Seera’s Lumi inks contracts worth SAR 471.2 mln with Aramco

Logo of Lumi Rental Co.

Seera Group Holding Co.’s wholly-owned subsidiary, Lumi Rental Co., signed, on April 26, two vehicle rental service contracts with Saudi Arabian Oil Co. (Saudi Aramco) for a total value of SAR 471.19 million.

Lumi will lease 3,003 vehicles to Saudi Aramco for three to five years, Seera said in a statement on Tadawul.

The vehicles will be delivered to Saudi Aramco from May to November 2023,  Seera added, expecting the contracts to positively impact its financial statements during the contract period, starting Q4 2023. 

The deals are part of Lumi’s growth strategy, which relies on several pillars, including enhancing operational asset growth, future revenue flow through long-term leasing contracts and providing outstanding services to its corporate and government clients at competitive prices to meet their long-term leasing needs.

This move is expected to contribute to an increase in Lumi's sales and profits in the coming years, which will have a positive impact on its revenues and growth, Seera added.