Logo ofCherry Trading Co.
Company Profile 
Cherry Trading was founded in 1980 as a sole proprietorship owned by Mohammed Abdullah Turki Al-Dhayan. It was later transformed into a limited liability company, and in 2020 became a closed Saudi joint-stock company based in Riyadh. The company operates in car-rental services—covering both long-term and short-term leasing—and vehicle sales.
Long-term car leasing: This is the company’s largest revenue source, serving corporate clients, government entities, and medium-to-large enterprises through customized long-term leasing solutions with fixed-term contracts and comprehensive fleet management services.
Short-term car leasing: Offers daily, weekly, and monthly car rental services.
Vehicle sales: The company sells used vehicles from its own fleet through showrooms, online platforms, or direct sales to corporate clients.
Geographical Presence:
The company is headquartered in Riyadh, with operations covering all major regions of Saudi Arabia — Central, Eastern, Western, Northern, and Southern.
Its network comprises 27 branches and nine fixed workshops, in addition to 21 mobile workshops that provide maintenance services at client locations and in remote areas.
The company plans to expand its branch network by assessing long-term site opportunities and developing new locations.
Fleet:
The company’s fleet consists of 15,620 vehicles, of which 93.5% are allocated for long-term leasing contracts, while 6.5% are used for short-term (daily) rentals.
Segment
Number of Vehicles
Share of Total
Long-term leasing
14,597
93.5%
Short-term leasing
1,023
6.5%
Total
15,620
100%
The company aims to strengthen its long-term leasing segment targeting small and medium enterprises (SMEs) by securing SAR 100 million in additional financing from Riyad Bank and The Saudi Investment Bank (SAIB), enabling it to expand vehicle availability for SMEs.
Market Share
The company’s market share in the long-term vehicle leasing segment in Saudi Arabia rose from 7.7% in 2023 to 8.8% in 2024, up by 1.1% points, maintaining its fourth position in the sector for both years.
According to the prospectus, the total accumulated value of long-term leasing contracts reached SAR 1.2 billion as of Dec. 31, 2024, covering 14,597 leased vehicles.
Company
Market Share 2023
Market Share 2024
Budget Saudi
29.7%
31.3%
Lumi
12.3%
13.7%
Theeb
11.2%
12.5%
Cherry
7.7%
8.8%
Al Muftah
7.5%
7.7%
Others
31.5%
25.8%
Revenues
The company reported a 5% revenue growth in 2024, reaching SAR 454.7 million, compared to SAR 431.8 million in 2023, driven by higher long-term leasing contract volumes.
Revenue from long-term leasing contracts surged by 33%, reaching SAR 324.3 million in 2024, up from SAR 243.4 million in the previous year, raising its contribution to total revenues from 56% to 71%.
Shary Revenues by Segment (SAR mln)
Segment
2023
% of Total Revenue 2023
2024
% of Total Revenue 2024
Change
Long-term leasing contracts
243.4
56.4%
324.3
71.3%
33%
Short-term leasing contracts
25.8
6.0%
21.2
4.7%
(18%)
Vehicle sales
162.7
37.7%
109.1
24.0%
(33%)
Total
431.8
100%
454.7
100%
5%
Company Profile
Company
Cherry Trading Co.
Core Activities
Car rentals
Capital
SAR300mln
Number of Shares
30mln
Share Par Value
SAR 10
IPO Summary
Offering Percentage
30%
No. of Offered shares
9mln
Total No. of Offer Shares to Retail Investors
1.8 mln(20% of total shares offered)
IPO Minimum Limit (Participating Entities)
100,000 shares
IPO Minimum Limit (Retail Investors)
10 shares
IPO Maximum Limit (ParticipatingParties)
1.49 mlnshares
IPO Maximum Limit (Retail Investors)
250,000 shares
Offering Period
Nov. 12-13
Final Allocation
Nov. 19 or earlier
Surplus Refund (if any)
Nov. 20 or earlier
Company Shareholders
Shareholders
Before IPO
After IPO
Number of Shares
(mln)
Ownership (%)
Number of Shares
(mln)
Ownership (%)
Saudi Edarah Holding Company
29.55
98.50%
20.68
68.95%
Abdulaziz Saleh Mohammed AlSowail
0.45
1.50%
0.32
1.05%
Public
—
—
9.00
30.0%
Total
30.00
100%
30.00
100%
Additional Information
Financial Advisor Lead Manager
BSF Capital -EFG Hermes
Receiving Agents
Derayah Financial, Alinma Capital, Al Rajhi Capital, SNB Capital, Riyad Capital, ANB Capital, Alistithmar Capital, AlJazira Capital, GIB Capital, Alkhabeer Capital, SAB Invest, Sahm Capital, BSF Capital, Yaqeen Capital, Albilad Capital, Musharaka Capital, EFG-Hermes, and Awaed Capital
Logo ofCherry Trading Co.
