Lumi Rental saw a 9.9% rise in 2025 net profit. It’s SR 198.1 million ($52.81 million). Improved vehicle pricing and higher leasing revenue are said to be behind the improved earnings. The Saudi car rental company reported a 7.7% year-on-year increase in revenue, reaching SR 1.67 billion, according to a Tadawul filing. Rental businesses and core leasing drove the growth.
Lease revenue per vehicle increased to 11.5%, while rental rates per vehicle stood at 18.9%. The total fleet remained approximately 34,400 vehicles. Consequently, higher revenues per vehicle allowed the company to increase profits without expanding its fleet, the Tadawul filing revealed.
Lumi Rental CEO Azfar Shakeel stated in the regulatory filing that Lumi demonstrated solid execution this year.
“We continue to deliver growth across our core leasing and rental businesses. We strengthened our margins while maintaining tight controls over cost and capital deployment,” he noted.
The company’s earnings soared to 8.8% (SR 764.6 million). This earning is before interest, taxes, depreciation, and amortisation. The EBITDA margin, however, expanded slightly to 45.8%. This reflects discipline in pricing and stability in operational costs for each vehicle.
Azfar Shakeel hopes for a well-managed fleet lifecycle, a stronger balance sheet, and positive exposure for the company’s future earnings. He also believes that growth in contracted leasing revenue would benefit the company’s future earnings.
He reaffirmed his commitment to achieving sustainable growth by 2026, ensuring long-term value that will satisfy shareholders.
Joseph Salem, the transportation and hospitality lead for management consulting firm Arthur D Little in the Middle East, said car rental is a bridge between aviation, urban transport, and emerging mobility models. He noted that it exemplifies the maturity of a diversified transport landscape.
He believes that the accelerated growth of the car rental sector is not isolated and is a reflection of the broader expansion in Saudi Arabia’s transport ecosystem because of the Vision 2030 initiative.
Everything is being scaled, from tourism to giga projects, and airport capacity is expanding. Therefore, there is a high demand for flexible mobility solutions.