Riyad Capital Updates Theeb Rent a Car Co Price Target After Q2 Results

06:58 AM EDT, 08/12/2026 (MT Newswires) -- Riyad Capital revised its price target for Theeb Rent a Car Co (SASE:4261) as it took note of the car rental company's second-quarter earnings results. For the three months ended June 30, the company reported a 16% year-over-year increase in revenue to 425 million Saudi riyals, "broadly in line" with Riyad Capital's estimate of 419 million riyals, according to a first look note published Tuesday. Net profit fell 66% annually to 16 million riyals, below the consensus estimate of 35 million riyals and the research firm's 36 million-riyal forecast. "Theeb's 2Q2026 revenues remained robust given current conditions. Nevertheless, persistently elevated costs and provisions, along with weaker used car profitability, weighed on net profit. We lower our target price to SAR 29 from SAR 31.00, reflecting lower-than-expected net profit and margins, while maintaining our Buy recommendation, as the temporary pressures facing the Company have driven the share price down to levels that we believe represent an attractive buying opportunity," analysts wrote.