Lumi’s 9M 2024 profit falls 3% to SAR 130.8M; Q3 at SAR 40.1M
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Lumi Rental Co. reported a 3.1% drop in net profit to SAR 130.8 million in the first nine months of 2024, compared to SAR 135 million a year ago.
Financials (M)
| Item | 9m 2023 | 9m 2024 | Change |
|---|---|---|---|
| Revenues | 791.42 | 1,147.64 | 45.0 % |
| Gross Income | 267.60 | 325.00 | 21.4 % |
| Operating Income | 188.03 | 214.38 | 14.0 % |
| Net Income | 134.99 | 130.86 | (3.1 %) |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | 2.45 | 2.38 | (3.1 %) |
The profit decline was attributed to an increase in financing costs (FCs) by 2.4 times to SAR 102 million on higher borrowing levels.
However, the performance of all business segments from Q1 to Q3 2024 contributed to revenue growth in all operating segments, resulting in a 45% hike in revenue to SAR 1.15 billion in 9M 2024.
Current Quarter Comparison (M)
| Item | Q3 2023 | Q3 2024 | Change |
|---|---|---|---|
| Revenues | 291.39 | 403.12 | 38.3 % |
| Gross Income | 94.92 | 116.25 | 22.5 % |
| Operating Income | 68.11 | 77.10 | 13.2 % |
| Net Income | 34.96 | 40.13 | 14.8 % |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | 0.64 | 0.73 | 14.8 % |
The third-quarter net profit rose 14.8% to SAR 40.1 million from SAR 34.96 million in Q3 2023, supported by strong revenues.
Sequentially, net profit sank 12.8% from SAR 46 million in Q2 2024.
Total shareholders’ equity, no minority interest, rose to SAR 1.16 billion as of Sept. 30, 2024, from SAR 993.72 million a year earlier.
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 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO 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 |
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 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (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 |
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 |
Business Segments (Million)
Q3 2024
| Period | Lease contracts | Rental | Used Car Sale | Others |
|---|---|---|---|---|
| Q1 2024 | 126.52 | 115.15 | 142.37 | - |
| Q2 2024 | 133.69 | 113.56 | 113.23 | - |
| Q3 2024 | 144.78 | 114.30 | 138.60 | 5.45 |
Analysts Estimates (Million)
| Item | Q3 2024 (e) | Q3 2024 (a) | Change |
|---|---|---|---|
| Average | 39.83 | 40.13 | 0.77 % |
Estimates vs Actual (Million)
| Item | Q3 2024 (e) | Q3 2024 (a) | Change |
|---|---|---|---|
| Al Rajhi Capital | 42.00 | 40.13 | (4.4) % |
| AlJazira Capital | 37.90 | 40.13 | 5.9 % |
| Hermes | 43.00 | 40.13 | (6.7) % |
| United Securities Company | 37.00 | 40.13 | 8.5 % |
| GIB Capital | 37.00 | 40.13 | 8.5 % |
| OSOOL AND BAKHEET | 46.79 | 40.13 | (14.2) % |
| SNB Capital | 35.10 | 40.13 | 14.3 % |
| 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 |
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