Major Estimate Revision • Jul 02
Consensus EPS estimates fall by 16% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from ر.س2.71 to ر.س2.27 per share. Revenue forecast steady at ر.س1.63b. Net income forecast to shrink 6.3% next year vs 5.3% growth forecast for Transportation industry in Saudi Arabia . Consensus price target down from ر.س49.38 to ر.س28.88. Share price was steady at ر.س23.36 over the past week. Price Target Changed • Jun 26
Price target decreased by 31% to ر.س33.88 Down from ر.س49.38, the current price target is an average from 4 analysts. New target price is 43% above last closing price of ر.س23.76. Stock is down 46% over the past year. The company is forecast to post earnings per share of ر.س2.36 for next year compared to ر.س2.79 last year. Reported Earnings • May 19
First quarter 2026 earnings released: EPS: ر.س0.53 (vs ر.س0.70 in 1Q 2025) First quarter 2026 results: EPS: ر.س0.53 (down from ر.س0.70 in 1Q 2025). Revenue: ر.س409.6m (up 22% from 1Q 2025). Net income: ر.س34.5m (down 24% from 1Q 2025). Profit margin: 8.4% (down from 14% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Announcement • May 15
Theeb Rent A Car Company, Annual General Meeting, Jun 08, 2026 Theeb Rent A Car Company, Annual General Meeting, Jun 08, 2026, at 18:30 Arab Standard Time. Location: riyadh Saudi Arabia Upcoming Dividend • Apr 19
Upcoming dividend of ر.س0.28 per share Eligible shareholders must have bought the stock before 26 April 2026. Payment date: 03 May 2026. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 4.7%. Lower than top quartile of Saudi dividend payers (5.7%). Higher than average of industry peers (2.6%). Reported Earnings • Apr 08
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ر.س2.79 (down from ر.س2.83 in FY 2024). Revenue: ر.س1.50b (up 15% from FY 2024). Net income: ر.س180.3m (down 1.3% from FY 2024). Profit margin: 12% (down from 14% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.8%. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Announcement • Mar 31
Theeb Rent A Car Company announces Quarterly dividend, payable on May 03, 2026 Theeb Rent A Car Company announced Quarterly dividend of SAR 0.2800 per share payable on May 03, 2026, ex-date on April 26, 2026 and record date on April 27, 2026. Buy Or Sell Opportunity • Mar 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to ر.س30.34. The fair value is estimated to be ر.س38.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 4.7% per annum. Earnings are also forecast to grow by 6.0% per annum over the same time period. Announcement • Jan 29
Theeb Rent A Car Co. Approves Appointment of Muneer Mohammed Abdulkarim Al-Zubi as a member of the Board of Directors The Board of Directors of Theeb Rent a Car Company at its Ordinary General Assembly Meeting held on January 28, 2026 approved the appointment of Muneer Mohammed Abdulkarim Al-Zubi as a member of the Board of Directors for the vacant seat for the current term, which began on March 7, 2024, for a period of three calendar years ending on March 6, 2027. Buy Or Sell Opportunity • Dec 15
Now 34% undervalued after recent price drop Over the last 90 days, the stock has fallen 35% to ر.س40.67. The fair value is estimated to be ر.س61.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 5.8% per annum. Earnings are also forecast to grow by 7.0% per annum over the same time period. Upcoming Dividend • Dec 07
Upcoming dividend of ر.س0.58 per share Eligible shareholders must have bought the stock before 14 December 2025. Payment date: 25 December 2025. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 3.6%. Lower than top quartile of Saudi dividend payers (5.7%). Higher than average of industry peers (2.5%). Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: ر.س1.17 (vs ر.س1.08 in 3Q 2024) Third quarter 2025 results: EPS: ر.س1.17 (up from ر.س1.08 in 3Q 2024). Revenue: ر.س403.6m (up 20% from 3Q 2024). Net income: ر.س50.2m (up 7.9% from 3Q 2024). Profit margin: 12% (down from 14% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 3% per year. Announcement • Nov 11
Theeb Rent A Car Company announces Quarterly dividend, payable on December 25, 2025 Theeb Rent A Car Company announced Quarterly dividend of SAR 0.5800 per share payable on December 25, 2025, ex-date on December 14, 2025 and record date on December 15, 2025. Upcoming Dividend • Sep 01
Upcoming dividend of ر.س0.55 per share Eligible shareholders must have bought the stock before 08 September 2025. Payment date: 18 September 2025. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Saudi dividend payers (5.5%). Higher than average of industry peers (2.4%). Reported Earnings • Aug 12
Second quarter 2025 earnings released: EPS: ر.س1.11 (vs ر.س1.04 in 2Q 2024) Second quarter 2025 results: EPS: ر.س1.11 (up from ر.س1.04 in 2Q 2024). Revenue: ر.س364.9m (up 13% from 2Q 2024). Net income: ر.س47.8m (up 7.2% from 2Q 2024). Profit margin: 13% (in line with 2Q 2024). Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 3% per year. Announcement • Aug 08
Theeb Rent A Car Company announces Quarterly dividend, payable on September 18, 2025 Theeb Rent A Car Company announced Quarterly dividend of SAR 0.5500 per share payable on September 18, 2025, ex-date on September 08, 2025 and record date on September 09, 2025. Announcement • Jun 24
