Lumi Rental Co., the Saudi car rental and leasing company, said net profit for the third quarter of 2026 fell 79.1% to SR11.01 million from SR52.71 million a year earlier.
Profit rose 1.85% from SR10.81 million in the second quarter, the company said in preliminary results posted on the Saudi Exchange on Wednesday and reported by Mubasher.
The company attributed the annual decline mainly to lower gross profit, as utilization rates and prices fell in its short-term rental business. Higher operating expenses and provisions for receivables also weighed on earnings.
Third-quarter operating profit fell 59% to SR35 million from SR85 million.
Quarterly revenue rose 11.5% to SR462.0 million, driven by used car sales and long-term leasing, partly offset by lower short-term rental revenue.
Nine-month net profit fell 61.3% to SR61.9 million from SR160.1 million. Revenue for the period fell 1.6% to SR1.22 billion from SR1.24 billion.
Earnings per share for the nine months were SR1.12, compared with SR2.91 a year earlier.
