| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 1,105,578 | 782,631 | 41.26 | ||
| Gross Profit (Loss) | 380,512 | 260,051 | 46.32 | ||
| Operational Profit (Loss) | 233,099 | 172,507 | 35.12 | ||
| Net profit (Loss) | 160,623 | 143,663 | 11.8 | ||
| Total Comprehensive Income | 161,490 | 144,585 | 11.69 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 1,025,323 | 843,542 | 21.55 | ||
| Profit (Loss) per Share | 2.92 | 2.61 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| 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 year compared to the last year | The revenue increased by 322.9 million from 782.6 million in FY22 compared to 1,105.6 million in FY23, thus an increase by 41.3%. Segmental revenue: • Lease revenue has increased by 90 million at a growth rate of 30.1%, due to deliveries of new lease contracts secured earlier this year as well as the full year revenue for lease contracts of last year. • Rental revenue has increased by 91 million at a growth rate of 32.7%, driven by the increase in corporate business as well as online individual customers. • Used car sales revenue has increased by 141.9 million at a growth rate of 69.1% as a result of selling more cars in line with growth in the company's fleet. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Lumi generated a net profit of 180.9 million excluding one off IPO employee incentive of 20.3 million. The overall revenue increased by 41.3% while the cost of sales increased by 38.6%, resulting in an increase of gross profit margin from 33.2% FY22 to 34.4% FY23. • The expense of general and administrative expenses increased due to segregation of the company's departments from the parent company, investment in digital channels in line with the company’s strategy and one-off IPO expenses. • Despite that increase, operating profit increased by 60.6 million representing an increase of 35.1%. • The net profit increased by 11.8% reflecting 17 million in 2023 compared to previous year. |
| Statement of the type of external auditor's report | Unmodified opinion |
| 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 | Certain comparative figures are reclassified to conform to current year classification. |
| Additional Information | Lumi Rental Company employees have earned a bonus of 20.3 million which has been booked in the financial statements for the period ended 31 December 2023. However, the cost of this bonus has no impact on equity as the cash inflow received from the selling shareholder has been recorded as an equity contribution in other reserves. |
