Azfar Shakeel, CEO of Lumi Rental Co.
Azfar Shakeel, CEO of Lumi Rental Co., said challenging conditions in the short-term rental segment persisted in Q2 2026, as expected, particularly in certain regions, weighing on utilization rates and pricing. 
“In response, management continued to optimize fleet deployment, reallocate capital towards contracted leasing activities, and further diversify the revenue base through logistics and adjacent mobility services, Shakeel said in a Tadawul statement, commenting on the second-quarter results.
These measures have helped the company benefit from improved market conditions while maintaining financial flexibility and protecting long-term shareholder value.
Shakeel said Lumi continued executing its long-term strategy during the first half of 2026 while proactively responding to a softer operating environment in the short-term rental market. He noted that the long-term rental business remained resilient, supported by strong customer relationships, higher revenue per vehicle, and continued pricing discipline.
The company continued expanding the use of artificial intelligence and digital technologies, while its logistics business delivered another period of strong momentum. Lumi also maintained a disciplined fleet lifecycle management approach, supporting capital efficiency and cash generation.
Lumi’s net profit fell 80% year-on-year to SAR 10.8 million in Q2 2026, from SAR 54.2 million in the same period of 2025, Argaam reported earlier today.
Azfar Shakeel, CEO of Lumi Rental Co.
Azfar Shakeel, CEO of Lumi Rental Co., said challenging conditions in the short-term rental segment persisted in Q2 2026, as expected, particularly in certain regions, weighing on utilization rates and pricing.
“In response, management continued to optimize fleet deployment, reallocate capital towards contracted leasing activities, and further diversify the revenue base through logistics and adjacent mobility services, Shakeel said in a Tadawul statement, commenting on the second-quarter results.
These measures have helped the company benefit from improved market conditions while maintaining financial flexibility and protecting long-term shareholder value.
Shakeel said Lumi continued executing its long-term strategy during the first half of 2026 while proactively responding to a softer operating environment in the short-term rental market. He noted that the long-term rental business remained resilient, supported by strong customer relationships, higher revenue per vehicle, and continued pricing discipline.
The company continued expanding the use of artificial intelligence and digital technologies, while its logistics business delivered another period of strong momentum. Lumi also maintained a disciplined fleet lifecycle management approach, supporting capital efficiency and cash generation.
Lumi’s net profit fell 80% year-on-year to SAR 10.8 million in Q2 2026, from SAR 54.2 million in the same period of 2025, Argaam reported earlier today.
