Saudi Arabia: Saudi Arabia’s Theeb Rent-a-Car continued its bull run on Tuesday despite posting a sharp drop in earnings on its second day of trading.

After the stock soared by 30 percent on Monday it continued to rise on Tuesday, gaining another 14 percent in the session.

The company said on Tuesday that 2020 net profit fell 45 percent to SR63.2 million ($16.8 million).

“The decrease in net profit for the current year compared to the previous year is mainly due to the decline in the utilization rates for the short term rental activities across the Kingdom,” the company said in a stock exchange filing on Tuesday. “This resulted in decreased revenue for the short term rental activities due to the COVID-19 pandemic.”

Established in 1991 in the Saudi capital, the company has a wide presence in the Kingdom through its 48 branches, including in domestic and international airports. 

More than 554,000 shares were traded with a total turnover of SR28.8 million on its debut this week, the Argaam financial news site reported. Buy orders exceeded 7 million shares on Monday, it said.

CEO Naif bin Mohammed Al-Theeb on Tuesday told Al Arabiya that the company plans to expand in the short-term leasing sector this year, targeting four new branch openings.