Riyadh – Mubasher: Theeb Rent a Car Company reported a 65.64% plunge in net profit for the second quarter (Q2) of 2026, with earnings falling to SAR 16.42 million from SAR 47.79 million in the same period last year.
The company attributed the downturn to lower utilization rates for its rental fleet, higher provisions for expected credit losses, and reduced profitability in the used car sales segment due to falling market prices.
Quarterly revenue rose by 16.39% to SAR 424.68 million, driven by a 12.50% growth in short and long-term rental income and a 30% increase in used car sales.
However, operating profit for the quarter fell by 41.08% to SAR 43.21 million as rising costs and credit risks weighed on margins.
In the first half (H1) of 2026, net profit reached SAR 50.92 million, an annual drop of 45.34% compared to SAR 93.16 million. Half-year revenues grew by 18.91% to SAR 834.23 million, supported by new branch openings.
Earnings per share (EPS) for the six-month period stood at SAR 0.79, down from SAR 1.44 a year earlier. Total shareholders' equity increased by 8.18% to SAR 947.51 million.