Company Profile
Cherry Trading was founded in 1980 as a sole proprietorship owned by Mohammed Abdullah Turki Al-Dhayan. It was later transformed into a limited liability company, and in 2020 became a closed Saudi joint-stock company based in Riyadh. The company operates in car-rental services—covering both long-term and short-term leasing—and vehicle sales.
Long-term car leasing: This is the company’s largest revenue source, serving corporate clients, government entities, and medium-to-large enterprises through customized long-term leasing solutions with fixed-term contracts and comprehensive fleet management services.
Short-term car leasing: Offers daily, weekly, and monthly car rental services.
Vehicle sales: The company sells used vehicles from its own fleet through showrooms, online platforms, or direct sales to corporate clients.
Geographical Presence:
The company is headquartered in Riyadh, with operations covering all major regions of Saudi Arabia — Central, Eastern, Western, Northern, and Southern.
Its network comprises 27 branches and nine fixed workshops, in addition to 21 mobile workshops that provide maintenance services at client locations and in remote areas.
The company plans to expand its branch network by assessing long-term site opportunities and developing new locations.
Fleet:
The company’s fleet consists of 15,620 vehicles, of which 93.5% are allocated for long-term leasing contracts, while 6.5% are used for short-term (daily) rentals.
Segment
Number of Vehicles
Share of Total
Long-term leasing
14,597
93.5%
Short-term leasing
1,023
6.5%
Total
15,620
100%
The company aims to strengthen its long-term leasing segment targeting small and medium enterprises (SMEs) by securing SAR 100 million in additional financing from Riyad Bank and The Saudi Investment Bank (SAIB), enabling it to expand vehicle availability for SMEs.
Market Share
The company’s market share in the long-term vehicle leasing segment in Saudi Arabia rose from 7.7% in 2023 to 8.8% in 2024, up by 1.1% points, maintaining its fourth position in the sector for both years.
According to the prospectus, the total accumulated value of long-term leasing contracts reached SAR 1.2 billion as of Dec. 31, 2024, covering 14,597 leased vehicles.
Company
Market Share 2023
Market Share 2024
Budget Saudi
29.7%
31.3%
Lumi
12.3%
13.7%
Theeb
11.2%
12.5%
Cherry
7.7%
8.8%
Al Muftah
7.5%
7.7%
Others
31.5%
25.8%
Revenues
The company reported a 5% revenue growth in 2024, reaching SAR 454.7 million, compared to SAR 431.8 million in 2023, driven by higher long-term leasing contract volumes.
Revenue from long-term leasing contracts surged by 33%, reaching SAR 324.3 million in 2024, up from SAR 243.4 million in the previous year, raising its contribution to total revenues from 56% to 71%.
Shary Revenues by Segment (SAR mln)
Segment
2023
% of Total Revenue 2023
2024
% of Total Revenue 2024
Change
Long-term leasing contracts
243.4
56.4%
324.3
71.3%
33%
Short-term leasing contracts
25.8
6.0%
21.2
4.7%
(18%)
Vehicle sales
162.7
37.7%
109.1
24.0%
(33%)
Total
431.8
100%
454.7
100%
5%
Company Profile
Company
Cherry Trading Co.
Core Activities
Car rentals
Capital
SAR300mln
Number of Shares
30mln
Share Par Value
SAR 10
IPO Summary
Offering Percentage
30%
No. of Offered shares
9mln
Total No. of Offer Shares to Retail Investors
1.8 mln(20% of total shares offered)
IPO Minimum Limit (Participating Entities)
100,000 shares
IPO Minimum Limit (Retail Investors)
10 shares
IPO Maximum Limit (ParticipatingParties)
1.49 mlnshares
IPO Maximum Limit (Retail Investors)
250,000 shares
Offering Period
Nov. 12-13
Final Allocation
Nov. 19 or earlier
Surplus Refund (if any)
Nov. 20 or earlier
Company Shareholders
Shareholders
Before IPO
After IPO
Number of Shares
(mln)
Ownership (%)
Number of Shares
(mln)
Ownership (%)
Saudi Edarah Holding Company
29.55
98.50%
20.68
68.95%
Abdulaziz Saleh Mohammed AlSowail
0.45
1.50%
0.32
1.05%
Public
—
—
9.00
30.0%
Total
30.00
100%
30.00
100%
Additional Information
Financial Advisor Lead Manager
BSF Capital -EFG Hermes
Receiving Agents
Derayah Financial, Alinma Capital, Al Rajhi Capital, SNB Capital, Riyad Capital, ANB Capital, Alistithmar Capital, AlJazira Capital, GIB Capital, Alkhabeer Capital, SAB Invest, Sahm Capital, BSF Capital, Yaqeen Capital, Albilad Capital, Musharaka Capital, EFG-Hermes, and Awaed Capital
