Lumi 9M net profit rises to SAR 135 mln; Q3 at SAR 35 mln

Lumi Rental Co. reported a net profit of SAR 135 million for the first nine months of 2023, an increase of 32% compared to SAR 102.5 million a year earlier.

The overall revenue increased by 51% year-on-year (YoY), with long-term lease revenue up 25% YoY and short-term rental revenue gaining 39% YoY. Revenue from used car sales grew 121% YoY.

Gross profit margin rose from 32.3% in the nine months of 2022 to 33.8% in 9M 2023, while operating profits increased by 52% YoY.

Q3 2023 net earnings rose 15% YoY to SAR 35 million, as the overall revenue increased by 55% and gross profit margin edged up to 32.6%.

Leasing revenue recorded growth of 31% due to deliveries of new lease contracts secured earlier this year as well as the full year revenue for the ongoing lease contracts of last year. In addition, rental revenue grew 33% driven by an increase in corporate business as well as online individual customers. Used car sales revenue grew by 140% as a result of the increase in the number of vehicles sold during the period.

On a quarterly basis, net profit decreased 29.7% from SAR 49.71 million.

Total shareholders’ equity, no minority interest, stood at SAR 993.72 million by Sept. 30, 2023, compared to SAR 801.47 million in a prior-year period.

View More Financial Results