Lumi’s H1 2023 profit jumps 39% to SAR 100 mln; Q2 at SAR 49.6 mln

24/08/2023 Argaam Exclusive

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Lumi Rental Co., a wholly-owned subsidiary of Seera Group Holding that plans to list on the Saudi Exchange (Tadawul), reported a 39% leap in the first-half net profit to SAR 100 million, compared to SAR 72 million in H1 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	336.61	500.03	48.6 %
Gross Income	114.18	172.68	51.2 %
Operating Income	81.93	119.92	46.4 %
Net Income	72.05	100.03	38.8 %
Average Shares	55.00	55.00	-
EPS (Riyals)	1.31	1.82	38.8 %

The H1 2023 profit rise was spurred by a 49% hike in revenue to SAR 500 million from SAR 336.6 million in H1 2022, as the revenue growth from car sales and long-term rentals jumped by over 100% and 21% year-on-year (YoY), respectively. Short-term rentals revenue also increased 43% YoY.

Lumi recorded other income of SAR 10.4 million in H1 2023, compared to SAR 258,300 in the prior-year period.

The gross profit margin (GPM) expanded from 34% in H1 2022 to 35% in the current period.

Operating profit margins rose to 26% in the first half of this year, from 24% in H1 2022 despite higher general and administrative expenses (G&A).

However, provision for impairment of receivables surged to SAR 10.9 million in H1 2023, against SAR 7.3 million in the corresponding period a year ago.

Finance costs (FCs) also increased to SAR 27.2 million in H1 2023 from SAR 8 million in the first half of 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	170.74	232.97	36.4 %
Gross Income	54.69	77.82	42.3 %
Operating Income	39.35	56.01	42.4 %
Net Income	34.51	49.65	43.9 %
Average Shares	55.00	55.00	-
EPS (Riyals)	0.63	0.90	43.9 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	267.06	232.97	(12.8 %)
Gross Income	94.87	77.82	(18.0 %)
Operating Income	63.90	56.01	(12.3 %)
Net Income	50.32	49.65	(1.3 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.91	0.90	(1.3 %)

The second-quarter net profit climbed 44% to SAR 49.65 million from SAR 34.51 million in Q2 2022.

The Q2 2023 profit growth was driven by a 36% leap in revenue to SAR 233 million from SAR 170.7 million in Q2 2022.

Lumi recorded other income of SAR 10.4 million in Q2 2023, compared to SAR 219,000 in the year-earlier period.

The GPM inched up from 32% in Q2 2022 to 33% in the current period. Operating profit margins rose to 28% in the second quarter of this year from 23% in Q2 2022, despite higher G&A and provision for impairment of receivables, besides a more-than-triple YoY hike in FCs.

Total shareholders’ equity, no minority interest, rose to SAR 943.56 million as of June 30, 2023, from SAR 771 million a year earlier.

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	177.86	-	39.91	-	14.91	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	317.26	78.4 %	74.56	86.8 %	35.16	135.7 %
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	430.50	35.7 %	94.99	27.4 %	54.78	55.8 %
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	138.71	-	44.24	-	31.69	-
Q4 2021	145.66	-	49.27	-	35.50	-
2021	521.47	21.1 %	164.83	73.5 %	104.34	90.5 %
Q1 2022	165.87	-	59.49	-	42.58	-
Q2 2022	170.74	-	54.69	-	39.35	-
Q3 2022	188.16	35.7 %	55.16	24.7 %	35.09	10.7 %
Q4 2022	257.87	77.0 %	90.71	84.1 %	48.41	36.4 %
2022	782.63	50.1 %	260.05	57.8 %	165.43	58.6 %
Q1 2023	267.06	61.0 %	94.87	59.5 %	63.90	50.1 %
Q2 2023	232.97	36.4 %	77.82	42.3 %	56.01	42.4 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	177.86	-	39.91	-	14.91	-
2019	317.26	78.4 %	74.56	86.8 %	35.16	135.7 %
2020	430.50	35.7 %	94.99	27.4 %	54.78	55.8 %
2021	521.47	21.1 %	164.83	73.5 %	104.34	90.5 %
2022	782.63	50.1 %	260.05	57.8 %	165.43	58.6 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	17.55	-	0.32	-	17.55	0.32
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	29.61	68.8 %	0.54	-	29.61	0.54
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	50.32	69.9 %	0.91	(5.23)	55.55	1.01
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	34.48	-	0.63	-	34.48	0.63
Q4 2021	33.92	-	0.62	-	33.92	0.62
2021	106.11	110.8 %	1.93	-	106.11	1.93
Q1 2022	37.54	-	0.68	-	37.54	0.68
Q2 2022	34.51	-	0.63	-	34.51	0.63
Q3 2022	30.47	(11.6 %)	0.55	-	30.47	0.55
Q4 2022	41.14	21.3 %	0.75	-	41.14	0.75
2022	143.66	35.4 %	2.61	-	143.66	2.61
Q1 2023	50.32	34.0 %	0.91	-	50.32	0.91
Q2 2023	49.65	43.9 %	0.90	-	49.65	0.90

