Lumi’s H1 2024 profit dips 9% to SAR 90.7M; Q2 at SAR 46M

06/08/2024 Argaam Exclusive

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Lumi Rental Co. reported a 9% drop in the first-half net profit to SAR 90.7 million, compared to SAR 100 million in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	500.03	744.52	48.9 %
Gross Income	172.68	208.75	20.9 %
Operating Income	119.92	137.28	14.5 %
Net Income	100.03	90.72	(9.3 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	1.82	1.65	(9.3 %)

The profit decline was attributed to an increase in financing costs from SAR 27 million to SAR 67 million. However, operating profit expanded by 23% year-on-year (YoY) to SAR 161 million.

Revenue for H1 2024 grew 49% from SAR 500 million in H1 2023 to SAR 745 million in H1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	232.97	360.48	54.7 %
Gross Income	77.82	95.28	22.4 %
Operating Income	56.01	58.23	4.0 %
Net Income	49.65	46.01	(7.3 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.90	0.84	(7.3 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	384.04	360.48	(6.1 %)
Gross Income	113.47	95.28	(16.0 %)
Operating Income	79.05	58.23	(26.3 %)
Net Income	44.71	46.01	2.9 %
Average Shares	55.00	55.00	-
EPS (Riyals)	0.81	0.84	2.9 %

The second-quarter net profit fell 7.3% to SAR 46 million from SAR 49.65 million in Q2 2023.

Sequentially, net profit rose 2.9% from SAR 44.71 million in Q1 2024.

Total shareholders’ equity, no minority interest, rose to SAR 1.12 billion as of June 30, 2024, from SAR 943.56 million a year earlier.

Attached Documents

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Financial results (Million)

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 %
Q2 2024	360.48	54.7 %	95.28	22.4 %	58.23	4.0 %

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
Q2 2024	46.01	(7.3 %)	0.84	(1.95)	47.96	0.87

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 %
Q2 2024	30.86 %	42.45 %	13.02 %

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 %
Q2 2024	26.43 %	42.94 %	13.31 %

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
Q2 2024	55.00	2.75	3.20	20.37

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
Q2 2024	33.62	28.94	4.54

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
Q2 2024	133.69	113.56	113.23

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	Q2 2024 (e)	Q2 2024 (a)	Change‬
Average	54.61	46.01	(15.7 %)

Estimates vs Actual (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change
OSOOL AND BAKHEET	44.47	46.01	3.5 %
AlJazira Capital	43.10	46.01	6.8 %
Al Rajhi Capital	65.00	46.01	(29.2) %
GIB Capital	70.00	46.01	(34.3) %
SNB Capital	71.10	46.01	(35.3) %
United Securities Company	34.00	46.01	35.3 %

Financial Ratios

	Current
Market Cap (M Riyal)	4,235.00
Enterprise Value (EV) (M)	5,883.13
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)	25.42
P/E (TTM)	27.06
Price/book	3.65
Return on Average Assets (%) (TTM)	5.3
Return on Average Equity (%) (TTM)	14.5

Lumi Rental Co. (LUMI)

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Lumi’s H1 2024 profit dips 9% to SAR 90.7M; Q2 at SAR 46M

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Financials (M)

Current Quarter Comparison (M)

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)

Revenue by Business Segment (Latest) 2024 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Lumi Rental Co. (LUMI)

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Lumi’s H1 2024 profit dips 9% to SAR 90.7M; Q2 at SAR 46M

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Financials (M)

Current Quarter Comparison (M)

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) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Lumi Rental Co. (LUMI)

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Business Segments (Million)