Theeb Rent a Car Co. announces its Annual Financial results for the period ending on 2023-12-31

Theeb Rent a Car Co. announces its Annual Financial results for the period ending on 2023-12-31

| Element List

|| Explanation

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| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year

|| The 17.3% increase in revenues in the current year 2023 as compared to last year 2022 is mainly attributed to the increase in average total fleet of the Company by 22%, and consequently an increase by 11% in the average rented fleet. In addition, to the increase in number of cars sold by 43% during the year 2023.

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| The reason of the increase (decrease) in the net profit during the current year compared to the last year is

|| The net profit for current year 2023 amounted to 142.1 million Saudi riyals, compared to 193.1 million Saudi riyals for the year 2022, with a decrease of 26.40%. This is attributed to the decline in utilization rate of short-term rental segment, in addition, to the increase in certain related operational costs along with the increase in financing costs on borrowings. This was offset by improved revenues for all segments.

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| Statement of the type of external auditor's report

|| Unmodified opinion

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| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of