Lumi’s 9M 2024 profit falls 3% to SAR 130.8M; Q3 at SAR 40.1M

04/11/2024 Argaam Exclusive

Lumi Rental Co. reported a 3.1% drop in net profit to SAR 130.8 million in the first nine months of 2024, compared to SAR 135 million a year ago.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 791.42 1,147.64 45.0 %
Gross Income 267.60 325.00 21.4 %
Operating Income 188.03 214.38 14.0 %
Net Income 134.99 130.86 (3.1 %)
Average Shares 55.00 55.00 -
EPS (Riyals) 2.45 2.38 (3.1 %)

The profit decline was attributed to an increase in financing costs (FCs) by 2.4 times to SAR 102 million on higher borrowing levels.

 

However, the performance of all business segments from Q1 to Q3 2024 contributed to revenue growth in all operating segments, resulting in a 45% hike in revenue to SAR 1.15 billion in 9M 2024.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 291.39 403.12 38.3 %
Gross Income 94.92 116.25 22.5 %
Operating Income 68.11 77.10 13.2 %
Net Income 34.96 40.13 14.8 %
Average Shares 55.00 55.00 -
EPS (Riyals) 0.64 0.73 14.8 %

The third-quarter net profit rose 14.8% to SAR 40.1 million from SAR 34.96 million in Q3 2023, supported by strong revenues.

 

Sequentially, net profit sank 12.8% from SAR 46 million in Q2 2024.

 

Total shareholders’ equity, no minority interest, rose to SAR 1.16 billion as of Sept. 30, 2024, from SAR 993.72 million a year earlier.

 

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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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