Lumi’s 2024 Profit Rises 12% to SAR 180 Million

Lumi Rental Co. announced on Monday that its net profit increased by 12% to SAR 180 million by the end of 2024, compared to SAR 161 million last year, following the announcement today of the preliminary financial results for the duration ending Dec. 31, 2024.

Operational profit increased by 36% to SAR 318 million by the end of 2024, compared to SAR 233 million last year.

Equity (after excluding non-controlling interests) in the current year increased by 18% to SAR 1.21 billion by the end of 2024, compared to SAR 1.02 billion last year.

Profits per share in the current year amounted to SAR 3.28, compared to SAR 2.92 last year.

The Company stated in a statement today on “Tadawul” that total revenue during the fiscal year 2024 increased by 40%, compared to last year, reaching SAR 1,549.8 million, driven by the strong performance across all business segments, as follows:

– Long-term lease segment revenue rose by 46% year-on-year, reaching SAR 567.2 million;

– Short-term rental segment revenue grew by 26% year-on-year, reaching SAR 465.4 million; and

– Used Car Sales segment revenue increased by 49% year-on-year, reaching SAR 517.2 million.