Theeb Rent a Car Co. announces its Interim Financial results for the Period Ending on 2026-06-30 ( Six Months )

Theeb Rent a Car Co. reported a net profit of SAR 16.42 million for the second quarter of 2026, a 65.6% decrease year-over-year and a 52.4% decline from the previous quarter. For the six-month period ending June 30, 2026, total net profit fell 45.3% to SAR 50.92 million, with earnings per share dropping to SAR 0.79 from SAR 1.44 in the prior year.
Total revenue grew 16.4% year-over-year to SAR 424.68 million in Q2, while half-year revenue reached SAR 834.23 million (up 18.9%). This top-line growth was fueled by the opening of new rental branches and a 38% increase in used car sales revenue across the first half of the year.
Despite higher revenues, profitability was severely impacted by a drop in fleet utilization rates and an increase in expected credit loss provisions due to shifting market credit risks.
Bottom-line performance was further pressured by a decline in selling prices within the used car sales segment, leading to lower margins and a 25.6% decrease in total operational profit for the six-month period.

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	424,679	364,875	16.39	409,553	3.693
Gross Profit (Loss)	109,998	118,043	-6.815	119,488	-7.942
Operational Profit (Loss)	43,214	73,346	-41.081	61,529	-29.766
Net Profit (Loss) Attributable to Shareholders of the Issuer	16,422	47,793	-65.639	34,497	-52.395
Total Comprehensive Income Attributable to Shareholders of the Issuer	16,422	47,793	-65.639	34,497	-52.395
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	834,232	701,551	18.912
Gross Profit (Loss)	229,486	231,224	-0.751
Operational Profit (Loss)	104,742	140,827	-25.623
Net Profit (Loss) Attributable to Shareholders of the Issuer	50,919	93,155	-45.339
Total Comprehensive Income Attributable to Shareholders of the Issuer	50,919	93,155	-45.339
Total Shareholders Equity (after Deducting Minority Equity)	947,512	875,862	8.18
Profit (Loss) per Share	0.79	1.44
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Amount	Percentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value	-	-
Accumulated Losses	-	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is	The reason of the increase in revenues during the current quarter compared to the same quarter of the last year by 16.4% is mainly attributed to: - The increase in revenues from short-term and long-term rental segments by 12.5%, supported by the opening of new branches - The increase in used car sales segment revenues by 30%.
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 reason of the decrease in net profit during the current quarter compared to the same quarter of the last year by 65.6% is primarily attributed to: - A drop in fleet utilization rates within the rental segment. - The increase in expected credit loss provision, in line with the change in credit risk levels in the market. - Lower profitability in the used car sales segment due to a decline in selling prices.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is	The reason of the increase in revenues during the current quarter compared to the previous quarter by 3.7% is mainly attributed to: - The increase in revenues from short-term and long-term rental segments by 1.8%. - The increase in used car sales segment revenues by 10%.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is	The reason of the decrease in net profit during the current quarter compared to the previous quarter by 52.4% is attributed to: - The decrease in fleet utilization rates within the rental segment. - The increase in expected credit loss provision, in line with the change in credit risk levels in the market. - Lower profitability in the used car sales segment due to a decline in selling prices.
The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is	The reason of the increase in the revenues during the current period compared to the same period of the last year is attributed to: - The increase in revenues from short-term and long-term rental segments by 14%, supported by the opening of new branches - The increase in used car sales segment revenues by 38%.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	The reason of the decrease in the net profit during the current period compared to the same period of the last year by 45.3% is attributed to: - A drop in fleet utilization rates within the rental segment. - The increase in expected credit loss provision, in line with the change in credit risk levels in the market. - Lower profitability in the used car sales segment due to a decline in selling prices.
Statement of the type of external auditor's report	Unmodified conclusion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion)	None
Reclassification of Comparison Items	None
Additional Information	None