https://arab.news/zwsr5
RIYADH: Saudi-based Theeb Rent a Car Co. has added another 2,000 vehicles to its fleet, bringing the number of cars available for short-term rental to about 10,500, the firm's CEO has revealed.
Naif Mohammed Al-Theeb said the company now has more than 20,000 vehicles on its books, in an interview with Argaam.
Underlining the success of Theeb Rent a Car, Al-Theeb said his firm now ranks first in the short-term rental sector, with a market share of 8.8 percent, and fifth in the long-term rental sector, with a rate of 6.5 percent, which it started working on in 2014.
Al-Theeb pointed out the remarkable improvement in short-term rental rates during the third quarter, due to the gradual return to business after the coronavirus crisis.
The pick-up in business had a positive impact on the demand and the profit margin ratios, in addition to the upturn in long-term rental services and sale of used cars, he explained.
The growth came with the gradual return of schools, Umrah pilgrims, and the domestic tourist seasons in the Kingdom, he said.
On debts related to expansions, Al-Theeb said that 57 percent of the total bank facilities provided to the company were utilized during the last period.
The company seeks to benefit from credit facilities with relatively low expenses to finance its expansion operations, Al-Theeb said.