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Lumi 2024 profit up 12% to SAR 180.3M; Q4 at SAR 49.5M
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 | 3.29 | 3.38 | 2.9 % |
| EPS (Riyals) | 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)
| 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 | 0.56 | 0.91 | 63.4 % |
| EPS (Riyals) | 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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Share Price
Lumi Rental Co. (LUMI)
| Current | |
| Market Cap (M Riyal) | 3,382.50 |
| Enterprise Value (EV) (M) | 4,962.52 |
| Shares Outstanding ((M)) | 55.00 |
| EPS ( Riyal) (TTM) | 3.28 |
| Book Value (BV) ( Riyal) | 22.04 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 18.18 |
| P/E (TTM) | 18.76 |
| Price/book | 2.79 |
| Return on Average Assets (%) (TTM) | 5.4 |
| Return on Average Equity (%) (TTM) | 16.1 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 384.04 | 43.8 % | 113.47 | 19.6 % | 79.05 | 23.7 % |
| Q2 2024 | 360.48 | 54.7 % | 95.28 | 22.4 % | 58.23 | 4.0 % |
| Q3 2024 | 403.12 | 38.3 % | 116.25 | 22.5 % | 77.10 | 13.2 % |
| Q4 2024 | 402.13 | 28.0 % | 112.78 | (0.1 %) | 75.24 | 37.0 % |
| 2024 | 1,549.77 | 40.2 % | 437.78 | 15.0 % | 289.62 | 19.2 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | Earnings Per Share before unusual items |
|---|---|---|---|---|---|---|
| Q1 2024 | 44.71 | (11.2 %) | 0.81 | (2.23) | 46.94 | 0.85 |
| Q2 2024 | 46.01 | (7.3 %) | 0.84 | (1.95) | 47.96 | 0.87 |
| Q3 2024 | 40.13 | 14.8 % | 0.73 | (0.80) | 40.94 | 0.74 |
| Q4 2024 | 49.45 | 92.9 % | 0.90 | (0.82) | 50.26 | 0.91 |
| 2024 | 180.30 | 12.3 % | 3.28 | (5.80) | 186.10 | 3.38 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 32.65 % | 44.83 % | 14.52 % |
| Q2 2024 | 30.86 % | 42.45 % | 13.02 % |
| Q3 2024 | 29.96 % | 41.39 % | 11.40 % |
| Q4 2024 | 28.25 % | 43.51 % | 12.01 % |
| 2024 | 28.25 % | 43.51 % | 12.01 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 55.00 | 2.82 | 3.23 | 19.50 |
| Q2 2024 | 55.00 | 2.75 | 3.20 | 20.37 |
| Q3 2024 | 55.00 | 2.85 | 3.03 | 21.11 |
| Q4 2024 | 55.00 | 3.28 | 3.38 | 22.04 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | 34.54 | 30.15 | 4.99 |
| Q2 2024 | 33.62 | 28.94 | 4.54 |
| Q3 2024 | 28.61 | 26.87 | 3.86 |
| Q4 2024 | 21.72 | 21.04 | 3.23 |
Business Segments (Million)
Q4 2024
| Period | Lease contracts | Rental | Used Car Sale |
|---|---|---|---|
| Q1 2024 | 126.52 | 115.15 | 142.37 |
| Q2 2024 | 133.69 | 113.56 | 113.23 |
| Q3 2024 | 150.22 | 114.30 | 138.60 |
| Q4 2024 | 156.77 | 122.37 | 122.99 |
Analysts Estimates (Million)
| Item | Q4 2024 (e) | Q4 2024 (net income) | Change |
|---|---|---|---|
| Average | 40.95 | 49.45 | 20.75 % |
Estimates vs Actual (Million)
| Item | Q4 2024 (e) | Q4 2024 (net income) | Change |
|---|---|---|---|
| SNB Capital | 48.90 | 49.45 | 1.1 % |
| Al Rajhi Capital | 45.00 | 49.45 | 9.9 % |
| GIB Capital | 41.00 | 49.45 | 20.6 % |
| AlJazira Capital | 40.00 | 49.45 | 23.6 % |
| OSOOL AND BAKHEET | 38.79 | 49.45 | 27.5 % |
| United Securities Company | 32.00 | 49.45 | 54.5 % |
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