Riyadh – Lumi Rental Company, a fully-owned subsidiary of Seera Group Holding, inked a SAR 471.18 million contract with Saudi Arabian Oil Company (Aramco) on 26 April 2023.
Under the agreement, Lumi will lease 3,003 vehicles to Aramco for a period of between three and five years, according to a bourse filing.
Meanwhile, Aramco will receive the vehicles during the May-November 2023 period.
The partnership aligns with Lumi's objectives to enhance operational asset growth and anchor the flow of future revenues through long-term leasing contracts.
Furthermore, the deal is expected to contribute to enlarging Lumi's sales and profits over the coming years.
Seera highlighted that the contracts will reflect positively on its income statements, beginning from the fourth quarter (Q4) of 2023.
Last year, Seera incurred net losses after Zakat and tax valued at SAR 46 million, lower by 87.67% than SAR 373 million in 2021.
Aramco logged net profits after Zakat and tax worth SAR 604.01 billion as of 31 December 2022, a 46.46% year-on-year (YoY) hike from SAR 412.4 billion.
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