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Lumi 2023 profit up 12% to SAR 160.6M; Q4 at SAR 25.6M
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.
Financials (M)
| 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.
Current Quarter Comparison (M)
| 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 | 54.90 | 13.4 % |
| Net Income | 41.14 | 25.63 | (37.7 %) |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | 0.75 | 0.47 | (37.7 %) |
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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Share Price
Lumi Rental Co. (LUMI)
| Current | |
| Market Cap (M Riyal) | 4,075.50 |
| Enterprise Value (EV) (M) | 5,723.63 |
| 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) | 24.46 |
| P/E (TTM) | 26.04 |
| Price/book | 3.51 |
| Return on Average Assets (%) (TTM) | 5.3 |
| Return on Average Equity (%) (TTM) | 14.5 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| 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 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | - | - | - |
| Q2 2023 | - | - | - |
| Q3 2023 | 27.55 | 25.36 | 4.88 |
| Q4 2023 | 34.25 | 30.41 | 5.36 |
Business Segments (Million)
Q4 2023
| Period | Lease contracts | Rental | Used Car Sale |
|---|---|---|---|
| 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 |
Analysts Estimates (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| Average | 62.20 | 25.63 | (58.8 %) |
Estimates vs Actual (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| United Securities Company | 41.00 | 25.63 | (37.5) % |
| OSOOL AND BAKHEET | 58.67 | 25.63 | (56.3) % |
| AlJazira Capital | 60.00 | 25.63 | (57.3) % |
| Al Rajhi Capital | 61.00 | 25.63 | (58.0) % |
| GIB Capital | 66.00 | 25.63 | (61.2) % |
| SNB Capital | 86.50 | 25.63 | (70.4) % |
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