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Lumi Rental Co. announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 384,044 | 267,063 | 43.802 | 314,160 | 22.244 |
| Gross Profit (Loss) | 113,474 | 94,870 | 19.609 | 112,909 | 0.5 |
| Operational Profit (Loss) | 77,264 | 63,903 | 20.908 | 49,836 | 55.036 |
| Net profit (Loss) | 44,710 | 50,321 | -11.15 | 25,631 | 74.437 |
| Total Comprehensive Income | 44,710 | 50,321 | -11.15 | 26,498 | 68.729 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 1,072,263 | 893,864 | 19.958 |
| Profit (Loss) per Share | 0.81 | 0.91 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | In 1Q 2024, Lumi achieved a total revenue of SAR 384 million, marking a 44% increase from SAR 267 million in 1Q 2023. This robust growth across all three business segments underpinned this performance. Segmental revenue: • The Lease segment's revenue surged by 53% year-on-year to SAR 127 million. • The Rental segment expanded by 25% compared to 1Q 2023, contributing SAR 115 million. • The Used Car Sales segment experienced a 54% year-on-year increase, reaching SAR 142 million, buoyed by strategic fleet management and favorable market conditions |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The company's cost of revenue also rose significantly to SAR 271 million, up 57% year-over-year, primarily driven by the higher cost of vehicles sold. Nevertheless, gross profit in 1Q 2024 still saw a healthy increase, totaling SAR 113 million, 20% higher than in 1Q 2023. • Operating expenses for the quarter grew by 17% year-on-year to SAR 36 million, reflecting the company's continued investment in personnel, technology, and infrastructure to support future growth and maintain a competitive edge. • EBITDA for the period reached SAR 165 million, a solid 25% increase from the previous year, showcasing Lumi’s operational effectiveness. • The total finance costs for the quarter saw a 2.6-fold increase to SAR 31 million, primarily due to increased borrowing to fund vehicle growth and elevated interest rates. • Net profit for 1Q 2024 declined by 11% year-on-year to SAR 45 million. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The revenue increased by SAR 70 million at a growth rate of 22% compared to the previous quarter of SAR 314 million. Segmental revenue: • Lease revenue has increased by SAR 12 million at a growth rate of 10%, due to deliveries of new lease contracts secured during the current quarter, as well as the full quarter revenue for existing lease contracts of previous years. • Rental revenue has increased by SAR 12 million at a growth rate of 12%, driven by the increase in corporate business as well as branch individual customers. • Used car sales revenue has increased by SAR 46 million at a growth rate of 47% as a result of selling more cars, which is in line with growth in the company's fleet. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The overall revenue increased by 22% while the cost of sales increased by 34%, due to an increase in the cost of vehicles sold. Nevertheless, gross profit is consistent at a value of SAR 113 million. • The General & Admin Expenses has decreased by SAR 20 million (37%) which is inline with the company's KPI of reducing it less than 10% of the revenue. • The full quarter finance charges impact and funding of the vehicles growth has resulted in 29% increase in the finance charges from 24 million to 31 million. • Driven by the improved operating expenses, net profit increased by SAR 19 million from SAR 26 million to SAR 45 million, representing 74% increase in Q1 2024 compared to Q4 2023. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | None |
| Additional Information | On 2nd April 2024, the Company received a rebate of SR 27 million from its vendors against the purchase of vehicles. (full year 2023: amount received as rebate was SR 10.4 million). During 2023, the company secured major lease contracts of 5,758 vehicles out of which 3,262 vehicles were delivered and started generating revenue as of 31-Mar-2024. The company expects the remaining vehicles to be delivered during Q2 2024 which will have a positive impact on revenue as well as operating profit. |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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