Financial Results : Lumi 2024 profit up 12% to SAR 180.3M; Q4 at SAR 49.5M

Lumi 2024 profit up 12% to SAR 180.3M; Q4 at SAR 49.5M

24/02/2025 Argaam Exclusive

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Lumi Rental Co. reported a net profit of SAR 180.3 million for 2024, an increase of 12% compared to SAR 160.6 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 1,105.58 1,549.77 40.2 %
Gross Income 380.51 437.78 15.0 %
Operating Income 242.93 289.62 19.2 %
Net Income 160.62 180.30 12.3 %
Average Shares 55.00 55.00 -
Earnings Per Share before unusual items (Riyals) 3.29 3.38 2.9 %
EPS (Riyal) 2.92 3.28 12.3 %

Total revenue in 2024 grew by 40% year-on-year (YoY), reaching SAR 1.54 billion, supported by strong performance across all business segments.

 

In detail, revenues of long-term lease segment rose by 46% YoY to SAR 567.2 million, short-term rentals grew by 26% YoY to SAR 465.4 million and the used car sales segment increased by 49% YoY to SAR 517.2 million.

 

Meanwhile, operating expenses decreased by 19% YoY to SAR 119.8 million.

 

This came despite higher finance costs due to elevated interest rates and increased borrowings.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 314.16 402.13 28.0 %
Gross Income 112.91 112.78 (0.1 %)
Operating Income 54.90 75.24 37.0 %
Net Income 25.63 49.45 92.9 %
Average Shares 55.00 55.00 -
Earnings Per Share before unusual items (Riyal) 0.56 0.91 63.4 %
EPS (Riyal) 0.47 0.90 92.9 %

Q4 2024 net earnings grew 93% YoY to SAR 49.5 million.

 

On a quarterly basis, net profit increased 23.2% from SAR 40.13 million in Q3 2024.

 

Total shareholders’ equity, no minority interest, stood at SAR 1.21 billion by Dec. 31, 2024, compared to SAR 1.02 billion in a prior-year period.

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