Theeb Rent A Car Company announces Quarterly dividend, payable on July 10, 2025 Theeb Rent A Car Company announced Quarterly dividend of SAR 0.5200 per share payable on July 10, 2025, ex-date on June 25, 2025 and record date on June 26, 2025. New Risk • May 22
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (20% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • May 22
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: ر.س1.05 (up from ر.س0.94 in 1Q 2024). Revenue: ر.س336.7m (up 9.8% from 1Q 2024). Net income: ر.س45.4m (up 12% from 1Q 2024). Profit margin: 14% (in line with 1Q 2024). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) exceeded analyst estimates by 2.9%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 1% per year and the company’s share price has also increased by 1% per year. Announcement • Apr 29
Theeb Rent A Car Company, Annual General Meeting, Jun 19, 2025 Theeb Rent A Car Company, Annual General Meeting, Jun 19, 2025, at 20:00 Arab Standard Time. Location: riyadh Saudi Arabia Reported Earnings • Mar 21
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: ر.س4.25 (up from ر.س3.30 in FY 2023). Revenue: ر.س1.30b (up 15% from FY 2023). Net income: ر.س182.7m (up 29% from FY 2023). Profit margin: 14% (up from 13% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.4%. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year. Declared Dividend • Mar 14
Third quarter dividend of ر.س0.59 announced Shareholders will receive a dividend of ر.س0.59. Ex-date: 17th March 2025 Payment date: 26th March 2025 Dividend yield will be 3.0%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 17% per year over the past 3 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 13
Theeb Rent A Car Company announces Quarterly dividend, payable on March 26, 2025 Theeb Rent A Car Company announced Quarterly dividend of SAR 0.5900 per share payable on March 26, 2025, ex-date on March 17, 2025 and record date on March 18, 2025. Buy Or Sell Opportunity • Dec 29
Now 20% overvalued Over the last 90 days, the stock has fallen 3.2% to ر.س75.90. The fair value is estimated to be ر.س63.07, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 5.9%. Revenue is forecast to grow by 22% in 2 years. Earnings are forecast to grow by 39% in the next 2 years. Buy Or Sell Opportunity • Dec 03
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 3.4% to ر.س77.00. The fair value is estimated to be ر.س62.02, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 5.9%. Revenue is forecast to grow by 22% in 2 years. Earnings are forecast to grow by 39% in the next 2 years. Reported Earnings • Nov 12
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: ر.س1.08 (up from ر.س0.80 in 3Q 2023). Revenue: ر.س337.4m (up 17% from 3Q 2023). Net income: ر.س46.5m (up 35% from 3Q 2023). Profit margin: 14% (up from 12% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) also surpassed analyst estimates by 3.8%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 11% per year. Buy Or Sell Opportunity • Oct 27
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to ر.س77.40. The fair value is estimated to be ر.س63.89, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 44% in the next 2 years. Buy Or Sell Opportunity • Oct 10
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to ر.س78.10. The fair value is estimated to be ر.س64.38, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 44% in the next 2 years. Price Target Changed • Sep 25
Price target increased by 13% to ر.س82.54 Up from ر.س72.73, the current price target is an average from 5 analysts. New target price is 7.2% above last closing price of ر.س77.00. Stock is up 21% over the past year. The company is forecast to post earnings per share of ر.س4.01 for next year compared to ر.س3.30 last year. Buy Or Sell Opportunity • Sep 25
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to ر.س77.00. The fair value is estimated to be ر.س63.32, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 7.5% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: ر.س1.04 (vs ر.س0.70 in 2Q 2023) Second quarter 2024 results: EPS: ر.س1.04 (up from ر.س0.70 in 2Q 2023). Revenue: ر.س321.8m (up 14% from 2Q 2023). Net income: ر.س44.6m (up 49% from 2Q 2023). Profit margin: 14% (up from 11% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Declared Dividend • Aug 09
First quarter dividend of ر.س0.51 announced Shareholders will receive a dividend of ر.س0.51. Ex-date: 13th August 2024 Payment date: 22nd August 2024 Dividend yield will be 2.6%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 17% per year over the past 3 years. However, payments have been volatile during that time. Earnings per share has grown by 36% over the last 3 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 08
Theeb Rent A Car Company announces Quarterly dividend, payable on August 22, 2024 Theeb Rent A Car Company announced Quarterly dividend of SAR 0.5100 per share payable on August 22, 2024, ex-date on August 13, 2024 and record date on August 14, 2024. Reported Earnings • May 24
