Saudi Arabia: Saudi Arabia’s Lumi Rental Co. posted a 9.9 percent rise in 2025 net profit to SR198.1 million ($52.81 million) as higher leasing revenue and improved vehicle pricing lifted earnings.

In a Tadawul filing, the Saudi car rental firm said its revenue increased 7.7 percent year on year to SR1.67 billion, supported by growth across the company’s core leasing and rental businesses.

The company benefited from higher revenue per vehicle rather than fleet expansion. Rental rates per vehicle rose 18.9 percent and lease revenue per vehicle increased 11.5 percent, while the total fleet remained broadly stable at 34,400 vehicles, the Tadawul filing showed.

“This year was a display of solid execution for Lumi,” Azfar Shakeel, CEO of Lumi, said in the regulatory filing. “We continued to deliver growth across our core leasing and rental businesses. We … strengthened our margins while maintaining tight control over costs and capital deployment.”

The company’s earnings before interest, taxes, depreciation, and amortisation climbed 8.8 percent to SR764.6 million, while the EBITDA margin expanded slightly to 45.8 percent, reflecting pricing discipline and stable operating costs per vehicle.

Looking ahead, the company expects fleet growth in the high single- to low double-digit range, with rental fleet expansion projected at 9–11 percent and leasing growth at 10–12 percent, driven mainly by pricing improvements rather than fleet size increases.

Shakeel said the growth of contracted leasing revenue provides greater visibility into the company’s future earnings, a well-managed fleet lifecycle, and a stronger balance sheet.

“We enter 2026 well positioned to deliver sustainable growth and long-term value for our shareholders,” he added.

Joseph Salem, partner and travel, transportation and hospitality lead for management consulting firm Arthur D. Little, Middle East said car rental is increasingly becoming a bridge between aviation, urban transport, and emerging mobility models, reflecting a maturing and more diversified transport landscape.

“The acceleration in car rental growth is not an isolated phenomenon — it mirrors the broader expansion of Saudi Arabia’s transportation ecosystem under Vision 2030. As tourism scales, giga-projects come online, and airport capacity expands, demand for flexible mobility solutions naturally rises,” he added.