RIYADH: Saudi Arabia’s Theeb Rent a Car Co. doubled profit to SR126 million ($34 million) in 2021 compared to SR63 million a year earlier, fueled by a surge in demand for car rental services.
Revenues increased by 14 percent, with short-term rentals contributing a total of SR358 million, against SR255 million a year ago, according to a bourse filing.
The Riyadh-based vehicle rental firm said that the solid figures were mainly driven by an increased demand in 2021.
Established in 1991, Theeb Rent a Car, which started trading on the Saudi exchange in the first quarter of 2021, has a wide presence across domestic and international airports.