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: ر.س0.94 (down from ر.س0.98 in 1Q 2023). Revenue: ر.س306.6m (up 17% from 1Q 2023). Net income: ر.س40.5m (down 4.3% from 1Q 2023). Profit margin: 13% (down from 16% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 17%. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • May 17
Theeb Rent A Car Company, Annual General Meeting, Jun 09, 2024 Theeb Rent A Car Company, Annual General Meeting, Jun 09, 2024, at 19:15 Arab Standard Time. Location: riyadh Saudi Arabia Reported Earnings • Mar 27
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ر.س3.30 (down from ر.س4.49 in FY 2022). Revenue: ر.س1.14b (up 17% from FY 2022). Net income: ر.س142.1m (down 26% from FY 2022). Profit margin: 13% (down from 20% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) also missed analyst estimates by 3.1%. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Jan 25
Theeb Rent A Car Company, Annual General Meeting, Feb 29, 2024 Theeb Rent A Car Company, Annual General Meeting, Feb 29, 2024, at 15:30 Coordinated Universal Time. Price Target Changed • Dec 14
Price target decreased by 11% to ر.س71.03 Down from ر.س80.00, the current price target is an average from 3 analysts. New target price is 15% above last closing price of ر.س61.80. Stock is down 12% over the past year. The company is forecast to post earnings per share of ر.س3.46 for next year compared to ر.س4.49 last year. Reported Earnings • Nov 13
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: ر.س0.80 (down from ر.س1.25 in 3Q 2022). Revenue: ر.س288.4m (up 15% from 3Q 2022). Net income: ر.س34.3m (down 36% from 3Q 2022). Profit margin: 12% (down from 22% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.6%. Earnings per share (EPS) missed analyst estimates by 24%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Transportation industry in Asia. Major Estimate Revision • Oct 10
Consensus EPS estimates fall by 17% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ر.س4.60 to ر.س3.80. Revenue forecast unchanged from ر.س1.11b at last update. Net income forecast to grow 21% next year vs 16% growth forecast for Transportation industry in Saudi Arabia. Consensus price target of ر.س97.50 unchanged from last update. Share price was steady at ر.س61.30 over the past week. Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: ر.س0.70 (vs ر.س1.00 in 2Q 2022) Second quarter 2023 results: EPS: ر.س0.70 (down from ر.س1.00 in 2Q 2022). Revenue: ر.س283.4m (up 25% from 2Q 2022). Net income: ر.س29.9m (down 31% from 2Q 2022). Profit margin: 11% (down from 19% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Transportation industry in Asia. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ر.س88.80, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 18x in the Transportation industry in Asia. Total returns to shareholders of 50% over the past year. Price Target Changed • Mar 13
Price target increased by 11% to ر.س80.00 Up from ر.س72.00, the current price target is provided by 1 analyst. New target price is 5.5% above last closing price of ر.س75.80. Stock is up 23% over the past year. The company is forecast to post earnings per share of ر.س4.40 for next year compared to ر.س2.92 last year. Board Change • Mar 02
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Haitham Tofik Alforaih was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 30
Theeb Rent A Car Company Announces the Relocation of Al-Baha Branch Theeb Rent a Car announced to relocate its branch which is located on King Abdulaziz Road, Al-Raab District, Al-Baha to another location on the same road, to develop better customer service. It is worth noting that Theeb Rent a Car has, during the last period, and in the context of implementing its expansion strategy by supporting its network of branches, opened 4 new branches, which are Sulay Branch in Riyadh, North Industrial in Riyadh, Prince Majid Road in Jeddah, and Hail Corniche, and moved to new branches in the cities of Buraydah and Al-Baha. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Haitham Tofik Alforaih was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 14
Theeb Rent A Car Company Announces Interim Cash Dividends for the Third Quarter of 2022, Payable on November 27, 2022 Theeb Rent a Car Company announced the distribution of interim cash dividends to the shareholders for the third quarter of 2022. The total amount distributed is SAR 26,660,000. Dividend per share is SAR 0.62 per share. The eligibility for dividends shall be for the shareholders who own the shares on Tuesday November 15, 2022 and who registered with the Saudi Securities Depository Center Company (Edaa) at the end of the second trading day following the date of eligibility. Distribution date is November 27, 2022. Reported Earnings • Nov 09
Third quarter 2022 earnings: Revenues exceed analyst expectations Third quarter 2022 results: Revenue: ر.س250.2m (up 37% from 3Q 2021). Net income: ر.س53.8m (up 97% from 3Q 2021). Profit margin: 22% (up from 15% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.8%. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Transportation industry in Asia. Major Estimate Revision • Oct 08
