Seera achieves first operational profits since pandemic .. Net ‎losses down to SR46 mln during 2022, by 88%‎

Seera Group Holding Company recorded losses after zakat and tax of 46 million riyals during the year 2022 AD, compared to losses of 373 million riyals in 2021 AD, a decrease of 88%. This came after today’s announcement of the annual financial results ending in 12-31-2022. ,.

The operating profit amounted to 3 million riyals during the year ending in 2022, compared to losses of 286 million riyals in the previous year.

As for the total profit, it amounted to 904 million riyals in the current year, compared to 607 million riyals in the previous year, with a growth of 49%.

The loss per share in the current year amounted to 0.16 riyals, compared to losses of 1.27 riyals in the previous year.

At the group level

In 2022, thanks to the recovery in travel demand, Seera Group achieved a total booking value (GBV) of SAR 9.3 billion, an increase of 94% compared to SAR 4.8 billion recorded in 2021, and this was reflected in the growth of revenues by 77% to 2.3 billion Saudi riyals in 2022 from 1.3 billion Saudi riyals in 2021 as a result of the increase in demand for all sectors of the group. The recovery in the travel sector also led to achieving the first positive operating profit at the group level after the pandemic of 3 million Saudi riyals in 2022, an improvement of 101% over an operating loss of 286 million Saudi riyals in 2021. In line with the improvement Notable in operating profit, the group recorded a total net loss after non-controlling interests of SAR 48 million in 2022, an improvement of 87% compared to losses of SAR 372 million in 2021.

Travel platform (Almosafer)

Al-Mosafer (travel platform of the Seera Group), which manages the travel sector for individuals and companies, with the destination management company “Discover Saudi Arabia” and the Hajj and Umrah services company “Mawasem”, achieved a 75% growth in the total value of reservations. (GBV) to 6.1 billion Saudi riyals in 2022 from 3.5 billion Saudi riyals in 2021, as the demand for domestic and foreign travel increased in 2022, exceeding the levels of 2019. The travel platform also achieved revenues of 515 million Saudi riyals , an increase of 6% from 488 million Saudi riyals in 2021, which indicates a return to sustainable revenue levels in consumer and business travel, after the repercussions of travel resulting from the pandemic, including quarantine packages, and the high demand for domestic travel have disappeared. And the travel service provided by the Ministry of Health to confront the pandemic. Despite the huge increase in the volume of bookings, the travel platform was able to reduce operating costs and improve EBITDA losses to SAR 97 million in 2022, which represents an improvement of 43% compared to EBITDA losses of 169 million Saudi riyals in 2021, which indicates the return of the traveler to profitability while achieving operational efficiency.

Lumi car rental

Due to Lumi’s position as one of the fastest growing and digitally developing companies in the market, it has recorded a remarkable growth in the field of short and long-term car rental by 50% in revenues to reach 783 million Saudi riyals in 2022 compared to 521 million Saudi riyals in 2021, Continued growth is driven by a revenue stream from long-term and short-term rentals, reflecting the growing fleet base, as well as the growing contribution of revenue from the sale of used cars. In line with the revenue growth, Lumi achieved positive EBITDA of SAR 174 million, an increase of 53% compared to SAR 114 million in 2021.

Hotel

Our hotel business more than doubled its revenues to SAR 101 million in 2022, up 146% from SAR 41 million in 2021, driven by the reopening of borders and recovery in occupancy levels across eight hotels operating in Makkah and Riyadh and Jeddah, including three newly opened Choice International hotels. The hotel sector was able to reduce EBITDA losses by more than 52%, achieving EBITDA losses of SAR 21 million in 2022, a significant improvement in EBITDA losses of SAR 44. One million Saudi riyals in 2021

Investments

Under the umbrella of the Investments segment, the Portman Group is characterized by the acquisition of growth of travel professionals in the UK, Europe and the USA across its three segments: Business Travel, Luxury Leisure Travel and Sports Travel. As Portman witnessed a significant recovery in all sectors, driven by the global demand for travel, which achieved a gross value of reservations (GBV) of 2.044 billion Saudi riyals in 2022, a growth of 210% compared to the volume of the value of gross reservations ( GBV) amounted to 660 million Saudi riyals in 2021, as this was reflected in the level of revenues of 825 million Saudi riyals in 2022 compared to 246 million Saudi riyals in 2021, driven by the increasing contribution of the sports travel business line, while The demand for luxury leisure travel is rising dramatically after the COVID-19 pandemic

Overall, the Portman Group is leading the way back to profitability, achieving an EBITDA of SAR 21 million in 2022, a significant turnaround from an EBITDA loss of SAR 74 million in 2022. 2021.

Despite the growth recorded in our business, we have maintained control over our expenses, and we have expanded our scope of work after the Covid-19 pandemic. We were able to reduce losses and restore profitability. Through mitigating financial risks and effective strategic distribution of the cost of capital, resources and time.

Other disclosures:

Group revenue increased by 77% in 2022 to reach SAR 2.3 billion, compared to SAR 1.3 billion in 2021, driven by increased travel demand across sectors, while maintaining healthy revenue margins.

Net loss after zakat for the year ending December 31, 2022: The company achieved a net loss after zakat of SAR 46 million in 2022, which is an 88% improvement over the 2021 net loss after zakat of SAR 373 million for the year ending December 31 December 2021.

Net loss after non-controlling interest in 2022: The company recorded a net loss after controlling interest of SAR 48 million compared to a net loss after controlling interest of SAR 372 million in 2021, an improvement of approximately 87%. ,

The company said that the comparative figures have been reclassified to conform with the current year’s classification

Additional information Other information:

1. Revenues for the current year amounted to 2.3 billion riyals, compared to 1.3 billion Saudi riyals during the previous year, an increase of 77%.
2. The total profit for the current year amounted to 904 million riyals, compared to 607 million riyals for the previous year, an increase of 49%.
3. The operating profit for the current year amounted to 3 million Saudi riyals, compared to an operating loss of 286 million Saudi riyals for the previous year, an improvement of 101%.
4. The net loss after zakat and tax before non-controlling interests for the current year amounted to 46 million Saudi riyals, compared to a net loss of 373 million riyals for the previous year, an improvement of 88%.

The net loss after non-controlling interests for the current year amounted to 48 million Saudi riyals, compared to a net loss of 372 million riyals for the previous year, an improvement of 87%.

1. The total comprehensive loss for the current year before equity amounted to SAR 93 million compared to the total comprehensive loss of SAR 416 million for the previous year, which improved by 78%. The total comprehensive loss after non-controlling interests for the current year amounted to 95 million Saudi riyals, compared to a total comprehensive loss of 414 million Saudi riyals for the same period of the previous year, which showed an improvement of 77%.
2. The loss per share for the current year amounted to 0.16 riyals, compared to a loss per share of -1.27 riyals for the previous year.
3. Shareholders’ equity (without non-controlling interests) as at the end of December 31, 2022 is 5,420 million Saudi riyals compared to 5,508 million Saudi riyals in the previous year ending on December 31, 2021 (without minority interests), which decreased by 2%.
4. The company adjusted its opening retained earnings of SAR 37.4 million during the current year ending on December 31, 2022.