Lumi Q3 2026 Net Profit Falls 79% to SAR 11 Million Despite Revenue Growth

Saudi car rental operator Lumi (4262) reported an 79.1% year-on-year fall in third-quarter 2026 net profit to SAR 11.0 million, compared with SAR 52.7 million a year earlier, despite an 11.5% increase in revenue to SAR 462.0 million.

Short-term rentals pressure margins

The decline reflected lower utilization and pricing in the short-term rental segment alongside higher operating expenses and receivables provisions. Operating profit fell roughly 59% to SAR 34.7 million from SAR 84.8 million.

Used-car sales and long-term leasing support revenue

Revenue growth came from used-car sales and long-term leasing, partly offset by weaker short-term rental operations. Revenue increased 17.1% from the preceding quarter, while net profit rose 1.8% quarter on quarter from SAR 10.8 million.

Nine-month earnings decline

For the first nine months of 2026, revenue slipped 1.6% to SAR 1.223 billion and net profit fell 61.3% to SAR 61.9 million, versus SAR 160.1 million a year earlier.

What investors should watch

Fleet utilization, daily rental pricing, receivables provisions and operating cost discipline will be critical to determining whether earnings margins can recover. Growth in used-car sales alone does not guarantee stronger profitability.