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from ر.س3.72 to ر.س4.13. Revenue forecast unchanged at ر.س956.0m. Net income forecast to grow 0.9% next year vs 22% growth forecast for Transportation industry in Saudi Arabia. Consensus price target of ر.س76.00 unchanged from last update. Share price rose 2.1% to ر.س74.00 over the past week. Upcoming Dividend • Sep 04
Upcoming dividend of ر.س0.50 per share Eligible shareholders must have bought the stock before 11 September 2022. Payment date: 22 September 2022. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Saudi dividend payers (4.4%). In line with average of industry peers (2.0%). Announcement • Aug 31
Theeb Rent A Car Company Announces Interim Cash Dividends for the Second Quarter of 2022, Payable on September 22, 2022 Theeb Rent a Car Company announced the distribution of interim cash dividends to the shareholders for the second quarter of 2022. The total amount distributed is SAR 21,500,000. Dividend per share is SAR 0.50 per share. Eligibility date: The eligibility for dividends shall be for the shareholders who own the shares on September 8, 2022 and who registered with the Saudi Securities Depository Center Company (Edaa) at the end of the second trading day following the date of eligibility. Distribution date is September 22, 2022. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: ر.س1.00 (vs ر.س0.58 in 2Q 2021) Second quarter 2022 results: EPS: ر.س1.00 (up from ر.س0.58 in 2Q 2021). Revenue: ر.س226.6m (up 26% from 2Q 2021). Net income: ر.س43.1m (up 73% from 2Q 2021). Profit margin: 19% (up from 14% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 13%, compared to a 15% growth forecast for the Transportation industry in Saudi Arabia. Upcoming Dividend • Jun 15
Upcoming dividend of ر.س0.49 per share Eligible shareholders must have bought the stock before 22 June 2022. Payment date: 06 July 2022. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of Saudi dividend payers (4.4%). Higher than average of industry peers (2.0%). Announcement • Jun 08
Theeb Rent A Car Company Announces the Distribution of Cash Dividend for First Quarter 2022, Payable on July 6, 2022 Theeb Rent A Car Company announced the distribution of Interim cash dividends to the shareholders for the first quarter 2022. The Total amount distributed: SAR 21,070,000 and Dividend per share: SAR 0.49 per share. The eligibility for dividends shall be for the shareholders who own the shares on 22-11-1443 corresponding June 21, 2022 and who registered with the Saudi Securities Depository Center Company (Edaa) at the end of the second trading day following the date of eligibility. Distribution Date: July 6, 2022. Reported Earnings • May 23
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ر.س0.99 (up from ر.س0.60 in 1Q 2021). Revenue: ر.س220.9m (up 25% from 1Q 2021). Net income: ر.س42.6m (up 64% from 1Q 2021). Profit margin: 19% (up from 15% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Over the next year, revenue is forecast to grow 11%, compared to a 19% growth forecast for the industry in Saudi Arabia. Price Target Changed • Apr 27
Price target increased to ر.س72.00 Up from ر.س54.25, the current price target is an average from 2 analysts. New target price is 10% above last closing price of ر.س65.30. Stock is up 24% over the past year. The company is forecast to post earnings per share of ر.س3.20 for next year compared to ر.س2.92 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Haitham Tofik Alforaih was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 04
Upcoming dividend of ر.س0.54 per share Eligible shareholders must have bought the stock before 11 April 2022. Payment date: 20 April 2022. Payout ratio is a comfortable 50% and the cash payout ratio is 96%. Trailing yield: 2.2%. Lower than top quartile of Saudi dividend payers (4.1%). Higher than average of industry peers (1.9%). Reported Earnings • Mar 09
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ر.س2.92 (up from ر.س1.47 in FY 2020). Revenue: ر.س752.4m (up 14% from FY 2020). Net income: ر.س125.7m (up 99% from FY 2020). Profit margin: 17% (up from 9.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Over the next year, revenue is forecast to grow 16%, compared to a 19% growth forecast for the industry in Saudi Arabia. Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS ر.س0.64 (vs ر.س0.33 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ر.س182.2m (up 9.8% from 3Q 2020). Net income: ر.س27.4m (up 96% from 3Q 2020). Profit margin: 15% (up from 8.4% in 3Q 2020). The increase in margin was driven by higher revenue. Executive Departure • Sep 04
Independent Director Saleh Abdulrahman Al-Fadl has left the company On the 1st of September, Saleh Abdulrahman Al-Fadl's tenure as Independent Director ended after 1.6 years in the role. We don't have any record of a personal shareholding under Saleh Abdulrahman's name. Saleh Abdulrahman is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 3.38 years. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment improved over the past week After last week's 15% share price gain to ر.س61.60, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 15x in the Transportation industry in Asia. 
