Lumi’s Q1 2024 profit down 11% to SAR 44.7M

Lumi Rental Co. reported an 11% fall in the first-quarter net profit to SAR 44.7 million, compared to SAR 50.3 million in Q1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	267.06	384.04	43.8 %
Gross Income	94.87	113.47	19.6 %
Operating Income	63.90	79.05	23.7 %
Net Income	50.32	44.71	(11.2 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.91	0.81	(11.2 %)

Item	Q4 2023	Q1 2024	Change‬
Revenues	314.16	384.04	22.2 %
Gross Income	112.91	113.47	0.5 %
Operating Income	54.90	79.05	44.0 %
Net Income	25.63	44.71	74.4 %
Average Shares	55.00	55.00	-
EPS (Riyals)	0.47	0.81	74.4 %

Cost of revenues increased significantly to SAR 271 million, a rise of 57% year-on-year (YoY), primarily due to the higher cost of vehicles sold.

Operating expenses grew 17% YoY to SAR 36 million, reflecting the company's continued investment in personnel, technology, and infrastructure to support future growth and maintain a competitive edge.

Financing costs saw a 2.6-fold increase to SAR 31 million, primarily due to increased borrowing to fund vehicle growth and elevated interest rates.

The profit decline came despite higher revenue across all business segments. Lease segment's revenue surged by 53% YoY, the rental segment expanded by 25% YoY, while the used car sales segment saw a 54% YoY increase, reaching SAR 142 million.

Sequentially, the first-quarter net profit climbed 74.4% from SAR 25.63 million in Q4 2023, on higher revenue and lower general and administrative expenses.

Total shareholders’ equity, no minority interest, rose to SAR 1.07 billion as of March 31, 2024, from SAR 893.86 million a year earlier.

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Share Price

Lumi Rental Co. (LUMI)

	Current
Market Cap (M Riyal)	4,070.00
Enterprise Value (EV) (M)	5,718.13
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)	24.43
P/E (TTM)	26.01
Price/book	3.51
Return on Average Assets (%) (TTM)	5.3
Return on Average Equity (%) (TTM)	14.5

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
Q3 2023	291.39	54.9 %	94.92	72.1 %	68.11	94.1 %
Q4 2023	314.16	21.8 %	112.91	24.5 %	54.90	13.4 %
2023	1,105.58	41.3 %	380.51	46.3 %	242.93	46.9 %
Q1 2024	384.04	43.8 %	113.47	19.6 %	79.05	23.7 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2023	1,105.58	41.3 %	380.51	46.3 %	242.93	46.9 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
Q3 2023	34.96	14.7 %	0.64	(15.19)	50.16	0.91
Q4 2023	25.63	(37.7 %)	0.47	(5.13)	30.76	0.56
2023	160.62	11.8 %	2.92	(20.32)	180.94	3.29
Q1 2024	44.71	(11.2 %)	0.81	(2.23)	46.94	0.85

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2023	160.62	11.8 %	2.92	(20.32)	180.94	3.29

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2023	34.15 %	48.99 %	18.23 %
Q4 2023	34.42 %	46.38 %	16.36 %
2023	34.42 %	46.38 %	16.37 %
Q1 2024	32.65 %	44.83 %	14.52 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2023	34.42 %	46.38 %	16.37 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2023	32.58 %	49.10 %	17.21 %
Q4 2023	35.94 %	34.51 %	9.79 %
Q1 2024	29.55 %	43.42 %	12.22 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2023	55.00	3.20	3.48	18.07
Q4 2023	55.00	2.92	3.29	18.64
Q1 2024	55.00	2.82	3.23	19.50

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2023	55.00	2.92	3.29	18.64

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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	-	-	-
Q3 2023	27.55	25.36	4.88
Q4 2023	34.25	30.41	5.36
Q1 2024	34.54	30.15	4.99

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	34.24	30.40	5.36

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
Q3 2023	101.82	93.53	96.03
Q4 2023	114.59	102.86	96.71
Q1 2024	126.52	115.15	142.37

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
2023	388.51	369.72	347.35

Analysts Estimates (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change‬
Average	43.26	44.71	3.35 %

Estimates vs Actual (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change
SNB Capital	44.80	44.71	(0.2) %
GIB Capital	44.00	44.71	1.6 %
OSOOL AND BAKHEET	42.56	44.71	5.1 %
AlJazira Capital	53.20	44.71	(16.0) %
Al Rajhi Capital	38.00	44.71	17.7 %
United Securities Company	37.00	44.71	20.8 %

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Lumi’s Q1 2024 profit down 11% to SAR 44.7M

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Lumi Rental Co. (LUMI)

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Lumi’s Q1 2024 profit down 11% to SAR 44.7M

Current Quarter Comparison (M)

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Share Price

Lumi Rental Co. (LUMI)

Financial Ratios

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)

Ratios And Multiples

Business Segments (Million) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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