Riyadh - Mubasher: Lumi Rental Company registered 80.05% year-on-year (YoY) lower net profits in the second quarter (Q2) of 2026, falling to SAR 10.81 million from SAR 54.21 million.
The car rental firm attributed the result to a downturn in the short-term rental segment, characterized by lower utilization rates and decreased pricing, alongside higher operating expenses and increased provisions for accounts receivable.
Quarterly revenue reached SAR 394.44 million, representing a 5.21% decrease compared to SAR 416.13 million in the prior-year period.
While the short-term rental business faced headwinds, the company noted partial growth in its long-term leasing and used car sales segments. Operating profit for the quarter fell by 57.51% to SAR 36.08 million.
In the first half (H1) of 2026, the net profit hit SAR 50.85 million, an annual drop of 52.63% from SAR 107.36 million.
Half-year revenue totaled SAR 760.50 million, an 8.11% decline YoY. Earnings per share (EPS) for the six-month period stood at SAR 0.92, compared to SAR 1.95 a year earlier. Total shareholders' equity increased by 10.54% to SAR 1.46 billion. The company continues to operate a network of 47 branches.
