Riyadh — Mubasher: Theeb Rent a Car Company has announced an amendment to its contract with First Line Logistics, resulting in a reduction of the total contract value by SAR 18.50 million.
The adjustment follows a review of commercial terms impacted by rising vehicle supply costs and shipping expenses.
Under the revised agreement, the parties agreed to reduce the number of vehicles by 300 units, representing approximately 30% of the original scope.
Theeb Rent a Car confirmed it has already delivered 70% of the initially agreed vehicles and stated that no further deliveries remain under the modified terms.
The original contract, first announced on 22 December 2025, was valued at SAR 61.68 million. The group clarified that the financial impact is limited to a decrease in the total expected contract value.
There will be no reversal or adjustment of previously recognized revenues, as income is recorded based on the actual delivery of vehicles within the amended scope. Theeb Rent a Car further noted that there are no additional costs associated with this development.
The rental car company recently received a long-term investment-grade credit rating of ‘A-’ and a short-term rating of ‘T-3’ from Tassnief.
