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

26/03/2024 Argaam Exclusive

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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 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	291.39	314.16	7.8 %
Gross Income	94.92	112.91	19.0 %
Operating Income	68.11	54.90	(19.4 %)
Net Income	34.96	25.63	(26.7 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.64	0.47	(26.7 %)

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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