Lumi’s H1 2024 profit dips 9% to SAR 90.7M; Q2 at SAR 46M

06/08/2024 Argaam Exclusive

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Lumi Rental Co. reported a 9% drop in the first-half net profit to SAR 90.7 million, compared to SAR 100 million in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	500.03	744.52	48.9 %
Gross Income	172.68	208.75	20.9 %
Operating Income	119.92	137.28	14.5 %
Net Income	100.03	90.72	(9.3 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	1.82	1.65	(9.3 %)

The profit decline was attributed to an increase in financing costs from SAR 27 million to SAR 67 million. However, operating profit expanded by 23% year-on-year (YoY) to SAR 161 million.

Revenue for H1 2024 grew 49% from SAR 500 million in H1 2023 to SAR 745 million in H1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	232.97	360.48	54.7 %
Gross Income	77.82	95.28	22.4 %
Operating Income	56.01	58.23	4.0 %
Net Income	49.65	46.01	(7.3 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.90	0.84	(7.3 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	384.04	360.48	(6.1 %)
Gross Income	113.47	95.28	(16.0 %)
Operating Income	79.05	58.23	(26.3 %)
Net Income	44.71	46.01	2.9 %
Average Shares	55.00	55.00	-
EPS (Riyals)	0.81	0.84	2.9 %

The second-quarter net profit fell 7.3% to SAR 46 million from SAR 49.65 million in Q2 2023.

Sequentially, net profit rose 2.9% from SAR 44.71 million in Q1 2024.

Total shareholders’ equity, no minority interest, rose to SAR 1.12 billion as of June 30, 2024, from SAR 943.56 million a year earlier.

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