Theeb’s profits rise to 46 million riyals during Q3 by 35%

Theeb Rent a Car’s net profit increased to 46 million riyals during the third quarter compared to 34 million riyals in the same quarter last year by 35%, following the announcement today of the preliminary consolidated financial results for the period ending September 30, 2024 (9 months).

The operating profit amounted to 71 million riyals in the third quarter compared to 53 million riyals in the same quarter of the previous year, an increase of 33%.

As for the net profit in the current period, it amounted to 132 million riyals compared to 107 million riyals in the same period last year, an increase of 23%.

The earnings per share in the current period amounted to 3.06 riyals compared to 2.48 riyals in the same period last year.

The company said in a statement that the reason for the increase in revenues during the current quarter compared to the same quarter of the previous year by 17% is due to the increase in long-term rental revenues by a growth rate of 42.9% in addition to the increase in sales of the used car sales sector by a growth rate of 21.4%.