Lumi 2023 profit up 12% to SAR 160.6M; Q4 at SAR 25.6M

26/03/2024 Argaam Exclusive

Lumi Rental Co. reported a net profit of SAR 160.6 million for 2023, an increase of 12% compared to SAR 143.7 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 782.63 1,105.58 41.3 %
Gross Income 260.05 380.51 46.3 %
Operating Income 165.43 242.93 46.9 %
Net Income 143.66 160.62 11.8 %
Average Shares 55.00 55.00 -
EPS (Riyals) 2.61 2.92 11.8 %

The profit increase was driven by a 41.3% year-on-year (YoY) revenue growth to SAR 1.10 billion in 2023. Lease revenue grew by 30.1% YoY, rental revenue rose 32.7% YoY, and used car sales revenue went up 69.1% YoY.

 

Operating profit leapt 35.1% YoY, offset by an increase in general and administrative expenses due to segregation of the company's departments from the parent company, investment in digital channels in line with the company’s strategy and one-off IPO expenses.

 


Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 257.87 314.16 21.8 %
Gross Income 90.71 112.91 24.5 %
Operating Income 48.41 54.90 13.4 %
Net Income 41.14 25.63 (37.7 %)
Average Shares 55.00 55.00 -
EPS (Riyals) 0.75 0.47 (37.7 %)

Q4 2023 net earnings fell 38% YoY to SAR 25.6 million.

 

On a quarterly basis, net profit decreased 26.7% from SAR 34.96 million.

 

Total shareholders’ equity, no minority interest, stood at SAR 1.02 billion by Dec. 31, 2023, compared to SAR 843.54 million in a prior-year period.

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Share Price

Lumi Rental Co.
71.50
(1.20) (1.65 %)

Lumi Rental Co. (LUMI)

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Financial Ratios
Current
Market Cap (M Riyal) 3,932.50
Enterprise Value (EV) (M) 5,580.63
Shares Outstanding ((M)) 55.00
EPS ( Riyal) (TTM) 2.85
Book Value (BV) ( Riyal) 21.11
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 23.60
P/E (TTM) 25.13
Price/book 3.39
Return on Average Assets (%) (TTM) 5.3
Return on Average Equity (%) (TTM) 14.5
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