“Theeb” profits decreased by 24% to 34.4 million riyals in the first quarter of 2026
A decline in a company’s net profits "Theeb car rental" By the end of the first quarter of 2026, it increased by 24% to record 34.49 million riyals, compared to a net profit of 45.36 million riyals in the same quarter of the previous year.
The reason for the decrease in net profit during the current quarter compared to the same quarter of the previous year is a slight decline in the rental fleet operating rates, and an increase in the provision for expected credit losses, in line with the change in credit risk levels in the market in general, and the decrease in the profitability of the used car sales sector due to Due to the decline in selling prices.
On the other hand, the company’s revenues for this quarter increased by 21.6% on an annual basis, and this is attributed to the increase in revenues from the short- and long-term rental sectors by a growth rate of 15% supported by the opening of new branches, and an increase in sales of the used car sector by 48%.
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