‎Theeb amends HungerStation addendum, cuts agreed vehicle count

‎<p data-olk-copy-source="MessageBody" dir="auto" ><img src="https://argaamplus.s3.amazonaws.com/6aa393dc-ac7b-41e7-93d0-0e50cce208df.png" ></p> <p class="ckeCaption" data-olk-copy-source="MessageBody" dir="auto" >Logo ofTheeb Rent a Car Co.</p> <hr> <p data-olk-copy-source="MessageBody" dir="auto" ><a href="http://www.argaam.com/en/tadawul/tasi/theeb" target="_blank">Theeb Rent a Car Co.</a> said it reached an agreement with HungerStation on Sept. 3 to amend the scope of the contract addendum signed between the two companies.</p> <div ></div> <div >Under the revised agreement, the number of vehicles covered by the contract will be reduced by approximately 82.5%, with a total value of SAR 88.07 million.</div> <div ></div> <div >In a statement to <strong>Tadawul</strong>, Theeb said the amendment follows changes affecting vehicle availability, including supply costs, prices, and shipping expenses, which prompted a review of the commercial terms related to the addendum.</div> <div aria-hidden="true" ></div> <div >It added that all vehicles under the amended scope have been delivered and no more remains for delivery under the addendum.</div> <div ></div> <div >The financial impact of the amendment is reflected through a decrease in the total expected value of the contract addendum due to the revised scope and lower vehicle count.</div> <div ></div> <div >However, it will not result in the reversal or adjustment of any previously recognized revenue, as revenue is recognized only for vehicles delivered under the amended scope.</div> <p ></p> <p >According to data available with <span ><strong>Argaam</strong></span>, Theeb signed a four-year long-term vehicle rental services contract with HungerStation in December 2025, at an estimated value of SAR 110.4 million, effective from 2026.</p> <p ></p> <p >The contract covered the rental of 2,000 vehicles, to be delivered in batches starting within the first six months of the contract’s commencement.</p> <p ></p> <p >In July, the two companies signed a four-year addendum to the original contract to expand their cooperation. The addendum was initially valued at SAR 106.75 million.</p>

Publication

Argaam - Company Disclosures · Stock Exchange/Regulatory Announcements

Published

6th September 2026

Original report

argaam.com

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