Lumi sees SAR 1.5B sales in 2024, fleet reaches 33,500 vehicles: CEO

Lumi Rental Co. expects to continue recording strong growth rates across all business segments during the fourth quarter of 2024, with total sales reaching about SAR 1.5 billion for the full year, said CFO Sulaiman Al-Rasheed.

The company saw positive financial results in Q3 2024, with net profit rising and topline surging to SAR 1.1 billion. The size of the company's fleet reached 33,490 vehicles by the end of Q3, he stated, in a phone interview with Argaam.

The lease segment contributed SAR 145 million, or 36% of Q3 2024 topline. Meanwhile, the rental segment contributed SAR 114 million, representing 28% of total revenues for the same period, Al-Rasheed added.

He stated that revenues from the sale of used vehicles reached SAR 139 million, out of the total revenues for Q3 2024, which reached SAR 403 million.

The company is looking forward to achieving strong growth in revenues and net profit over the coming periods, in light of the current favorable market conditions and the available opportunities to enhance its market share and expand its customer base, both in the corporate, retail or government segments, said the CFO.

Commenting on the size of the company's market share in Q3, Al-Rasheed indicated that accurate and updated studies in the market are currently not available. “However, based on its internal estimates, our market share ranges between 8-10%,” he added.

The CFO also pointed out that Lumi has expansion plans, which aim to boost its presence in various regions of the Kingdom by strengthening its branch network to serve the retail market in the rental segment, in addition to expanding the customer base in the lease segment for government agencies and the corporate segment.

According to data available to Argaam, Lumi’s net profit fell to SAR 130.8 million by the end of the first nine months of 2024, compared to SAR 135 million during the same period in 2023. Net profit for Q3 2024 amounted to SAR 40.1 million.