Lumi holds 10% market share in Saudi, eyes local expansion: CFO

Lumi Rental Co.’s market share in Saudi Arabia increased from 7% in 2021 to range currently between 9% to 10%, CFO Sulaiman Alrasheed told Al-Eqtisadiah newspaper.

The company' generates 35% of its revenue from car leases, 33.5% from short-term rentals, while the sale of used cars represents 31.5% of total topline.

Lumi has expansion plans across the Kingdom and relies on a strategic plan for continuous market expansion, indicating its full readiness to keep pace with the requirements of the car lease/rental sector. The sector is expected to flourish in the coming years thanks to the growth of local tourism and entertainment activities, as well as the activities of the meetings, incentives, conferences, and exhibitions (MICE) sector.

According to available data on Argaam, Lumi’s profits increased by 12% to SAR 160.6 million in 2023, from SAR 143.7 million in 2022. The fourth-quarter profits came in at SAR 25.6 million.

Source : Argaam