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	17.55	-	0.32	-	17.55	0.32
2019	29.61	68.8 %	0.54	-	29.61	0.54
2020	50.32	69.9 %	0.91	(5.23)	55.55	1.01
2021	106.11	110.8 %	1.93	-	106.11	1.93
2022	143.66	35.4 %	2.61	-	143.66	2.61

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	22.44 %	42.40 %	9.87 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	23.50 %	45.39 %	9.33 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	22.07 %	50.62 %	12.90 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	31.61 %	59.44 %	20.35 %
Q1 2022	-	-	-
Q2 2022	33.45 %	-	22.62 %
Q3 2022	32.61 %	42.87 %	20.35 %
Q4 2022	33.23 %	38.53 %	18.36 %
2022	33.23 %	54.97 %	18.36 %
Q1 2023	33.43 %	44.18 %	17.70 %
Q2 2023	33.67 %	50.83 %	18.14 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	22.44 %	42.40 %	9.87 %
2019	23.50 %	45.39 %	9.33 %
2020	22.07 %	50.62 %	12.90 %
2021	31.61 %	59.44 %	20.35 %
2022	33.23 %	54.97 %	18.36 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	31.89 %	-	24.86 %
Q4 2021	33.83 %	65.64 %	23.28 %
Q1 2022	35.87 %	-	22.64 %
Q2 2022	32.03 %	-	20.21 %
Q3 2022	29.31 %	58.40 %	16.19 %
Q4 2022	35.18 %	42.54 %	15.95 %
Q1 2023	35.52 %	49.26 %	18.84 %
Q2 2023	33.40 %	55.70 %	21.31 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	-	-	-	-
Q2 2020	-	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	-	-	-	-
Q2 2021	-	-	-	-
Q3 2021	55.00	-	-	12.10
Q4 2021	55.00	-	-	12.71
Q1 2022	55.00	-	-	-
Q2 2022	55.00	2.55	2.55	14.02
Q3 2022	55.00	2.48	2.48	14.57
Q4 2022	55.00	2.61	2.61	15.34
Q1 2023	55.00	2.84	2.84	16.25
Q2 2023	55.00	3.12	3.12	17.16

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	55.00	0.32	0.32	1.37
2019	55.00	0.54	0.54	9.87
2020	55.00	0.91	1.01	10.79
2021	55.00	1.93	1.93	12.71
2022	55.00	2.61	2.61	15.34

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
Q1 2023	-	-	-
Q2 2023	-	-	-

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-

Business Segments (Million)

Compared With The

Period	Lease contracts	Rental	Used Car Sale
Q4 2021	66.50	59.12	-
Q1 2022	68.25	61.50	36.12
Q2 2022	73.58	59.88	37.28
Q3 2022	77.81	70.31	40.04
Q4 2022	78.86	87.03	91.98
Q1 2023	82.94	91.93	92.19
Q2 2023	89.15	81.40	62.42

Period	Lease contracts	Rental	Used Car Sale
2020	198.38	123.03	109.09
2021	253.63	183.73	84.12
2022	298.51	278.71	205.41

Financial Ratios

	Current
Market Cap (M Riyal)	3,888.50
Enterprise Value (EV) (M)	5,536.63
Shares Outstanding ((M))	55.00
EPS ( Riyal) (TTM)	2.85
Book Value (BV) ( Riyal)	21.11
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	23.34
P/E (TTM)	24.85
Price/book	3.35
Return on Average Assets (%) (TTM)	5.3
Return on Average Equity (%) (TTM)	14.5

Lumi Rental Co. (LUMI)

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Lumi’s H1 2023 profit jumps 39% to SAR 100 mln; Q2 at SAR 49.6 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q2

Financial Ratios

Share Price

Lumi Rental Co. (LUMI)

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Lumi’s H1 2023 profit jumps 39% to SAR 100 mln; Q2 at SAR 49.6 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Business Segments (Million) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

Financial Ratios

Share Price

Lumi Rental Co. (LUMI)

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Business Segments (Million)