gross Profit (Loss) 90,52184,2907.3995,251-4.96
Operational Profit (Loss) 58,22250,45815.3960,341-3.51
Net Profit (Loss) after Zakat and Tax 42,29242,595-0.7153,659-21.18
Total Comprehensive Income 42,29242,595-0.7150,506-16.26
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 681,782586,73016.2
Profit (Loss) per Share 0.980.99
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 The net profit for Q1- 2023 amounted to 42.3 million Saudi riyals, compared to 42.6 million Saudi riyals for the same Q1- 2022, with a slight decrease of 0.7%. This is attributed to the decline in the performance of the short-term leasing sector, which was contributed by the partial seasonal change to the beginning of the month of Ramadan in the first quarter of 2023, as the economic activity slowed down during the holy month. This was offset by improved performance in the long-term leasing and vehicle sales segments, which continued to show impressive growth in revenues and margins.
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 first quarter of 2023 amounted to 42.3 million Saudi riyals, compared to 50.5 million Saudi riyals for the Q4- 2022, a decrease of 16.3%. This was attributed to lower performance from the short-term leasing segment, which was negatively affected by Ramadan in the first quarter of 2023. Moreover, contributions from the car sales segment were higher in the fourth quarter of 2022 compared to the first quarter of 2023, as the company sold a smaller fleet in order to open three new branches for the short-term segment, in addition to preparing for the blessed Eid Al-Fitr season.
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. Our conclusion has not been modified in respect of this matter.
Reclassification of Comparison Items None

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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Last Price 68.0
Net Change -0.8 (-1.16%)
Value Traded (Sar) 3,205,998.6
Volume Traded 46,910
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