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

04/11/2024 Argaam Exclusive

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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 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	360.48	403.12	11.8 %
Gross Income	95.28	116.25	22.0 %
Operating Income	58.23	77.10	32.4 %
Net Income	46.01	40.13	(12.8 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.84	0.73	(12.8 %)

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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