Lumi Rental Co. reported a net profit of SAR 160.6 million for 2023, an increase of 12% compared to SAR 143.7 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 782.63 | 1,105.58 | 41.3 % |
| Gross Income | 260.05 | 380.51 | 46.3 % |
| Operating Income | 165.43 | 242.93 | 46.9 % |
| Net Income | 143.66 | 160.62 | 11.8 % |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | 2.61 | 2.92 | 11.8 % |
The profit increase was driven by a 41.3% year-on-year (YoY) revenue growth to SAR 1.10 billion in 2023. Lease revenue grew by 30.1% YoY, rental revenue rose 32.7% YoY, and used car sales revenue went up 69.1% YoY.
Operating profit leapt 35.1% YoY, offset by an increase in general and administrative expenses due to segregation of the company's departments from the parent company, investment in digital channels in line with the company’s strategy and one-off IPO expenses.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 257.87 | 314.16 | 21.8 % |
| Gross Income | 90.71 | 112.91 | 24.5 % |
| Operating Income | 48.41 | 49.84 | 2.9 % |
| Net Income | 41.14 | 25.63 | (37.7 %) |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | 0.75 | 0.47 | (37.7 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 291.39 | 314.16 | 7.8 % |
| Gross Income | 94.92 | 112.91 | 19.0 % |
| Operating Income | 68.11 | 49.84 | (26.8 %) |
| Net Income | 34.96 | 25.63 | (26.7 %) |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | 0.64 | 0.47 | (26.7 %) |
Q4 2023 net earnings fell 38% YoY to SAR 25.6 million.
On a quarterly basis, net profit decreased 26.7% from SAR 34.96 million.
Total shareholders’ equity, no minority interest, stood at SAR 1.02 billion by Dec. 31, 2023, compared to SAR 843.54 million in a prior-year period.
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